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Good reasons to refinance your home loan now
If you’re wondering whether it’s a good time right now to refinance your home loan, you’re not alone. The combined impact of the coronavirus (COVID-19) restrictions on the economy and Reserve Bank interest rate cuts have led to the cheapest home loan interest rates Australia has ever seen. The economic effects of COVID-19 are likely to continue well into the future. All of these factors make it a good time to compare home loan rates that are available in the Australian lending market at the moment. Right now, home loan fixed rates for owner-occupiers in Australia are as low as 2.09% (comparison rate…
How COVID Regulations Affected Australia’s Lending Market
The Tough coronavirus restrictions have impacted all sectors of the Australian economy, including the lending market. However, it’s now easier for businesses to qualify for a loan than it was before the coronavirus affected the way we all live and work. The government has announced a number of lending measures to help Australian businesses to get the funds they need. These measures include: The Coronavirus SME Guarantee Scheme Under this Scheme, the federal government will provide a 50% guarantee to lenders to support new, short-term unsecured loans to SMEs (small to medium-sized businesses). This Scheme is designed to encourage lending by Australian…
Which is Better for Asset Finance or Car Loan?
You’re looking for a new car, but you can’t decide where to go for your loan. Should you opt for the dealer’s standard finance, or should you apply to a finance broker? Here’s how the options stack up. Finance Broker A finance broker arranges loans between you and your lender. They don’t work for the lender. The broker works for you. They are typically paid a fee for their services by you, or they receive a commission from the lender for introducing them to you. Dealer Finance Dealer finance is a loan between a retailer, such as a car dealership, and…
Covid Freeze on Small Business Finance and Loan Repayment
Coronavirus Update: Freeze on Small Business and Home Loan Repayments The Australian Banking Association (ABA) has announced a small business relief package The unprecedented and strict measures put in place by the government to stop the spread of the virus will have a devastating impact on many small businesses, as well as on the Australian economy as a whole. Small business finance The ABA’s relief package has four potential forms of assistance over the next six months: 1) a deferral of scheduled loan repayments, 2) the waiving of loan fees and charges, 3) the possibility of an interest-free period and a commitment to…
All You Need to Know about a Chattel Mortgage
For Australian businesses, a Chattel Mortgage can make the difference between having a revenue-producing vehicle or not. A chattel mortgage is simply a mortgage taken out against a “movable” item of property, i.e. a car, van, or another vehicle. However, this vehicle must be used for business purposes at least 50% of the time. The term “chattel” refers to property. In this case, the property is the vehicle you plan to buy. Lenders must register their financial interest in the vehicle on the Personal Property Securities Register (PPSR) until you pay off the loan. Learn How a Chattel Mortgage Works Even though you take…
Everything you need to know about refinancing your mortgage
Do you want to reduce your mortgage repayments? Are you ready to make your dreams of owning a holiday home a reality? Refinancing your mortgage may be the answer. If you’re like many Australians, your mortgage is likely your biggest financial commitment. While it’s great to know you’re building wealth every time you make a repayment, it’s important to think about how your mortgage impacts your overall wealth. With the current low-rate interest environment, now is a great time to strengthen your finances and take advantage of refinancing. Here’s everything you need to know about refinancing your mortgage. What is Refinancing? Also called…
Top Australian Suburbs For Property Investors In 2016
Where to buy an investment property, is a complex decision. The factors to consider are different from those that govern buying a home to live in. Your decision has to be a logical one based on facts rather than emotions. This can often cloud a property investor’s judgement especially if they are new to the game. While deciding where to Buy Your Investment Property, one has to consider the amenities around the location. Ask yourself, “Are there schools, hospitals, public transport, or shopping complexes within reach?” The proximity of the property to such amenities and the central business district ensures that…
How To Avoid Rookie Errors In Moving | ARG Finance
Moving to a new home can be exciting and unnerving at the same time. On one hand you are looking forward to a new experience, and on the other you are stressed about going through the exhausting process of shifting your base. Everyone panics when they find their whole house in a mess – the boxes and the tapes lying around and all your stuff out in the open. Mistakes are bound to happen, especially if you have never moved on your own before. If moving to a new place is on your cards, and you are worried about the…
9 Must-Know Home Loan Terms
Whether you are a first time home buyer or have been within this circle before, you must know what a tiring process buying a home is. Moreover, if this process involves a home loan, then you have to deal with bulky paperwork and uncountable legal formalities. Finding purchase-worthy properties and shortlisting one already sounds like a roller coaster ride, and on top of that, your spirit is bogged down with the real estate industry jargon used by lenders and agents. This sends your thoughts spinning, leaving you with a headache at the end of the day. “Buying a home is…
How Your Credit Score Affects Your Home Buying Costs
Buying A New Home is a tricky endeavour. It involves looking at various options, finding the right house that suits your budget and finally, applying for a loan. And then, you are denied of that? Why? Because your credit score is too low. How come this figure matter so much? Well, your credit score gives the lender an estimate of the amount you can repay monthly. So, what criteria does it operate on? Let us find out all about having a good credit score and applying for mortgage. What is a Credit Score? A credit score is a four-digit figure that…
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