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Everything You Need to Know About the Home Builder Scheme
The federal government announced the HomeBuilder Scheme last week. It’s another measure aimed at rebuilding the post-COVID-19 Australian economy. Here are all your questions answered. What is the HomeBuilder Scheme? It’s a $25,000 tax-free grant to help you to: build a new home to live in, or to substantially renovate your existing home. What are the eligibility criteria for the HomeBuilder Scheme? If you’re buying a new home, your income needs to be below the following thresholds: Couples (married or de facto): a combined income of less than $200,000 per year. Singles: less than $125,000 per year. You also need to: be…
The Benefits of Refinancing a Home Loan
Owning a home is a significant achievement for many, but it usually comes with a long-term financial commitment in the form of a home loan. While many homeowners faithfully make their mortgage repayments, they may not realise that they can optimise their finances through mortgage refinance. Refinancing a home loan involves replacing an existing mortgage with a new one that offers better terms and conditions. This blog post takes a closer look at the advantages of organising a refinance in Melbourne. Lower Interest Rates One of the primary reasons homeowners choose to refinance their home loans is to secure a lower…
What is a Mortgage Refinance & Why is it Done?
In recent times, many people on fixed rates have moved to variable rates and started to struggle with much higher rates. Mortgage refinance is a solution that allows people to replace an existing debt with a new one from a different provider that offers lower rates and more favourable terms. Refinancing a home loan can reduce monthly payments, change the length of the loan and improve overall financial flexibility. This blog post takes a closer look at refinancing and the reasons why it’s done. Take Advantage of Lower Interest Rates One of the most common reasons people use refinancing services is to…
Huge Expansion of Asset Write-Off Tax Scheme Deduction
You only have until June 30 to take advantage of the massive increase in the instant asset write-off scheme. That means if you want to get bigger business tax deductions this financial year, you need to buy any new business assets before June 30. It’s important to understand that the instant asset write-off scheme has been massively enhanced for this financial year because the federal government wants to help minimise the Impact Of The Coronavirus On The Australian Economy. What is the instant asset write-off scheme? The Instant Asset Write-off Scheme allows you to write off the entire cost of new business assets…
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…
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