Gen Y Australians – The Best Savers!

A recent study conducted by Commsec has revealed that Gen Y’s are leading the way when it comes to saving a deposit for a house. This follows a series of similar studies revealing that Australian’s between the ages of 18 and 35 can simply save more and have better savings habits than their Gen X and Baby Boomer counterparts. What is it that makes younger Australian’s savvy savers? If you are the parent of a Gen Y Aussie, you probably already know the answer! Much more than the previous generation, Gen Y’s are staying home with mum and dad for longer and generally speaking, contributing less to the household expenses. This means one thing – disposable income to bump up the bank balance! It also seems as though…

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Interest Rate Cuts – What impact will they have on you?

The Reserve Bank has cut the official interest rate to new historic lows of 2%, but what does that really mean for current or prospective home owners with a mortgage every month? Assuming your bank has passed on the full interest rate cut of 0.25% to you, here is a quick summary of how the latest rate change translates to monthly savings on interest payments for you: On a $750,000 mortgage you will save approximately $156 per month, or $1875 over the course of a full year. On a $500,000 mortgage you will save approximately $104 per month, or $1250 over the course of a full year. On a $350,000 mortgage you will save approximately $73 per month, or $875 over the course of a full year. An…

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How To: 8 Ways to Increase Your Borrowing Capacity

In the wake of the GFC, banks and lenders have tightened their lending criteria making it more challenging for investors to fund their next purchase and first homebuyers to get into the market. Having reviewed the borrowing capacity of over 20 different banks and lenders, we found that based on an individual with an annual gross income of $65,000 and a $5,000 credit card limit, the maximum figure they could potentially borrow fluctuates between $282,000 and $381,000 depending on the lender. This proves that it pays to shop around. We have put together a list of some handy tips that can help you improve your borrowing capacity:  1. Consolidate personal debt into your home loan Generally, unsecured personal debts have much shorter loan terms and higher interest rates…

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What are the true costs you must consider when purchasing property?

When buying a home, whether it be your first home, dream home or even an investment property, there are a number of factors that you need to consider when working out exactly how much money you will need to save and contribute to the purchase. More often than not, a purchaser will need to come up with funding to contribute towards the associated costs of the property transaction, as well as their deposit. Additional costs vary widely across different scenarios. A good Mortgage Broker will be able to provide you with a detailed breakdown of which costs apply to your specific scenario. It is beneficial to make the enquiry with your broker first while you are saving your deposit, before you even start looking at properties to purchase…

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Australia: Too Expensive?

You can’t always believe the headlines. Recent media coverage has us believing that both Sydney and Melbourne are two of the world’s ‘Top 5 Most Expensive Cities’. In fact, a report released by Deutsche Bank even claims that Australia is equal first with Japan in being the world’s most expensive developed country. Here’s the truth: Is Australia really that expensive? All this hype has arisen from the recent release of the Consumer Price Index by the Australian Bureau of Statistics which is used to gauge quarterly inflation. The problem lies in the way these indexes are calculated and what they are intended to represent. Firstly, the figures are intended to be used by multinational corporations to determine how economical it will be to expand their business into a…

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Tips and Tricks to Get Rich

Let’s be honest, there are no get rich quick schemes. Being successful takes hard work and you have to be prepared to face some obstacles along the way. In this world where the rich just seem to get richer while many of us struggle just to make ends meet, it’s important to develop a strategy for success. Here’s a few tricks that have worked for the people with the biggest bank balances! Be a wealth creator rather than an investor If you flick through ‘rich lists’ the people listed are normally self-made millionaires and billionaires who have come up with a good idea and built an empire around it. They have normally built an idea from scratch or bought a business that wasn’t doing so well and turned…

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QLD – Sherwood

Australia’s 8 Most Liveable Suburbs

Dreaming of a sea change? Sussing out the best place to buy an investment property? Look no further! Ninemsn recently asked its readers to vote on the best suburbs of Australia. We have compiled a list of the top picks in each State (and territory!). It seems us Aussies really value the great outdoors, shopping and education when choosing a place to call home. And the winners are: VIC – Templestowe A Melbourne suburb located 17km north east of the CBD. Voted by its residents for its ample parkland, modern shopping, prestigious houses and close proximity to the city. NSW – West Ryde A suburb of Sydney located 16km north west of the CBD. Residents say it’s a great peaceful place to raise a family with amenities close…

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