at 27-31 Myers Street, Geelong, 3220
Wiley Sims can look after your financing needs including home loans, personal loans, leasing and commercial and business financing.
163 FB users likes Smartline Personal Mortgage Adviser, Wiley Sims, set it to 5 position in Likes Rating for Geelong, Victoria in Bank/financial services category
What's your borrowing capacity? As the name suggests, your borrowing capacity is a reading of how much you'll be able to take out from a lender to put towards your new home. A number of factors affect this, including your current income, any outstanding debts and the overall quality of your credit rating. Of course, sometimes people will be disappointed by how much they're able to borrow. In this case, there are a number of avenues to consider following that can help you potentially increase your borrowing capacity. There are a number of ways to boost your borrowing capacity. Think about things that could make you look better in the eyes of a financial lender, as well as reduce the amount of risk you may pose to their business. For example, one simple way to help improve your borrowing capacity is to simply pay off any outstanding debts your may have. This includes credit card bills, hire purchasers funds and account overdrafts. Making yourself as financially attractable and reducing the amount of risk involved with lending to you is the key to securing great home loan finances. You can contact me on 1300 280 342 for credit advice if you would like to find out more.
At the end of last year we heard a few economists suggesting that we could see further interest rate cuts by the RBA in 2015. It appears that the ASX futures market now agrees with this assessment. The implied yield curve is showing a predicted 0.25% p.a. drop in March or April. A further 0.25% drop is estimated to occur toward the end of 2015. The main basis for this prediction is the current environment where inflation remains low and stable, unemployment is slightly growing and economic growth remains subdued. These are all ingredients that lean towards a rate cut in normal circumstances. As you know, our offer to conduct a "health check" on your loan is always on the table. Just shoot me an email to email@example.com if you would like to check that your loan is still competitive. There are terrific deals to be had.
Here are 4 Good Reasons to Buy Your Own Home Financial security Property is considered one of the safest places to invest your money, so if you're looking for a place to stash your savings, this could well be the answer. Knowing a property is yours can give real financial peace of mind, providing of course that you're able to keep up with the repayments on your mortgage. No more rental costs Paying out rent is often considered dead money – wouldn't you rather be putting it towards your own mortgage rather than somebody else's? While renting has its benefits for some people, it's not always the wisest long-term strategy. Create a nest egg Moving into a property and knowing you're going to live there for years to come has its advantages, especially if you want to create a sense of security for your family. Bringing up your brood in a place you can call your own gives a real sense of achievement and not to mention the safety net you need at that particular point in your life. Sense of freedom How many times have you wanted to make changes to your rental property only to have the plans blocked by your landlord? Having your own property gives you free reign over whatever you want to do, so no more dealing with landlords who want to put a lid on your decorating ambitions! If you want to take a step towards your first home you can contact me 1300 280 342 for home loan advice or email me wsims@smartline,com.au. and we'll call you!
Making an investment in property can be a wise move- but only if you have the right figures to hand. After all, it's no easy feat putting money into real estate, which is why you'll need to take a closer look at the market to ensure your decision is the right one. We've put together ideas of some facts and figures you might want to look at before making any final decision on where to apply your property investment. Vacancy rates: If you're buying property and hoping to rent it out, vacancy rates are essential pieces of information. They'll tell you how many rentals in an area are without tenants, helping you to weigh up whether there's the right level of demand for your real estate investment goals. Property prices: Are property values going up or down in the area you're considering? If it's the latter then you might find you can't make the returns you're hoping for. It all really depends on whether you see your investment as a short or long-term option. Should you want to sell your property on in a couple of years' time, your approach will be quite different to someone who is eyeing a sale six months down the line. Sales data: How many property sales have been completed in an area over recent months? Has there been sufficient demand for real estate? Again, if you're hoping to secure a sale further down the line then these are questions you will need to ask – and find the data to support. No investor should go into the market without this sort of information to hand. Time on the market: Some parts of the country see properties snapped up within days or weeks of being listed, while in others they tend to spend much longer on the market. Having these figures to hand will give you a better idea on how much demand there is in a given area, as well as how long you can expect to wait to find a buyer for your property. Crime rates: Potential tenants aren't going to want to move into an area that's notoriously bad for crime, which is why as an investor you'll need to take a closer look at rates. If you need assistance with finance for your investment property or would like to find out more why not call me on 1300 280 342 or email me at firstname.lastname@example.org.
When it comes to taking out a new home loan and purchasing property, there are a number of different things to remember. Things like figuring out your borrowing capacity, saving up a home loan deposit and setting some money aside for a head start on your mortgage repayments are just some of the basics to consider when approaching mortgage brokers in Australia. However, you should also be aware of the hidden costs that could creep up on you throughout the home loan process. These expenses can be surprising and a little off-putting, so it's important to always be aware of what you've signed up for. Lenders mortgage insurance One of the most common extra charges seen in Australia is lenders mortgage insurance. This is charged on home loans where the applicant cannot save up their 20 per cent deposit, which means the lender has to commit over 80 per cent of a property's value. This extra charge is to cover the added risk the lender has, with the expenses helping to cover anything lost in the event that you're unable to pay off your home loan. Stamp duty When you transfer over the title of the property from one individual to another, stamp duty is the charge applied to this process. However, the amount varies depending on the state you're in and if you're a first time buyer – who often receive concessions on the payment. It's worth getting in touch with a local mortgage broker to discuss the amount of stamp duty you may be eligible to pay, as well as getting some insight into the other potential extra costs resting on top of your mortgage application
So with one eye on the future, have you thought about teaching the kids the importance of saving? Roy Morgan recently noted that one in ten Australian kids between 6 and 13 already has over $1000 tucked away in a savings account. With this in mind, here are some great tips to help the young ones learn the benefits of saving. Pocket money matters If it fits into your own budget, pocked money is a great way to teach children how to save. By getting them attuned to receiving a set amount of money for a set period of time, it is like a practice session for earning on their own – a mini-Mum wage, if you will. As they learn their own spending habits, you can guide them in putting aside a little bit extra every week, perhaps for a new toy they desperately want. Soon they will ideally be conducting their own small-scale savings plan, and be well on the way to a healthy lifetime habit
Picking the right neighbourhood when you buy a home Taking out a home loan is only half the journey when you're moving your family to a new home – there is still the task of selecting the right house. But when you do so, it is more than just the size of the yard and the living room views that need to be taken into consideration. Taking the entire neighbourhood into consideration is an important part of choosing the right property for you and your needs. Here are some factors you should always look at. Schoolin' life This will be one of the most important influencing factors on where you live if you have children. Whether your little one is of age for preschool, primary school or secondary school, you'll want a great school nearby to ensure a healthy education. To get an in-depth look at a school you could go to a P & C meeting, or perhaps have a walk around the school yourself. The My School website can also be a fantastic resource for anyone who wants to compare and contrast education facilities in an area as well. Craving convenience When you see a home you like, you should spend a day doing a drive-about and working out the nearest shopping areas, as well as the easiest commute to your place of work. A home might be cheap, but what if you end up spending too much on petrol every day? You'll want to be able to do your supermarket shopping and perhaps be able to visit the doctor without too much hassle, so consider where the nearest facilities for this are. Think of the links While outer suburbs are more affordable living options, this doesn't have to thwart your affordable neighbourhood search if you work in the CBD. By picking a suburb with excellent transport links, you can find yourself within minutes of the CBD while still enjoying the comforts of affordable living. When you've got the right neighbourhood, remember you can talk to a mortgage broker to work out suitable lending options. You can contact me on 1300 280 342 for home loan advice.
What do you do if you miss a mortgage repayment? When you take out a home loan for investment or perhaps the first family property purchase, it's important to have a thorough budget prepared so you can always make your repayments. However, new circumstances can find themselves affecting – perhaps your employment conditions change, or interest rates mean you must pay more each month. It can occur that you are unable to make a repayment on your borrowing, and here is what to do in this situation. Apply for a hardship variation If your financial situation means you can no longer meet current repayments, you can contact your lender about a hardship variation. This allows you to change how much you pay back, as long as you can prove your hardship and that you can meet the changed payments. Make sure to keep the lender in the loop about your payment capabilities and be aware of your options should you wish to dispute any rejection of a hardship application. Be swift in your contact If you do happen to miss a home loan repayment, it's crucial to contact your lender as soon as possible. By explaining the situation and working with them on a solution, you can save a lot of hassle. When you take out a mortgage, your home is your asset, and a failed mortgage payment system could lead to a repossession of your home. If sent a letter about repayments by a lender, you usually have 30 days to respond – it's in your best interests to do so, and don't feel bad about this. Financial difficulty can happen to anyone.
With the housing market in Australia so strong and home prices on the up, it is no surprise that many people have decided to take out home loans for investment in droves. These allow people to offset taxes against rental yields, and watch a property appreciate in value over a long period of time. What's the worst that could happen? Overall, the likely worst situation you'll find yourself in when investing in a property is failing to find good tenants, thus, not making any money on your purchase. Good maintenance and advertising can fix this by appealing to tenants all year around, but it's important to make sure you can cover mortgage repayments without rental income before you take the plunge – just in case. How do you maximise growth? The key to this is research. Take an in-depth look at the area you want to invest in and find out how much growth has occurred for rental yields and overall property value. Is it an area that will have high rent increases, or perhaps one that will be a slow-burner, giving you strong home value returns a decade from now? Depending on your financial situation, you will want different things. Talk to experts and make sure you invest wisely and for the future. Which kind of loan do you take out? This depends on how you wish to gear your property, whether you intend to maximise rent gains or to negatively gear your property and have it be tax deductible. However, an interest-only loan is often recommended for investment home loans, especially if you intend to change items in your portfolio relatively regularly. This allows you to pay off interest, claim tax deductions and, if you invest intelligently, make profits from rises in property value. What if I don't have enough to deposit on a new loan? If you already own property, you may be able to leverage equity from this as part of an investment loan on a new house. Give me a call on 1300 380 342 if I can help.
Hurdles for first home buyers When you've got your eyes on the prize of buying a first home, it can be easy to lose sight of the important steps you have to take before you settle into the master bedroom – especially if that purchase involves a home loan. Here are three hurdles that all first home buyers have to jump at some point in the process. Making a deposit Financially, this is the biggest step, gathering together your funds to make a large payment on a home. While it can be tempting to go for a smaller payment to get a mortgage faster, remember that the larger the deposit, the less likely it is you'll have to pay lenders mortgage insurance. It also reduces your payments, meaning you will have more money from week to week as you pay off the loan. Being realistic Everyone wants to pay their mortgage off as soon as possible, but you need to be a realist when it comes to the actual payments. Work with a broker or your bank to determine exactly what you can afford, and if you need to extend the loan, remember that it means you can afford to live in the meantime! Lay out your monthly budget and check it time and time again before you settle on a plan – leave no cost overlooked. Not knowing what to do In the end, the process of getting a mortgage and buying a property can be too much information to process comfortably – this is natural and something that happens to many people borrowing for their first home. It's also where mortgage brokers can help, as they will take the stress out of loan applications. By working with your needs and accessing a vast database of loan products, a broker can gather a list of loan options that suit you, instead of having to bend over backwards to meet the conditions set by any one lender. If you need more information you can contact me 1300 280 342 for home loan advice or email me on email@example.com and I’ll call you!
Keeping a Good Credit rating Early in life, credit scores may not seem particularly important. A missed bill here or there is nothing that can't be caught up on, and credit cards can be very handy when you are in a tight spot. However, it is important to stay on top of these from an early age in case you end up with bad credit further down the line, which could affect your ability to take out a home loan insurance! Practice makes perfect! It may seem counter-intuitive to take out a credit card in order to get a better rating, but proving yourself as a reliable user of debt is an excellent way to boost your rating. Keeping your balance low, using under half of your available credit and making regular repayments are great ways to put yourself in good stead with lending agencies later in life. While never going into debt at all is the dream, most people will have to do this at some point in their life – having a healthy credit history lets lenders know their money is making its way into good hands. Get a check-up! Did you know you're entitled to one free credit report every year? These financial health checks let you see where any payments have been overlooked and can be a 'cheat sheet' for working out what you need to do so you can access insurance or borrow money. It's just like going to the doctor, except much cheaper! Be swift, be safe! It can be very tempting to ignore debts when they arise, or put them off until another time. However, if you can pay off debt quickly it may positively impact your credit score, and lets you get on with long-term planning like mortgage preparation much more quickly!
3 Unorthodox Tips for Property Investment There are so many ways a property could rise in value. From coming infrastructure improvements to the potential for alterations and additions, knowing what to look for to make sure your property is profitable down the line is crucial before you start perusing the different property investment loans out there. While these might seem obvious, did you know there are a variety of factors that are a little bit off the beaten track that many people don't consider? While these might seem odd at first, they can very well have the same make or break effect on the success of your investment as the more standard ones. Natural disasters It's no secret that Australia is prone to the occasional natural disaster. Flooding, bushfires, tropical cyclones – the risk of these varies from state to state. The added cost of insurance for a property especially susceptible to these can eat away at the profits you would otherwise reap from your property. So do your research on the vulnerability that the particular area in which your property sits has to various natural events before making any decision. What's the coffee like? Having a cuppa while doing research for your investment home loan might seem counter-intuitive, but it can actually provide you with insight into whether this particular neighbourhood is on the up and up. Think about things like how many cafes are around, and whether they're full. Is there a happening atmosphere in the area? And what kind of other shops and eateries are nearby? Architectural consistency Have a drive around the neighbourhood. What is the predominant architectural style? While neighbourhoods with traditional styles like the classic Australian Federation are unlikely to lose their lustre in the near future, more faddish styles such as Greek revival or post-modern have a higher tendency to fade in popularity as tastes change. Also, keep an eye on whether the property you're looking at fits with the overarching style of the whole neighbourhood, or it could drop in value.
A home loan can be an arduous process for anyone. Along with finding a lender you can trust, plus weighing up the different home loan options at your fingertips, there's also all the various documentation. A lender needs to know the intimate details of your finances before they're ready to approve a loan to you. This involves seeing the paperwork on your earnings, your credit history and even how often you've been employed and when. Only by perusing this information can they be sure that you'll be able to pay their money back. The trouble with being self-employed Unfortunately, if you're self-employed, then this process made a little more complicated. Documents like financial statements or tax returns may not be as easy to get a hold of if you're your own boss, putting your hopes of purchasing your own property into jeopardy. Not only that, but the nature of being self-employed, tends to make lenders wary about your finances. A new business may have many expenses in the early going that are one-time only. For a lender assessing your finances, however, these could appear to be regular and ongoing costs. That's why it's important to be open about the details of your business to your lender or broker, in order to offset any concerns they might have about your finances. Low doc loans to the rescue A low doc loan is essentially a home loan for self employed people As the name suggests, there's less documentation you have to deal with, making it perfect for those who own their own business. Typically, the only documentation you need to provide is a Borrower Certificate of Income Declaration Form, a year's worth of Business Activity Statements and, if possible, tax returns. You may also get asked for a letter from your accountant and evidence of any other loans you're currently carrying. If you're self-employed, give me a call if you would like to discuss this option!
Buying your first can be an exciting time, but it can be all too easy for the costs associated with buying property to spiral out of control. This is why it's so important to put together a comprehensive budget that enables you to keep track of everything you've spent and will need to spend in the future. Here are some of the often overlooked expenses you'll need to take into account when buying property and ensure you have sufficient funds to cover. Stamp duty Each state and territory has its own stamp duty concessions, so it's worthwhile finding out what support is available in your area. This is essentially a tax you will pay to the government for most property purchases and it's largely dependent on the value of the home you are buying. Conveyancing Another cost you might not have given much thought to is conveyancing. You'll have to pay a legal representative a fee to carry out the purchase on your behalf. Your conveyancer will be responsible for performing land title searches and ensuring the contract of sale is legally sound. Lenders' mortgage insurance Some home loans will be subject to lenders' mortgage insurance, which offers them protection if you should suddenly find yourself unable to make repayments. This should be presented in the documents you receive before you sign for your loan, so make sure you fully understand what it's for before sealing the deal. Moving costs Once your housing finance has been finalised, you'll need to turn your attention to moving into your property. Think about all the hidden extras such as boxes to pack up your stuff, storage space if you need it and of course the hire of a removal van. It all mounts up!
Home renovations are notorious for going over-budget, so it's unsurprising that many young families shy away from embarking on these projects. However, not only can renovations make your home more liveable in the short term – they can add value that will eventually help you in the long term. Plus, you don't have to face the cost of your dream renovation alone. As long as you have equity in your property, you likely won't have much trouble applying for a construction loan. Although there may be dozens of changes you want to make to turn your first home into your dream home, some renovations are more lucrative in the long run than others, and the outcome of your loan application will often depend on how much value your renovations will add to your home.
Whether it's a first home buyer loan or an investor mortgage, one of the first decisions you'll need to make is whether to opt for a fixed or variable interest rate. Common thought is that fixed-rate home loans are the safer choice, and this is certainly true in many situations. However, there are times when a variable-rate home loan simply makes more sense. When should I choose a variable rate? In most cases, how long you plan to stay in your home should act as the deciding factor. For instance, if you plan on buying a home and then upgrading within a couple years, a variable-rate mortgage might be the best fit for you. Variable-rate mortgages typically have a lower starting interest rate than their fixed counterparts. Also, variable rates generally aren't in danger of rising until after a certain introductory period. Therefore, if you plan on selling your home and paying off your loan, you don't need to worry about rates rising. As a bonus, you can also take advantage of the initially lower interest rate. Loans with variable rates can also contain more flexible features than fixed-rate loans, meaning if you have special needs that need to be accounted for, opting for a variable-rate option might suit you better. However, in many cases, taking out a fixed-rate loan is the safer option. Even if you can get lower interest rates at first with a variable rate, costs will eventually rise. Only people with a fixed-rate mortgage can rest easy knowing they'll be paying the same rate they locked in from the beginning throughout the entire length of their loan. Call me if you need any help deciding.
2 Ways to Avoid Mortgage Stress! 1. Adopt a frugal lifestyle During the initial months, it could be a good idea to maintain your deposit saving habits in order to manage the early payments. Once you get into the groove of making regular contributions to your mortgage balance, it will be easier to decide on where your money should be going and what can be altered to make it easier. Things like regularly eating out with friends, drinking takeaway coffee on the daily, or having a digital television subscription are all potential aspects of life that could be removed in the event that money gets tight. 2. Create an emergency fund Similarly, before you even take out your home loan, it could be worth putting aside more savings into another account while creating a deposit. This can act as your emergency fund that can be dipped into in order to alleviate the stress of making regular mortgage repayments. Furthermore, this doesn't just have to be for your mortgage. Having a stowed away amount of money can be a life saver for unforeseeable complications arising during your life, allowing you to take care of these without undue stress.