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How to consolidate tax debt

How to consolidate tax debt

Struggling with ATO tax debt? If you miss payments, the ATO may charge 11.36% interest on unpaid amounts. One option is to consolidate your tax debt into your home loan, potentially saving on interest, though refinancing costs apply. Speak with a mortgage broker to explore this option and avoid further penalties.

How is interest calculated on my home loan?

How is interest calculated on my home loan?

Mortgage interest is calculated daily based on the remaining principal, but the reduction of the principal isn’t linear. In the early years, a larger portion of each payment goes toward interest. However, by making additional repayments or using an offset account, you can reduce the principal faster and pay less interest over the life of the loan.

How do green home loans work?

How do green home loans work?

As Australians seek to minimise their carbon footprint, green loans are becoming popular. These loans finance energy-efficient homes, renovations, and eco-friendly products like solar panels, EVs, and insulation. With potentially lower rates and flexible terms, green loans also boost property value, as sustainable homes attract more views and sell faster.

Dream Home Dilemma: Should You Build or Buy your home?

Dream Home Dilemma: Should You Build or Buy your home?

Deciding whether to build a new home or buy an established one is a major step in your homeownership journey. Each choice has its own set of pros and cons, from the opportunity to customise your space to the convenience of moving into an existing home. Understanding these differences can help you make the best decision for your future.

9 things to prepare before buying a home

9 things to prepare before buying a home

To ensure a smooth property purchase, start by boosting savings and avoiding job changes three months before applying for pre-approval. Check your credit report for errors, consult a mortgage broker, and choose a conveyancer. Research locations, attend open homes, and arrange inspections. Contact me for expert guidance and loan pre-approval.

Your quick guide to guarantor home loans

Your quick guide to guarantor home loans

Saving for a deposit can be challenging, but a guarantor home loan offers a solution. By having a guarantor, typically a parent or relative, cover part or all of the deposit, buyers could enter the property market sooner. With this support, you might qualify for a home loan with just 5% or even 0% savings.

Government opens up more housing assistance places

Government opens up more housing assistance places

The federal government has expanded the Home Guarantee Scheme, offering an additional 50,000 places for 2024-2025. This includes 35,000 spots for first home buyers, 10,000 for regional buyers, and 5,000 for single parents. Eligible applicants can secure a home with a low deposit and avoid lender’s mortgage insurance.

Understanding Australia’s Major Banks’ Anti-Scam Platform

Understanding Australia’s Major Banks’ Anti-Scam Platform

Seventeen banks, including the big four, have joined forces to combat scams with the Fraud Reporting Exchange (FRX). This innovative system enables near real-time communication between banks, allowing them to swiftly report and respond to fraudulent payments as they move across institutions, enhancing security for all customers.

7 steps to increase your borrowing power

7 steps to increase your borrowing power

Borrowing power can vary significantly based on financial circumstances and lender choice. While two friends with similar profiles might get approved for different amounts, you can take steps to potentially increase your borrowing power. These steps include reducing expenses, increasing income, reducing debt, lowering credit card limits, improving your credit score, saving a larger deposit, and consulting a broker.

How redraw facilities and offset accounts can save you money

How redraw facilities and offset accounts can save you money

Offset accounts and redraw facilities both reduce the interest on your home loan by applying extra funds. Redraw facilities lower interest while providing conditional access to your money. Offset accounts, acting like savings accounts, offer easier access and higher interest savings, despite potential fees. Choose based on your need for fund accessibility and flexibility.

Federal Budget 24/25 – what does it mean for you?

Federal Budget 24/25 – what does it mean for you?

Discovering the impact of the 2024/2025 Federal Budget is vital in navigating the current economic landscape. With a focus on addressing the cost-of-living crisis and bolstering the construction sector, measures such as infrastructure investment, rent assistance, and tax cuts aim to alleviate financial burdens and stimulate growth.

How a broker guides your way to owning your first home

How a broker guides your way to owning your first home

Dreaming of your first home? A mortgage broker can be your guiding light. From assessing your borrowing capacity to breaking down costs and exploring deposit options, they make the journey smoother. With their expertise, owning your dream home in Australia becomes not just a dream, but a tangible goal.