As the Coronavirus continues to impact the economy, some banks are allowing borrowers to defer their mortgage re-payments for up to six months. This news will come as a welcome relief for home owners who are struggling because of the economic downturn, and particularly for those who have experienced a significant reduction in their income
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During these uncertain times, many Australians will be experiencing hardship due to the economic and social impact of the Coronavirus. According to research conducted by Finder in early 2020, about one in five mortgage borrowers, or about two million Australian households, were struggling to make repayments, despite record low interest rates. And with the challenging
It can be very disappointing when a lender says “no” to your loan application, however it is important to understand why your application has been rejected and take steps to prevent it from happening again. Why do credit providers reject loans? There are a number or reasons your loan may have been rejected, including: The
In general it is advised to avoid getting into debt, however there are certain times and circumstances when borrowing money is justified and sometimes even the right thing to do. The key is knowing when and how to borrow money the right way.
Owning your own home may be the Australian dream, but to achieve this dream most Aussies need to take out a mortgage, which can be a huge financial commitment over many years. However there are ways to pay off your mortgage sooner and in this article we explore ways to get the “mortgage monkey” off your back early – that doesn’t include winning the lottery!
Whether you are a first home buyer, downsizing or looking to purchase your “forever” home, knowing how much you can borrow is an important part of the planning process. After you have saved for the deposit and other expenses related to purchasing a home, it is important to know that you can afford to maintain
Failure to pay debts, including credit cards, mortgage, car loan re-payments and utilities such as electricity and phone can have long-term consequences. In most cases, credit and service providers will endeavour to recover any debt owing to them. Here is what you can expect if you have payments in arrears.
Being in debt can be stressful, but unless you take steps to manage that debt the situation will only get worse. Taking positive steps towards managing your debt will allow you take back control of your finances and say goodbye to debt for good.
The term “rentvestor” refers to an individual who lives in a rented property but also owns an investment property elsewhere, so they are effectively a renter and an investor at the same time. Rentvesting has become very popular in the last few years; rentvestors now make up 8% of first-home buyers nationally according to a
When applying for a home loan, there are a number of factors that the lender will look at to determine your borrowing capacity. These include your income, type of loan you are applying for and current debts. If you have any debt, including personal loans and credit cards, these will be taken into account when