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Lender’s Mortgage Insurance (LMI) is required when the value of a loan is more than 80 per cent of a property’s purchase price or property valuation if refinancing. In very basic terms, a lender considers a loan to carry a higher risk if the Loan to Value Ratio (LVR) is above 80 per cent and
If you are age 60 or over and own your own home, a reverse mortgage can allow you to borrow money by using the equity in your home as security. Equity is the value of your home less what you owe on your mortgage. By converting your equity into cash this can help supplement your
A chattel mortgage is an asset finance facility commonly used by businesses to finance their equipment and work vehicles. A chattel mortgage can provide businesses with flexibility around repayments and potential tax benefits. If you’re in the construction industry here’s some examples of how a chattel mortgage could help you. Be sure to speak with
As a landlord you want to best protect your investment property from the risks that come with renting your property. Some of these risks can include tenant damage, theft or tenants defaulting on their rent. Whilst you can minimise this risk by screening potential tenants, it can be a good idea to have a plan
Saving up for a home loan deposit is not always an easy, however with lender’s mortgage insurance (LMI) you may be able to obtain a home loan with as little as a 5% deposit. What is Lender Mortgage Insurance? Lender’s mortgage insurance provides an additional layer of security for lenders. It protects them from financial
US President-elect Joe Biden has unveiled the plan for a $US 1.9 trillion stimulus package. This stimulus aims to control the Coronavirus situation and recover the economy. The package plans to allocate $400 billion towards their COVID-19 response. This includes accelerating their national vaccination program. It also plans to deliver a $1400 direct payment to
Victoria has been welcoming buyers back into the property market. As part of the 2020-21 state budget, the Victorian Government has announced a range of measures to support home buyers. These measures aim to make purchasing a home more affordable and accessible. Included in these measures is a stamp duty discount for residential property. A
Commercial leases are often a long-term commitment. The terms and conditions can also be more complex than a residential agreement. As such, it not uncommon for businesses and landlords to negotiate the terms of their commercial lease. Why should I negotiate? Rent can often be a big expense for businesses. Negotiating can help you obtain
Most Aussies have had the opportunity to save up some money during lockdown. Many of our usual activities such as eating out, commuting to work and going on holiday were put on hold. This has led to many people cutting back on their expenses and rethinking their finances. The Mid Year Economic and Fiscal Outlook
The Mid-Year Economic and Fiscal Outlook has delivered some promising news for businesses. The Australian economy is showing signs of a faster than expected recovery. The size of an economy is typically measured by the total production of goods and services in the economy which is called gross domestic product (GDP). In this economic update
During the year 2020 we saw Home Loan interest rates fall to record lows. With the RBA cash rate expected to stay at 0.1% for at least another 3 years, Home Loan rates are likely to stay low in 2021. Low interest rates can provide ongoing benefits to both home buyers and existing mortgage holders.
International trading can be a great opportunity to grow your business. It can open the door to new customer bases, as well as new products and equipment for your business. However, businesses looking to expand internationally can often face cash flow challenges. Overseas suppliers often require payment for goods and equipment as soon as possible.
Purchasing residential property can be a great starting point for investors. Investing in a house, townhouse or apartment is often familiar and easy to understand. However, it may also be worth considering commercial real estate for your next investment property. Commercial real estate are properties primarily used for business purposes. There are a wide range of
What does this mean for home buyers? The Reserve Bank of Australia (RBA) has held the cash rate at a record low 0.1 per cent. That’s good news for the Australian property market. The RBA is Australia’s central bank. It implements policies to help maintain the health of our economy. Altering the cash rate is
In addition to the changes made to the instant asset write off threshold from $30,000 to $150,000 on 24 March 2020 by the Federal Government as a stimulus and tax-relief response to COVID 19, the 2021 budget went a step further and removed any write-off thresholds. It now allows for the full expensing in the first year