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Financial and Home Loan Brokers in Sydney

By Dave Fleming : 17 October, 2018

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Sticking to a financial plan – such as paying off a mortgage – can be a long journey that’s punctuated by high highs and low lows. Here are some tips to get you through the tougher times.

October is generally the month that people all around Australia and the world dedicate to improving awareness around mental health.

According to Mental Health Australia, 1 in 5 Australians are affected by mental illness, yet many don’t seek help because of stigma.

The thing is, mental health and financial safety are strongly linked, with many studies showing personal finances are one of the main sources of stress.

With that in mind, below we’ve outlined six ways you can help protect your mental health from being eroded by financial concerns.

First, however, we believe it’s important to add that if you’re feeling severely down or depressed, please contact your GP or call Lifeline on 13 11 14.

1. Know the warning signs

Signs that you may not be coping as well as normal include:

– Arguing with the people closest to you about money
– Sleeping difficulties
– Feeling angry, fearful or resentful
– Sudden mood swings
– Loss of appetite
– Not wanting to hang out with family or friends as much as usual.

2. Exercise daily

Exercise releases feel-good chemicals such as endorphins and serotonin. It also gets you out and about, which minimises your feelings of loneliness.

You don’t have to run a marathon or anything either. Just a brisk 30 minute walk each day will deliver both physical and mental health benefits – and help you sleep better at night.

3. Eat well

There’s not much use doing all that exercise if you’re just going to smash a few Big Macs straight after.

Instead, try cooking some new healthy recipes with your loved one, or inviting a friend you haven’t seen for a while to come eat with you.

A healthy diet not only improves your physical health, but it’ll make you feel better too.

The best bit? Cooking uses brain power, which will help distract you from any issues that are making you down or anxious. And they’ll make you proud of your gourmet creations, of course!

4. Reach out to support networks

Make an effort to reach out to and catch up with family, friends and other members of your community.

Don’t wait for them to reach out to you – be the one who initiates contact.

It doesn’t have to cost you anything extra, either. Kill two (or three!) birds with one stone and invite them over for a walk, or a home-cooked meal.

5. Positive sense of identity and an optimistic outlook

Always look on the bright side of life.

For example, if you’ve recently become redundant, look at it as an opportunity to launch into a new job, or finally give running your own business a shot.

Also, adopt a positive attitude to seeking support. Rather than feeling down about seeking help, take pride in the fact that you’ve got the initiative to recognise when you’re not feeling up to par.

6. Improve your financial literacy

Sometimes, our finances can feel all too overwhelming, which in turn, gets us feeling down.

If you fall into that category, brushing up on your financial education can help you feel a whole lot better about things – not to mention equip you with the tools you need to improve your budget bottom line.

Our regular blog covers a wide range of topics that can help you improve your financial literacy.

Alternatively, don’t hesitate to give us a call if you’re worried about your finances, such as paying off your mortgage.

We’d be more than happy to workshop some ideas with you to help improve your situation and get you sleeping better at night.

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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

By Dave Fleming : 17 October, 2018

You might be comfortable paying off your mortgage now, but what if things change? Here are some tips on how to avoid a mortgage stress fracture.

https://www.mastermortgagebrokersydney.com.au - note spelling out how to avoid mortgage stress - stress is spelled in dramatic red lettersPaying off a mortgage is one of the biggest financial challenges you and your family will ever tackle.

And it isn’t easy – mortgage repayments take up about one-quarter of a family’s income on average, according to the Australian Bureau of Statistics’ 2016 Census.

While most families manage, what happens if your circumstances change?

An unexpected redundancy, relationship breakdown, illness or accident can dramatically impact your ability to make your payments and put you in mortgage stress.

But first, what is mortgage stress?

While there isn’t a technical definition for the term, mortgage stress is generally considered to occur when a person or family is spending 30% or more of their income on home loan repayments.

There are also a range of other criteria which would suggest you’re experience mortgage stress.

If you’re paying only the interest on your home loan, borrowing money from family, or having difficulty paying your bills, then you might be experiencing mortgage stress.

I don’t have a problem now, why worry?

It’s unwise to assume your circumstances will never change. An accident or illness can befall a person at any time, and the impact on your finances can be devastating.

An increase in interest rates can also have a significant impact on your mortgage repayments. A simple 0.25% rate hike can increase repayments on the average Australian loan ($375,000) by about $50 a month.

Over the course of a year – and with a potential of further rate hikes – this can really chew into your disposable income.

Ok, so how can I avoid it?

The smart borrower won’t wait for their circumstances to change, they’ll start planning now to make sure they can weather a storm if it hits.

Steps you can take to reduce your risk include:

Step 1: Use a mortgage calculator to see what your repayments would will look like if there was a rate increase. Would you be able to keep up?

Step 2: Review your current income and expenses, and make a new family budget. Use it to track where your money is going and where savings can be made, so you can either pay off your mortgage sooner or get by if things go awry.

Step 3: If you’re worried about your mortgage, or concerned about the impact of a future rate hike, come pay us a visit.

We can talk to you about your situation and help you make a plan to ensure a small problem doesn’t become a big one.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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By Dave Fleming : 17 October, 2018

So you’ve found the ideal property and it’s time to source finance? Here’s how to play your cards right and get a great home loan deal sorted before the settlement date.

Mortgage broker- playing cards on a poker tableEducating the kids, wedding planning, plumbing – there are some things in life that are better outsourced to professionals.

Similarly, when you’ve finally found the home of your dreams, and you need to keep ahead of the avalanche of tasks that follow, using the services of a mortgage broker can make the process a lot less overwhelming.

Your three choices

Basically, there are three ways you can go about getting your loan. You can go straight to your bank, you can look for the best deal yourself, or you can seek the help of a mortgage broker.

However, as buying a home is quite likely the biggest single financial transaction that you’ll ever make in your life, it’s important to make the right choice.

1. Going to your bank

For some people, it’s natural to go straight to the bank because that’s what you know and trust and it’s probably what your parents did.

But this can be a mistake. There are dozens of lenders out there who may be offering better deals, and your bank may take advantage of you not shopping around due to your misplaced loyalty to them.

If you have established a good credit history and a steady income, chances are that you’ll still be able to get a good interest rate through a bank. What they can’t and won’t do though is tell you if there is a better deal available elsewhere.

2. Going it alone

You can jump online and start doing loan comparisons yourself. Be aware though, that there are differences in criteria, so it’s not altogether straightforward and online calculators will have built-in assumptions.

You will need to have a good understanding of the industry and a good grip on the terminology.

You’ll also need to understand the implications of loan terms, fixed interest and variable interest options, interest only vs principal and interest, mortgage protection insurance, credit history, and employee vs self-employed status.

Finally, you’ll need to consider redraw options and offset accounts. That’s a lot to weigh up in a short amount of time – especially if you need to source finance quickly.

3. Using a broker

Having a home loan broker is like having a personal shopper who will research and compare hundreds of available market options in search of the best deal for you. We’re also required to hold or operate under an Australian Credit Licence.

A broker will have access to multiple lenders and multiple products, will be able to compare and recommend suitable loan options, negotiate the loan on your behalf, and guide you through from application to settlement.

We also don’t cost any extra. That’s because we’re paid a commission by the lender. Rest assured though, that we’re driven to secure the best possible home loan deal for you.

After all, having you tell family and friends at your house warming party about how we secured you a great home loan is much more valuable to us than slight variations in commissions.

The choice is yours

Any of these three options will get you there, but choosing a mortgage broker like us is likely the best way to be fully informed before you commit to a loan.

We’re happy to answer any questions you have, any time, meaning you don’t have to trawl through pages upon pages of Google to find the correct answer.

It’s also the most stress free way of getting your finance lined up in time, so that the home of your dreams doesn’t get snatched up by someone else!

If you’d like to know more about how we can secure a great home loan for you, get in touch today.

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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

By Dave Fleming : 17 October, 2018

Discover The Five Things a Mortgage Broker Will Do That Your Banker Won’t.

Mortgage Brokers can be Addictive
An understanding of exactly what home loan brokers do can still be an obstacle for some individuals in Australia. A 2015 report at a home loan conference for Australian home mortgage professionals specified that just 40 % of Australians have a mutual understanding of exactly what home loan brokers do. That’s up 7 % from 2012, yet highlights that the broker market is a fairly new one in Australia.

Brokers have prevailed in the United States since the 1980s. This suggests that lots of Australians are still unfamiliar with the distinctions in between using a lender to secure a home loan versus working with a mortgage broker to seek out their ideal mortgage.
Stats likewise gathered by the Report are showing that when an Australian has acquired a home making use of a broker, there’s no reversing back to the old method of doing things. This might simply be because of these five services a broker supplies that simply don’t come as basic services from any bank, American or Australian.

1. Provide you with a more comprehensive range of objective and complimentary advice.
It doesn’t matter how well trained a banker is. Banks just have so many items to offer. The guidance you can anticipate from a mortgage lender will be limited to the items the bank offers.

A mortgage broker, on the other hand, has a much more comprehensive array of loan providers to offer home mortgages from. This indicates that the broker must be well-informed on every possible variation of mortgage product he or she offers. This suggests the suggestions you receive are more likely to be more balanced.

2. Offer you education, so you know what different home mortgage choices cost you.
This is another aspect of being objective. Your home loan broker’s task is to help you comprehend the various home mortgage items that are offered for your credit and earnings circumstance. Your broker can assist you to establish an action strategy so that even if you do not qualify for a much better home mortgage now, you’ll have the ability to get a better rate after carrying out your initial plan.
Some credit unions can offer education though they won’t hesitate to inform you that a credit union is not a bank. Your broker is always there for individual education time.

3. Automatically search for the lowest rate of interest possible based upon your credit history and your earnings.
Since a broker has so many more loan providers to deal with, it’s a lot more likely you’ll find a lower interest rate and a home mortgage plan that conserves your cash through a broker. A broker earns their money by matching you to the mortgages that the bank doesn’t provide instantly.

Your banker may agree to lower the rates if you start haggling with them, yet there’s no guarantee there will not be other not so obvious costs that erase those lower rates. A broker looks at all the loan expenses, and because the broker is education focused, your broker will assist you in identifying all the charges that are concealed in the documents.

4. Work out the best home loan item possible based on your credit rating.
Negotiating with the bank isn’t easy. It takes some time and energy. When you meet directly with the bank, you’ll be your very own mediator.

You are turning to an expert negotiator when you work with a professional mortgage broker. You are working with somebody who understands the best ways to discover the very best rates and the best ways to work out the best deals for your advantage. It’s even possible your broker may find the very best offer from your very own bank– one the bank didn’t provide to you.

5. Provide an evaluation for your mortgage a couple of times a year to see if there’s another way to assist you to pay your home mortgage off even quicker.
The bank isn’t motivated to help you lower your financial obligation, despite the fact that it has now become the pattern for Australian banks to provide a much more comprehensive set of options than were readily available even six months ago. The bank anticipates you will do your research before your mortgage term ends.

Up until now Australian banks are not required to notify customers, in the same way, Australian charge card businesses are now required to inform their customers of the effect of making the minimum payment means to their long-term financial interest. Australian banks are going to make their cash by letting customers continue restoring their interest only and fixed rate terms without notifying them of making the appropriate changes.

Your home loan broker does not have anything to lose by assisting you to get out of debt. So when it comes time to restore your mortgage term, your home loan broker is on your side, searching for the very best choices.

Summary.
Only a few years ago, the services a home loan broker now offers in Australia were just something readily available in the United States. Now that the practice has come across the Pacific Ocean, it deserves at least discussing your home mortgage requirements with a broker, if only for the five services a home loan broker offers as standard practice. Even if some banks provide some of these services, you’ll find they aren’t constant practice in the banking industry.

Bio:
About About Dave Fleming

Dave is enthusiastic and fascinated by the digital and social media worlds. He is passionate and enjoys entrepreneurial pursuits, wealth creation financial strategies, health, fitness as well as cooking. Dave is the webmaster at www.mastermortgagebrokersydney.com.au, which is an information website pertaining to loans. He has a deep commitment towards writing about and helping people understand the basics of how the financial world works.

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