How refinancing can help you save money!

When it comes to smart money management, the key to success is to regularly assess your financial position - and that includes taking a good hard look at your mortgage. Here’s why a home loan health check every three years may help you save, and why you should check in with us today to ensure your home loan is still the right choice for you. Refinancing may help you to: Secure a more competitive interest rate Checking your home loan regularly gives you peace of mind that you’re getting the most competitive interest rate and that your financial needs are being met. With RBA rate movements, lender rate changes and new loan products coming onto the market all the time, it’s quite likely there’s a better option available if you’ve had your home loan for a while. Access better features...

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3 tips First Home Buyers may not have considered!

First Home Buyers have a few options to consider when purchasing their first property, these options can be in addition to the government assistance of reduced purchase stamp duty and the First Home Owners Grant. Tip # 1 - Lower Interest Rate Products There are several lenders in the market that offer First Home Buyer friendly products.  Some lenders are offering products with special interest rates and/or reduced fees for First Home Buyers.  This assists in reducing the overall interest charged on the loan. Tip # 2 - Gift from parents or family Some parents are very keen to assist their adult children in entering the property market.  A ‘gift’ from parents can be used towards the purchase of the home.  A ‘gift’ can: * assist in reducing the amount of deposit that needs to be saved * reduce the...

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First home buyers! At last some great incentives to help buy your home!

The NSW Government has recently announced new measures to assist with housing affordability for First Home Buyers. The initiatives for First Home Buyers come with the following announcements: * Abolish stamp duty on all homes up to $650,000. * Provided stamp duty relief for homes up to $800,000 * Provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000 * Abolish insurance stamp duty on lenders’ mortgage insurance * Ensure foreign investors pay higher duties and land taxes * No longer allow investors to defer paying stamp duty on off-the-plan purchases The above initiatives commence from 1 July 2017. Below are some First Home Buyer examples and the potential savings: Renee and Peter are purchasing a brand-new home in a new housing development for $600,000 and are contributing $50,000 of...

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EOFY is approaching! Could your small business take advantage of the $20,000 instant write-off?

Are you a small business owner? EOFY is approaching!! Time is running out! Does your business need new equipment? Perhaps a new work vehicle? New machinery? or updated computers & printers? The Government announced in the 2017 Federal Budget an extension of the instant write-off for assets purchased costing less than $20,000 for small businesses. This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. You can claim the deduction through your tax return, in the year the asset was first used or installed ready for use. If there is insufficient cash in your business to purchase the item you may be able to apply for finance. At Wyze Finance we have access to multiple lenders that provide suitable loan products to small businesses. If you require finance to purchase an asset for your small...

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Crazy dealership interest rates! Have you ever wondered how they do it?

I am sure you’ve heard of low rate car financing from car dealerships. Sometimes they offer crazy rates as low as 0% p.a. Have you ever wondered how they do it? If a deal sounds too good to be true, it probably is. The truth is that using dealership finance can take away your ability to negotiate on price. The discounts and rebates that car manufacturers regularly offer, can just disappear! You also need to look at the total cost of the finance over the loan term!  What is the monthly loan repayment?  Are there fees added each month?  Is there a lump sum residual amount payable at the end of the loan term? What are the fees if you repay the loan early?  It’s not just the interest rate that needs to be considered. As your finance broker, we’re here...

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Federal Budget 2017 and the Lending Implications

Well another Federal Budget done and dusted!  Here’s a bit of a summary on some points that have lending implications for individuals and small business. I have covered key topics of housing affordability, investment property, small business and Self-Managed Super Funds. Housing affordability Whilst the Federal Budget released on the 8th May did deliver benefits for prospective home buyers, it didn’t really deliver many big-ticket items to improve housing affordability in the short term. The key measures proposed in the Federal Budget to increase housing affordability were: * First Home Super Saving Scheme * Concessions for people over 65 downsizing their home * Tougher rules on foreign investment property First Home Super Savings Scheme This scheme allows first home buyers to contribute their savings from their before-tax income into their superannuation fund, and be taxed at the 15% superannuation tax rate...

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Are Fixed Rate Loans the new flavour of the month?

I’m sure you’ve noticed in the media lately that the big four banks have increased their variable home loan interest rates.  Whilst most increases have been for investment-loan interest rates, some lenders have also marginally increased their owner-occupied interest rates. As more lenders could potentially start to lift rates, we may see more borrowers choosing to fix their rates to avoid further rate hikes and provide themselves with certainty around their regular mortgage repayments.  However, it is important to know the ins and outs of fixed-rate loans before committing to one. What is a Fixed Rate Loan? When purchasing a property or refinancing, borrowers can decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. A fixed-rate loan is a type of mortgage...

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How to maximise the sale price of your home!

There is more to selling your home or investment property than putting up a ‘For Sale’ sign on your front lawn. Here are the first things you should check off your list to help you get the largest return from your investment and to ensure the process runs as smoothly as possible. Choose a quality agent Finding the right real estate agent is an important part of achieving a good sale price.  Real Estate Agents can provide a great deal of advice during the sale process.  You will also need someone who knows how to attract the right buyers to your property, to do this they need to know the local market and the type of buyer who would be interested in your property. Knowing your buyer profile is extremely important. You can start by researching Real Estate Agents, particularly...

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Line up a car loan for the New Year car sales!

January and February is a great time to buy a car. Car dealers all over the country will be clearing last year's stock at knock-out prices. So, if you want to take advantage of the New Year car sales, get ready by talking to us about your finance now. Why talk to us? It's important that you get a car loan that's affordable, competitive and tailored to fit your personal financial circumstances and goals. Car dealership finance is not tailored to individuals – it's often locked in to the full price of the car and repayment terms can sometimes be too short for many people to afford. There are many options available to finance the purchase of a motor vehicle. One option is to use any available equity in your home. This could be by either an increase in your...

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It’s no secret! Here’s how a finance broker can help you!

Save time to help you buy your dream home! The choices now available in the mortgage market can seem limitless and completely overwhelming. There are hundreds of different loan products across many different lenders that all have different product features, such as variations of interest rate, fees, off-set accounts, split facilities, loan portability. Finance brokers save you time by doing all the leg work for you and quickly identify a selection of lenders and products that you can choose from. Finance brokers can organise a pre-approval so that you are ready to bid at auction or confidently make an offer on your dream home. If you are purchasing a new car or equipment for your business we can also save you time in finding the right finance for you. We take the stress and guess work out of applying for...

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