What you need to know about business asset finance!

With interest rates at their lowest ever, it’s not only a great time to buy a property, it’s also a great time to get the equipment you need for your business. You may be keen to use the EOFY sales to save yourself some cash, or you may be interested in updating your business equipment to make the most of any potential tax benefits this year. If your business is going well and you’re looking to expand and/or minimise your tax bill, then read on. Talk to us about our range of equipment financing options that could offer exactly what you need to make the most of your opportunities. Why use equipment finance in your business? Many businesses simply do not have enough cash saved to purchase income generating equipment outright. Buying equipment with financing allows it to be paid...

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The impact of COVID-19 on lending to consumers and businesses!

There is so much uncertainty throughout the world right now with the impact of COVID-19 pandemic.  Central banks around the world, including the Reserve Bank of Australia (RBA), are rapidly taking action to help financially support people through the economic impact.  Major and second-tier banks have been announcing new measures to help customers who are struggling to make repayments during this difficult time.  These new measures are changing and evolving daily as the impact of the pandemic continues. The Council of Financial Regulators (CFR) – which includes, the RBA, Treasury, the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investment Commission (ASIC) – issued a statement on the 16th March 2020.  The CFR stressed that regulators are working closely with the federal government to help ensure that Australia’s financial markets “continue to operate effectively and that credit is available...

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Is it time to upgrade your business equipment or company car?

There are two reasons why it's a great time of year to upgrade your company vehicle, your business machinery or equipment. 1. You can save money buying at the End of Financial Year sales. 2. You can potentially maximise your tax deductions for this Financial Year, which could also help to make your purchase more affordable. Let us help you organise finance that fits. We can access a wide range of specialist small business, machinery, plant and equipment lenders - and that means we can tailor a competitive finance solution to fit your business needs. That could be secured finance, unsecured finance, or a wide range of other finance options. We can work with your accountant to help you decide what sort of finance works best for your business needs and allows you to maximise your tax deductions. You could...

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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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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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You don’t need to be wealthy to buy your first investment property!

While you may not need a six-figure salary to invest in property, those who earn a relatively low to average income will require a little more creative thinking to start a portfolio. Here are some tips to help you get started. Find an investor-friendly loan The challenge for low-average-income earners is the time taken to save for a sufficient deposit. Some lenders require a higher deposit for an investor than is required for an owner-occupier, so seek out a lender and loan that is investor friendly, or consider living in the property for a period after the purchase before converting it into an investment property as your portfolio grows. In any case, having at least 10 per cent of the property’s purchase price as a deposit will not only increase the likelihood of loan approval, it will also increase your...

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