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Q: Hi I’m thinking of selling my home which I used to secure a loan for a investment property the bank told me I need to repay 80% of market value of investment property My loan is fixed interest only do i have to pay extra fees and charges ? Thanks
A: Hi Silvana
Agree with Madhu's response. There will be costs involved to pay out or pay down a fixed loan early, the costs can be calculated by the lender for you. If you wanted to discuss your scenario in more detail please let me know.
Thanks
Abby
abby@symmetrygroup.com.au
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Q: I have always thought I was good at budgeting - turns out I might not be!! I need help with free financial counseling, someone looking at our budget, finding ways to save, pay the debt off faster or possibly Debt Consolidation? I don't think the latter would be an option though...and I just don't know how to tweak it anymore... I have attempted to contact a free Financial counseling service in WA with no luck yet...Any suggestions?
A: Hi Stef
I would need some further information about your scenario and what help would be feasible but I would be happy to have a review and point you in the right direction.
Thanks
Abby
abby@symmetrygroup.com.au
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Q: We have been renting for over a year and found a property we would like to make an offer for around $1.2M. We would only need to borrow $650,000 but have had a few credit issues in the past and sold our previous home to clear all the debts …. the credit report is not clean. We both work full time and would like to know if we could still get a loan and what the rate might be?
A: Hi Sophie
Agree with the other responses. It is very much a case by case basis so in order to determine your options, rates etc. would be dependent on finding out further information about your credit history/issues. I've recently had success with a one whereby because the rest of the scenario was strong so we were able to attain a great rate.
If you need any help let me know.
Thanks
Abby
abby@symmetrygroup.com.au
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Q: My sister, brother and I would like to buy a property together and we have been asked if we want to buy the property as joint tenants or tenants in common. What do people recommend?
A: Hi Jade
This will depend on what you would like to happen to your share of the property in the event you passed away. It is common for brother/sister arrangements to go Tenants in Common but this will depend on your situation.
You may also want to consider your loan structure as this could have implications down the track on your borrowing capacity.
Feel free to get in touch if you wanted some further information.
Thanks
Abby
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Q: What is the procedure for a property leasing agent to hand the management of a property to another leasing agent to manage?
A: Hi Cherie
I've just gone through this process and it was very simple. I contacted the current leasing agent and advised that we were not continuing with there services (the contract was about to expire). The new leasing agent then got in touch with the current leasing agent and organised handover, paperwork, keys etc. Basically everything was a smooth process and the new leasing agent did everything for us.
Thanks
Abby
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Q: We are looking to refinance our home loan and want to know if the new loan has to be over 30 years. We have had our loan for 6 years and don’t want to start again. How should we structure a new loan?
A: Hi Adam
The loan certainly does not have to be for another 30 year loan term, there are also many variables involved to determine the best structure going forward so I would highly suggest speaking with a broker to provide them some more detailed information. This information will include your longer term plans, is the home owner occupied or an investment, fixing versus variable etc. etc.
If you should need any help let me know.
Thanks
Abby
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Q: I am self employed and am considering taking out some insurance in case I can't work due to illness, broken leg etc. If I take this insurance out is it 100% deductible at the end of the tax year?
A: Hi Dawn
I've spoken to the Financial Advisers in our office and they have advised that only Income Protection is tax deductible to you personally. If you take out business insurance such as keyman insurance, the tax deductibility will depend on if the cover is for revenue or capital purposes
I'm sure they would be happy to discuss further with you.
Thanks
Abby
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Q: i have large mortgage 460000 and am 53 and earn 110000 per year. Am i better off selling and downsizing or hanging in there for market to rise?
A: Hi Jasmine
As Scott has mentioned I would highly recommend speaking with a Financial Adviser to fully understand your circumstances before making any decisions.
Thanks
Abby
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Q: Hi I'm looking into buying a home through shared equity but I'm wondering if I have to chose a house on a pre approved list or can I buy any house up to the amount I'm eligible for?
A: Hi Jess
In reference to the WA Keystart shared equity program it is only for specific homes set aside for the program.
Let me know if you have any other questions.
Thanks
Abby
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Q: What are reasonable/typical financial planning fees for management of approx $1.6m in my name and a SMSF?
A: Hi Sue
Financial planners typically charge between 1% to 1.5% of funds under management. However fees may be varied depending on the size of the investment and how much risk you want to take in your portfolio.
We live in good old Scarborough too, great area :)
Thanks
Abby
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Q: Unsure if my husband and I should take out life insurance and what institution should I approach?
A: In short, if you have debts and/or dependents then yes you should have life insurance. To find the right insurer you should quote the market as no single company best fits everyone. I strongly suggest speaking with a financial adviser as they will be able to ensure your cover is sufficient, find the right insurer, ensure your cover is structured tax effectively and give you access to proper medically underwritten cover which you can't get by going direct to an insurer.
Antonella Samperi S
8 years ago
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Q: Hi there. Trying to work what makes more financial sense over a longer period ...paying out a higher interest personal loan with withdrawing cash currently sitting on my house mortgage OR leaving the $$ on the mortgage? The interest rate is 12% v 4.95%
A: Assuming both debts are non-deductible, then it is always going to be more beneficial to pay out the debt with the higher rate of interest. However, if the debt is used for investment purposes it will be deductible debt or 'good debt' and in this case it may be beneficial to leave the 'good debt' and focus on the repayment of non-deductible or 'bad debt'.
