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First Home Buyers update - intouch Finance Albury
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Q: Should I put some extra cash that I have received into my super or pay off my mortgage?
A: Sure is Simon, 508 Macauley Street Albury. Feel free to pop in one day or call for a chat.
0419 918 338
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Q: Should I put some extra cash that I have received into my super or pay off my mortgage?
A: Hi Simon,
Great question. If it is your principal residence mortgage, I would suggest paying down debt should be your first priority, however there are a few more things to consider with this and giving you a straight answer is difficult without knowing your financial situation.
You should consider the following:
- the interest rate you are paying
- the average investment return your super is making
- age to retirement
- what is your overall strategy (debt reduction vs wealth creation)?
- is this an investment property? perhaps keeping the debt limit higher will offset the income earned.
Feel free to touch base with me if you wanted a review or had further questions, I am located in Albury also.
Best wishes
Meiken Barnes - intouch Finance
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Q: I am 55 and my preservation age is 57.
I wish to access a property held by my husbands and my SMSF when I retire at 57.
With the Superannuation changes from 1 Jul 17, how do I go about accessing the property or withdrawing it from the SMSF so my husband and I can live in the property.
My husband is also 55 but he won't be retiring until age 60.
Also, what will the taxation implications be?
A: Hi Jenny,
Thank you for your question. It certainly requires the assistance of a Financial Planner and or Accountant. Do you currently have a connection that is managing or established your SMSF? I am local in Albury and work closely with a number of Specialists in this field. If you would like to connect I can refer you to one of my preferred contacts.
Best wishes
Meiken Barnes
intouch Finance Albury
60211320
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Q: Hi,
I currently have a mortgage. I also have some credit card debt which i would like to move forward on. Do i have any options in regards to refinancing my home loan and include the credit card debt?
Thanks.
Paul Rawkins
A: Hi Paul,
Thank you for your question. Yes you can repay credit cards by rolling them into your home loan. It does however, depend on the equity available and your eligibility for loan approval. I am local in Albury and would be happy to crunch some quick numbers for you over the phone, or if you wanted catch up for a chat in person. Please feel free to let me know.
Best wishes
Meiken Barnes
0260211320
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Q: What’s the best home loan calculator I can use to compare how much I need to pay each month to pay the loan off?
A: Hi Jackson, there are some great calculators available online to put you in the picture for savings, term left to repay and complete mortgage comparisons. I find our intouch Finance calculators very user friendly.
I hope the following link works well for you. http://www.intouchfinance.com.au/home-loans/home-loan-calculators/
Regards
Meiken Barnes
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Q: Hi I am about to sign the contract now for residenttial land where I need to pay half of the stamp duty according victoria first home buyers rules. Now they are waving the stamp duty from July 2017 and increasing the grant from 10 to 20k. My question is can get full rebate from government if I apply half now and half after occupancy?
A: Hi, If the contract is dated prior to 1st July I would assume that stamp duty would be paid as per current requirements. Do you have a solicitor or conveyancer handling your transaction? I am local in Albury so happy to help on the finance if required.
Best wishes - Meiken Barnes
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Q: I'm trying to get a home loan. The problem is, we're both on Disability pensions and both been bankrupt before. Finding a lender is proving to be an astronomical task. Can you suggest anyone that would help? We do have a good deposit.
A: Hi Allison, there are Lenders that specialise in assisting customers in similar situations to yours. They are called 'Non-Conforming' Lenders. Your income will be considered and with a good deposit should have some options to look at. If you wanted to provide a few more specific details feel free to email or call me and we can look into this in more detail: mbarnes@intouchfinance.com.au or 0260211320
Thanks and all the best,
Meiken
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Q: We are not having much luck with the banks for the fit out of our cafe. A broker has mentioned a lender called Prospa - never heard of them so does anyone know much about them?
A: Hi Alan,
I'm not sure if anyone has mentioned equipment finance options which can cover fit out also.
I hope you have had some luck by now, if not feel free to make contact.
Best wishes
Meiken Barnes
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Q: If you have a variable home loan and interest rates increase, does your repayment amount stay the same and just the interest portion of the repayment amount increase?
A: Hi Biill, yes the repayment will increase according to the minimum amount required based on principal and interest payments over the term. The bank would send a letter to notify you of the increase and when the payment would change if you were making payment by direct deposit you would need to increase accordingly.
Please feel free to phone me if you want to chat further.
Cheers
Meiken
Bill Vasiliadis
8 years ago
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Q: If I borrowed 93% on a property purchase of 830k what would mortgage insurance cost and can it be capitalised?
A: Hi Bill,
Thank you for your question. Based on your figures the lmi premium would take the loan over 95% to approx 96.7%. Yes it can be done, with a few lenders able to go to 97% and 1 or 2 lenders able to go over this. It does however restrict the options and depending on the lender the difference in the actual premium can vary significantly. The premium based on your figures would be just under $30,000 but again you need to go with a lender that allows 97% with Lmi included.
I hope this helps, feel free to contact me if you have any questions.
Best wishes
Meiken Barnes
Bill Vasiliadis
8 years ago
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Q: Is there an ideal time to refinance a home loan?
A: Hi Justin,
Great question. The ideal time to refinance is when you can save interest or if you need to restructure your loans. Competition between the lenders is high so it's worth reviewing your loan at least every 2 years.
Ideally you would have 20% equity to avoid mortgage insurance. If you were on a fixed rate it could become expensive to break the fixed rate, however, with such low interest rates it might be worth looking at the options. I have found my clients generally recover the initial cost to refinance within a few months and interest rates in the very low 4's are being achieved.
If you would like a home loan comparison to see if you can save, feel free to touch base.
Best wishes
Meiken Barnes
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Q: Unsure if my husband and I should take out life insurance and what institution should I approach?
A: Hi Antonella, great question. If you are contemplating if you need to be insured or not, I will start with a question: how would you continue your lifestyle and meet your financial commitments if something unforeseen happened? It's funny how we often insure our house and car before we think about insuring ourselves. You have a couple of options to be covered, if you have home loan debt you can take out Mortgage Protection or a financial planner would provide you with a more detailed and comprehensive insurance policy. If you need further assistance I am more than happy to point you in the right direction. Regards, Meiken
Antonella Samperi S
8 years ago
