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Q: I'm looking for an accounts person for my small business. What is a reasonable amount to expect to pay?
A: You are welcome Natalie
Natalie Hillar
7 years ago
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Q: I'm looking for an accounts person for my small business. What is a reasonable amount to expect to pay?
A:
https://s3-ap-southeast-2.amazonaws.com/sai-answer/answers/58c09d8552eb3.m4a
Natalie Hillar
7 years ago
answered
Q: Parents are in their 70’s and have been given advice about using their home to borrow money. What’s the difference between a reverse mortgage and an equity release loan?
A:
https://s3-ap-southeast-2.amazonaws.com/sai-answer/answers/58995551e216c.m4a
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Q: Not so much a question but a comment
A good friend has been with the one lender for 10 years and after 4 weeks of hesitation they finally called the bank about the interest rate on their home loan.
One call and 5 minutes later the bank had dropped the rate from 4.75% to 4.09% - the 0.66% rate cut will save them thousands
I’d love to get some feedback if anyone has had or knows of a similar experience - please share
#simplyaskit?
A:
https://s3-ap-southeast-2.amazonaws.com/sai-answer/answers/5893c3f8f2cec.m4a
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Q: I often see banks and car loan providers advertising their comparison rates. What exactly is a comparison rate and is it the best way to compare mortgages and loans?
A:
https://s3-ap-southeast-2.amazonaws.com/sai-answer/answers/587dfc2463bb2.m4a
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Q: We have recently taken out a mortgage but have had to go with a loan that has a higher than average interest rate because of a small issue on my husbands credit file. Assuming we make payments early, how long until we can refinance at a lower rate?
A: Hi Michelle, to get back to Prime Lending with more favourable interest rates you will need to wait until the credit file is clear for all borrowers. Credit impairment stays on a credit file for 5 years from the date it is registered on the file whether paid or not. You also need to have built up some equity to avoid LMI usually above 80%. We do 85% on Prime lending refinance with clear credit & excellent repayment conduct on all debt to be refinanced, regards, John
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Q: For a first-time buyer's home loan, do all banks in all states require a 10% deposit or is that negotiable?
A: Hi Camille,
We do 95% loans for owner occupier or investment. You will need funds for your 5% deposit plus our Mortgage Protection fee & any stamp duty liability.
Regards,
John
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Q: I'm about to buy a home, how much should I allow for conveyancing? Are there any other fees I should be aware of?
A: Hi Michelle,
Standard conveyancing allow between $1,500 - $2,000. There could be other statutory charges like discharge & registering of mortgages allow up to $500 for this and check with the OSR in the state you are purchasing for stamp duty liabilities.
There could also be LMI & application fees if you are borrowing to purchase.
All the very best.
John
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Q: If selling 50% share in an investment property, how is the capital gains tax calculated?
A: Hi Michael, this is question for your accountant or tax adviser.
Kind regards,
John
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Q: I am keen to use the equity in my home to invest - maybe real estate. Maybe another option. Does anyone have any firm advice on the available options at the moment?
A: Hi Jimmy I have many options available and we can do the application over the phone & email. 85% no LMI option available can also assist with equity release on existing property. I am available to assist you further & conduct a no obligation assessment.
Kind regards,
John
0419 901104
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Q: I have two credit cards (both nearly maxed out), a personal loan and a home loan. Should I consolidate everything into my home loan to save on paying interest?
A: I specialise in refinancing and debt consolidation & deal with clients in your situation on a daily basis. The key here is the equity in your property, happy to discuss further. I could look at 85% inclusive of debts fees & charges depending on your circumstances.
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Q: Does the term of my home loan always have to be 30 years? What if I want to put some pressure on myself to pay it back earlier?
A: Is advisable to have the longer loan term as the minimum repayment is also lower. Important that the loan you choose will allow for additional extra repayments and early repayment also check the exit fee.
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Q: When borrowing off a financial institution, what are the advantages & disadvantages of borrowing your maximum and using an offset account type set up?
A: Hi Michael, I will give you an example of a loan that is settling next week. Refinancing home loan consolidation of two other debts and cash out for renovations. The cash will not be used until December this year, rather then applicants apply again later they are getting the cash now and will park in the offset account until they need the funds. This means they will not pay interest on the funds until they are required & do not need to reapply for a principle increase later saving fees. All the best
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Q: Do all lenders for a home loan require that your deposit be made up of savings or can it be part or full cash?
A: Hi Bill, I can assist borrowers with non-genuine savings. Gift, sale of non-property assets, personal loans etc. you just need to show funds available in an AUD bank account before formal approval. Obviously more favourable terms if you can show 5% in genuine savings with 85 % loans with no LMI. All the best
Bill Vasiliadis
8 years ago
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Q: Hi, both my Husband and I are currently employed and earn an a steady combined income. I'm considering leaving work and commencing a start up business and wish to obtain a business loan to add to some savings. What implications do I need to consider?
A: Hi Tahsha,
Great strategy to ask this question before you plunge into self employment. Business Finance can be expensive & challenging to qualify for when in start up. An option you could consider is a line of credit on your existing mortgage.
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Q: Are there any free workshops available in Sydney that provide information on how to set up and run a small business?
A: You can also try the BEC at a local council.
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Q: We have recently had some bad luck and have ended up falling behind in our mortgage. I've tried talking to our bank, but they don't seem very interested in coming to the party on some type of plan. Will I be able to re finance and consolidate other debts?
A: I see this type of scenario regularly. It would depend how far behind you are behind no your current mortgage loan & your circumstances. Happy to discuss your circumstances in more detail to see what can be done.
