Displaying items by tag: mortgages

It's enough to make you want to wash your mind out

What a mess.

Well the Banking Royal Commission (aka Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry) closed in early 2019 and 76 recommendations were made spanning the Banking, Superannuation and Insurance industry and the government’s regulators a plenty.

So what is the final outcome of the Banking Royal Commission?

We’ve tried to distill the main themes down to 4 simple points below.

All the depressing and reprehensible details you can read yourself, here .

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#StuffYouNeedToKnow series

We all have to learn how to use financial tools to our advantage to get ahead in our financial life. 

Learning how to use key financial tools is one of the habits of wealthy people… not learning how to use those same financial tools, are often the habits of people who don’t get ahead.

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How do you compare home loans so you find what's right for you?

That's often the $64,000 question we're asked by our clients.

So here are six keys to start your thinking.

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Been told you're too old for a home loan?

Just wait; the perfect storm is approaching.

  • Australian's over 50 are being told they may be too old for a home loan
  • Skyrocketing property prices means more Australians are being forced to rent forever
  • And this can lead to an increased risk of homelessness for older people who get sick and can't continue to work, and rent forever.
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A personal note from Drew Browne, Founder of Sapience Financial and Investment Services.

Well, this is embarrassing

Let's talk about the elephant in the room — the soon to be released Banking Royal Commission report.

Frankly, I'm embarrassed by much of the reported behaviours of big financial services.

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Feeling guilty about deciding between paying down your mortgage or topping up your super?

After all putting extra money into your mortgage means you can pay off your debt quicker and save interest, but putting extra money into super builds your retirement nest egg.

Sounds like an impossible choice?

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Get clear on what's at stake when you borrow with others

Understanding 'joint and severally liability loans' and what it means for you.

You might think when you take out a joint mortgage with someone else you’re only responsible for your ‘half’ or share of the loan.

Think again because this is not the case.

  • By signing a mortgage contract with someone else, you’re each agreeing to pay off the whole debt if the other can’t – or won’t – pay it.
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Refinancing isn’t for everyone or every financial situation.

Refinancing a mortgage can put you in a better interest rate, but still increase your debt. Before you jump on the refinance-the-mortgage ride, here's six occasions when it might not be right for you

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LMI: the good the bad and the ugly.

Using lenders mortgage insurance (LMI) is one way to buy a property without having the 20% deposit which is typically required by most lenders.

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How to prepare for a home loan

Applying for a mortgage is usually one of the biggest financial decisions a person will make in their life, so it just makes sense to give yourself the best chance.

Whether you're looking for your first home loan or an investment property loan, the preparation is really the same.

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Managing the emotional cost of big financial decisions

When I was a child, if I was good my Aunt would give me half a Mars Bar (the original 54 grams chocolate and caramel nougat snack that promised ‘Pleasure you can't measure’). If I was still good a month later, I’d get the other (slightly dehydrated) half. Even today, the thought of eating an entire Mars Bar myself, makes me feel uncomfortably indulgent.

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