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loaneasyhome · 1 month ago

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First Home Buyer Schemes and Grants in Australia

Unwinding the complex web of property market as a first home buyer in Australia can be challenging, especially in vibrant cities like Melbourne, where property prices can be daunting. Fortunately, various schemes and grants support first home buyers in achieving their homeownership dreams, making first home buyer loans in Melbourne more accessible than ever. With the right resources, you can leverage First Home buyer loan offers to help you step onto the property ladder. There are several First Home buyers schemes, grants available in Australia: First Homeowner Grant (FHOG): The First Homeowner Grant varies by state. In Victoria, first home buyers purchasing a new home may be eligible for a grant of up to $10,000 for those eligible for first home buyer loans in Melbourne. This one-off payment helps offset the costs associated with buying a home, making it a valuable resource for those entering the market.

First Home Guarantee Scheme: Formerly the First Home Loan Deposit Scheme, this allows eligible buyers to secure a home loan with as little as a 5% deposit without needing to pay for Lenders Mortgage Insurance (LMI). This initiative is particularly beneficial for Melbourne buyers, reducing the upfront cost of homeownership. This is a brilliant First Home buyer loan offer for someone with very low deposit. First Home Super Saver Scheme (FHSSS): The First Home Super Saver Scheme enables first home buyers to save for a deposit using their superannuation. You can withdraw up to $50,000 of your voluntary contributions to assist with your first home purchase. This scheme helps accumulate a deposit and offers potential tax benefits. Regional Buyer Scheme: Under the Regional First Home Buyer Guarantee (RFHBG), part of an eligible regional home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This allows eligible buyers to purchase a home with a 5% deposit without paying Lenders Mortgage Insurance (LMI), making homeownership more accessible in regional areas. This would suit a buyer living in regional areas seeking a first home loan buyer offers with low deposit. Single Parent Guarantee Scheme: This scheme allows eligible single parents to purchase a home with as little as a 2% deposit without paying Lenders Mortgage Insurance (LMI). It makes homeownership more attainable for single parents by reducing financial barriers. Eligibility Criteria For specific eligibility criteria and to determine which schemes you may qualify for, it's advisable to contact a mortgage broker. They can provide tailored advice based on your individual circumstances and help guide you through the application process, for first home buyer loans in Melbourne. For first home buyers in Australia, particularly in Melbourne, understanding and leveraging available schemes and grants can significantly ease the journey to homeownership. With options like the First Homeowner Grant, the First Home Guarantee Scheme, and various supports, aspiring homeowners have numerous resources can help you access first home buyer loan offers with ease. Conducting thorough research and seeking expert advice will ensure you make informed decisions on your path to buying your first home.

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voxfin · 2 months ago

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The Complete Guide for First-Time Home Buyers in Australia

Introduction: Purchasing your first home in Australia is an exciting but challenging step. To make the process as smooth as possible, it's important to equip yourself with the right information and expert advice. This comprehensive guide will cover everything first-time buyers need to know, including First Home Buyers loans and how a Home Loans Broker can help you throughout the process.

Understanding the First Home Guarantee (FHBG) and Home Guarantee Scheme (HGS): The First Home Guarantee (FHBG) is a key feature of the Australian government's Home Guarantee Scheme (HGS). This initiative is designed to assist first home buyers with financial support and incentives, including First Home Loans. Eligible buyers can take advantage of reduced deposit requirements and may be exempt from paying Lenders Mortgage Insurance (LMI), making the path to homeownership more accessible.

Eligibility Requirements for FHBG and HGS: To be eligible for the FHBG and HGS, first home buyers need to meet specific criteria set by the government. These include income thresholds, residency status, and limits on property value. Gurdeep Kumar, an expert in First Home Buyers loans and a Home Loans Broker at VOXFIN, stresses the importance of understanding these requirements to maximise the benefits and make the most of the schemes available.

Financial Planning and Budgeting: Before stepping into the property market, first-time buyers must assess their financial situation and set a realistic budget. Gurdeep Kumar advises prospective buyers to review their savings, income, and outgoings. It's also crucial to factor in additional costs such as stamp duty, legal fees, and property inspections to ensure you are fully prepared for the entire buying process.

How VOXFIN Assist First-Time Buyers: Navigating the complexities of securing a First Home Loan can be overwhelming for many buyers. VOXFIN’s expert team of Home Loans Brokers, led by Gurdeep Kumar, specialises in guiding first-time buyers in Victoria, Australia. They offer personalised mortgage solutions, helping clients find the Best First Home Buyers loans. From comparing various loan products to securing pre-approval and negotiating better loan terms, VOXFIN is dedicated to making homeownership a reality for first-time buyers.

Conclusion: Buying your first home in Australia is an exciting journey, but it requires careful planning and understanding of key financial aspects such as the First Home Buyers loan. By staying informed about the First Home Guarantee (FHBG), meeting eligibility criteria, and working with Experienced Home Loans Brokers like Gurdeep Kumar and the team at VOXFIN, you can confidently take the steps towards owning your first home.

#first home buyers #home loan broker #home loan #mortgage broker #mortgage loan #personal loans #australia #melbourne #homebuying #investing #VOXFIN

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ozlendau · 3 months ago

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Navigate Home Loans in Melbourne with Trusted Finance Brokers

Home loans are a critical financial product for anyone purchasing a residential property in Melbourne. These loans from most lending institutions in Australia cater to those who intend to occupy the property. An investment property loan is required if the property is intended for investment purposes. Understanding the terminology and types of home loans available is essential for making informed decisions with expert finance brokers across Melbourne.

Key Terminology for Home Loans in Melbourne

When exploring home loans with the assistance of reliable Finance brokers across Melbourne, several terms are essential to understand:

Stamp Duty: State and Territory Governments impose a mandatory tax on property purchases, with varying rates across Australia. Victoria has the highest rate of poverty in the country.

Lender's Mortgage Insurance (LMI): Insurance that protects the lender if the borrower defaults and the property is sold for less than the outstanding loan balance. This cost is typically passed on to the borrower.

Pre-Approval: A conditional loan approval based on current income and LVR indicates the potential loan amount but does not guarantee final approval.

Why Choose Oz Lend?

Oz Lend stands out among finance brokers in Melbourne for several compelling reasons:

Extensive Lender Network: Relationships with over 30 lenders ensure access to a wide range of loan products.

Expert Guidance: Experienced brokers help clients navigate complex loan processes, saving time and reducing stress.

Tailored Solutions: Brokers take the time to understand individual needs and goals, ensuring the best loan product match.

Allow our team of expert finance brokers to lead you to unparalleled services for your home purchase in Melbourne.

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triplemfinance · 6 months ago

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A Comprehensive Guide to First Home Buyers Help: Tips and Resources for Your Homebuying Journey

Buying your first home is an exciting milestone, but it can also be overwhelming with all the financial and logistical considerations involved. Fortunately, there are numerous resources and programs designed to assist first-time home buyers. This blog post will provide a comprehensive guide to the help available for first home buyers help, offering tips and insights to make your homebuying journey smoother and more successful.

Understanding First Home Buyer Programs

First home buyer programs are designed to make the homebuying process more accessible and affordable for those purchasing their first property. These programs can include financial assistance, tax incentives, grants, and educational resources. Understanding and utilizing these resources can significantly ease the homebuying process.

Key Resources for First Home Buyers

1. First Home Owner Grant (FHOG)

The First Home Owner Grant is a one-off payment to assist eligible first-time buyers with purchasing or building a new home. The amount and eligibility criteria can vary by state and territory, so it's essential to check the specifics for your location.

Eligibility: Typically, applicants must be buying or building a new home, and the property must be intended as their primary residence.

Grant Amount: Varies by state; for example, up to $10,000 in New South Wales.

2. Stamp Duty Concessions

Many states offer stamp duty concessions or exemptions for first home buyers. Stamp duty is a significant cost, and these concessions can save you thousands of dollars.

Eligibility: Usually based on the value of the property and whether it will be your primary residence.

Concession Amount: Varies by state; in Victoria, for example, properties up to $600,000 may be exempt from stamp duty.

3. First Home Loan Deposit Scheme (FHLDS)

The FHLDS allows eligible first home buyers to purchase a property with a deposit as low as 5%, without the need for lender's mortgage insurance (LMI).

Eligibility: First home buyers must meet income and property value criteria.

Benefits: Reduces the upfront cost of buying a home by eliminating the need for LMI.

4. HomeBuilder Grant

The HomeBuilder Grant is a time-limited program that provides financial assistance to build a new home or substantially renovate an existing home.

Eligibility: Income and construction value thresholds apply.

Grant Amount: Up to $25,000 (note: this program's availability may vary based on government updates).

Tips for First Home Buyers

1. Start Saving Early

Building a substantial deposit is crucial. The larger your deposit, the less you need to borrow, which can save you money on interest and possibly eliminate the need for LMI.

2. Check Your Credit Score

A good credit score can improve your chances of getting a favorable mortgage rate. Check your credit report for any discrepancies and work on improving your score if necessary.

3. Create a Budget

Understanding your budget helps you know how much you can afford. Consider all costs, including the deposit, stamp duty, legal fees, moving costs, and ongoing expenses like utilities and maintenance.

4. Get Pre-Approved for a Mortgage

A pre-approval gives you a clear idea of how much you can borrow and shows sellers that you’re a serious buyer. It can also streamline the home buying process once you find a property you love.

5. Research the Market

Take time to research different neighborhoods, property values, and market trends. Understanding the market can help you make informed decisions and find the best deals.

6. Seek Professional Advice

Consider hiring a real estate agent, mortgage broker, or financial advisor who specializes in first home buyers. Their expertise can guide you through the complexities of buying your first home.

Conclusion

Navigating the home buying process as a first-time buyer can be challenging, but with the right resources and knowledge, you can make informed decisions and take advantage of the help available. From government grants and stamp duty concessions to practical tips on saving and budgeting, there’s a wealth of support to assist you on your journey to homeownership.

Start by exploring the programs and resources available in your state, create a solid financial plan, and seek professional advice to ensure a smooth and successful homebuying experience. With careful planning and the right support, you’ll be well on your way to owning your first home.

At Triple M Finance, our experience and a wealth of industry connections allow us to assist you with your application from start to finish and make the process simple. We take the time to get to know each and every client’s indvidual needs and circumstances to ensure we provide you with your ideal financial solution.

#first home buyers calculator #first home buyers help #business loans #business loans australia

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arcuriinsurance · 8 months ago

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Top 7 Benefits of Landlord Insurance for Property Owners

Being a landlord comes with its own set of challenges and responsibilities. From managing tenants to maintaining the property, there's a lot on your plate. Amidst all this, it's crucial to safeguard your investment with the right protection. This is where landlord insurance steps in, offering a safety net against unexpected events.

Let's dive into the top seven benefits of Landlord Insurance in Victoria and why every property owner should consider it.

Financial Protection Against Property Damage

One of the primary benefits of landlord insurance is its ability to provide financial protection against property damage.

Whether it's due to natural disasters, fire, vandalism, or other unforeseen events, having the right coverage ensures that your investment remains secure. Instead of bearing the entire cost of repairs or reconstruction, landlord insurance helps ease the financial burden, allowing you to get back on track swiftly.

Coverage for Liability Claims

As a property owner, you may face liability claims from tenants or visitors who suffer injuries on your premises. Landlord insurance typically includes liability coverage, offering protection in case you're sued for property-related accidents or injuries.

This coverage extends beyond just physical injuries and may also include legal fees, settlements, or medical expenses, providing peace of mind to landlords.

Loss of Rental Income Coverage

Vacancies can significantly impact your rental income and cash flow. Fortunately, landlord insurance often includes coverage for loss of rental income due to covered perils such as property damage or tenant displacement.

This feature ensures that you continue to receive income even when your property is temporarily uninhabitable, helping you weather financial setbacks smoothly.

Protection Against Tenant-Related Risks

While most tenants are responsible, there's always a risk of encountering problematic tenants who damage your property or fail to pay rent.

Landlord insurance can offer protection against such risks, including coverage for tenant-inflicted damages, eviction costs, and loss of rental income due to tenant default. This coverage can be invaluable in mitigating the financial repercussions of tenant-related issues.

Flexibility to Customize Coverage

Every property is unique, and so are its insurance needs. With Building Insurance in Victoria, you have the flexibility to customize your coverage based on your specific requirements.

Whether you need additional protection for certain risks or want to adjust your deductible and coverage limits, you can tailor your policy to suit your preferences and budget, ensuring comprehensive protection for your investment.

Peace of Mind for Landlords

Owning and managing rental properties can be stressful, but having the right insurance coverage can offer peace of mind to landlords.

Knowing that your investment is protected against a wide range of risks allows you to focus on other aspects of property management without constantly worrying about potential financial losses or liabilities. With landlord insurance in place, you can navigate the rental market with confidence and security.

Compliance with Lender Requirements

If you've obtained a mortgage or loan to finance your rental property, your lender may require you to have landlord insurance as part of the loan agreement.

By fulfilling this requirement, you not only comply with lender regulations but also safeguard your investment and maintain financial stability. Landlord insurance ensures that you meet all necessary obligations while protecting your interests as a property owner.

Conclusion

Landlord insurance offers a multitude of benefits for property owners, ranging from financial protection and liability coverage to peace of mind and compliance with lender requirements. By investing in the right insurance coverage, you can safeguard your investment, mitigate risks, and navigate the challenges of property ownership with confidence.

Whether you're a seasoned landlord or just starting out, landlord insurance Victoria is a valuable tool that should not be overlooked.

So, if you haven't already, consider exploring landlord insurance options tailored to your property portfolio and enjoy the peace of mind that comes with knowing your investment is well-protected.

Source : Top 7 Benefits of Landlord Insurance for Property Owners

#Landlord Insurance in Victoria #Building Insurance in Victoria #insurance broker melbourne #building insurance #professional indemnity insurance victoria

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jlcgeneralinsurance · 2 years ago

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Since 1991, our family-run company has been in operation. We are a part of CBN, the biggest authorised Broker network for general insurance in Australia. Paul Nicola (CPA) has more than 20 years of experience in financial services, while owner Charlie Nicola has more than 50 years of experience in the insurance industry. Since 1991, JLC General Insurance has been a name its clients can rely on to deliver great services.The largest general insurance authorised Broker network in Australia, CBN network, includes JLC General Insurance. To better safeguard you and your company, we work together to deliver high-quality STEADFAST PRODUCTS. We can customise a solution to your needs because we have access to a number of insurance providers. Additionally, we at JLC General Insurance offer a variety of business services to our clients. We want to establish a trust-based relationship with you and offer you a complete solution. putting your risk in perspective, assisting with the claims process, and customising insurance to your needs. The JLC General Insurance Melbourne office offers Farm Insurance in Melbourne, FL. We also offer Property & Casualty Insurance, Life Insurance, and Retirement Planning services in Melbourne. JLC General Insurance is a trusted Essendon Mortgage Broker that has helped thousands of people with their home loans. Contact us today to get your next mortgage sorted. JLC General Insurance offers a range of insurance products and Mortgage services in Essendon, including home and contents insurance, car insurance, and health insurance. We also offer mortgage services across the Melbourne metro area. One of the key elements buyers consider when purchasing real estate is trust. The greatest mortgage services are what JLC General Insurance services strive to offer to their clients. Since 1991, we have been working to offer our clients the best insurance services.Over the years, we have put forth a lot of effort to build a connection with our consumers that is open and trustworthy. For More Queries Visit Us Website: http://www.jlcgeneralinsurance.com.au/

#farm insurance in melbourne #mortgage services in essendon #jlc #general #insurance #victoria #australia

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insurebizz · 27 days ago

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How to Choose the Right Mortgage Insurance in Victoria: Tips and Considerations

Buying a home is a significant investment, and protecting it is essential. One of the most important steps in safeguarding your property is purchasing mortgage insurance. Whether you're a first-time homebuyer or an experienced homeowner, finding the right mortgage insurance in Victoria can make a big difference in ensuring that your home and financial well-being are secure. This blog will guide you through the key tips and considerations to help you make an informed decision.

#mortgage insurance in Victoria

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courtofmuses · 2 years ago

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Veronica "Ronnie" Hendricks is the antithesis of the proverbial good girl. She was born in Hawkins to Sam and Betty Hendricks, and for the first few years of her life things were normal. When she was eight, her parents had another child, a baby girl they named Victoria. It was shortly after the birth of her sister that Ronnie's father got hurt on the job. He was a construction worker that fell off a beam and injured his back. Though he had several surgeries the pain never truly went away so her father turned to pain pills in order to cope. Ronnie's mother worked two jobs just to keep them afloat, but eventually she became unable to take it and left. She never came back for her two daughters.

Since Ronnie's father could no longer work and was on disability, it wasn't enough to cover the mortgage payments on the house. It went into foreclosure and they were forced to move to the trailer park. Ronnie became despondent and angry, pushing away the friends she had in school in favor of a more rough crowd. As she grew into her teen years, Ronnie began to experiment with drugs and booze, along with shoplifting. The first time she was caught, Jim Hopper took pity on her and convinced the store not to press charges on the promise she would never do it again. She did. Just not in the same place. Ronnie got better at stealing and rarely got caught. Unfortunately, after Hopper "died", the new sheriff wasn't so kind and Ronnie was arrested when she was 16 for stealing. She was given community service for the theft.

Shortly after she turned 18, Ronnie's father died of a drug overdose and she was awarded custody of her sister since they had no other family. She gave up booze and hard drugs (though she still smokes weed) and got a job at a local Radioshack during the day and a job serving at night at Scores sports bar. She never graduated high school because she couldn't keep up with school and working to take care of her sister

On the rare occasion she gets a night off from both jobs, Ronnie still likes to party and hang out with her friends. She often has to fight the urge to lose herself in substances and theft. She's doing her absolute best to make sure her sister finishes school and makes her dreams come true.

Ronnie does suffer from Bipolar Disorder, anxiety, and depression. These are undiagnosed illnesses considering mental health treatment was hard to come by in the 80s. Her mental health will often disrupt her life in ways she doesn't understand.

She is an avid believer in the occult and has been since she found a deck of Tarot cards in a box of her mother's old stuff. She keeps this to herself since the 80s saw the rise of the Satanic Panic across the nation. You can often find her using crystals and herbs to help with her mental health since she can't afford medical insurance.

#━━ ˟ ⊰ ✰ BIO ⋮ VERONICA HENDRICKS.#━━ ˟ ⊰ ✰ TW ⋮ ALCOHOL.#━━ ˟ ⊰ ✰ TW ⋮ DRUGS.

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buildinginspectioncouncilau · 3 years ago

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BUYING HOUSE IN MELTON - WHY BUILDING INSPECTION IS A MUST?

Melton is buzzing name with property buyers and developers and property purchase is followed by the demand of building inspection. There is huge demand and competition for the building inspection in Melton. Building Inspection Council is making easier for the first home buyers and investor to hire a competent building inspector by giving free quotes and advice.

What Is Offered In Melton?

The City of Melton is a local government area in the western rural-urban fringe of Melbourne in Victoria. The city has a total area of 528 sqkm and is governed by Melton City Council. The city is situated in one of the fastest-growing regions in Australia with a population of 181,571 in 2021. Melton had 3rd highest population growth in LGAs in Victoria in 2010 and was granted city status in 2012. During the year 2015-16, the City of Melton has the fourth fastest and fourth-largest growth in Victoria. The city is growing at the rate of 5.2%, almost at 4 times the growth rate of Victoria. Almost 50 families move into the city every week (2680 per year). (Source)

The median age of residents of the City of Melton is 33 as compared to the median age of 37 of Victoria and 76% of the population is under 49 years of age.

There are 57,000 households in the City of Melton with an average household size of 3.1. The area is family-friendly as the population consists of 43% families with children and 20% families without children. The median household income is $1,538 per week with more than 60,000 people employed full time and part-time. (Source)

List of Suburbs in City of Melton

Aintree

Fieldstone

Parwan

Bonnie Brook

Fraser Rise

Plumpton

Brookfield

Grangefields

Ravenhall

Burnside

Harkness

Rockbank

Burnside Heights

Hillside (S

Strathtulloh

Caroline Springs and Many more

Why Building Inspection Is Necessary?

For most people, purchasing a house is the biggest financial decision of their life and for this decision to be a good one, you must have all the important information. building inspection helps you to learn about the actual condition of the property. The research says that all the houses have building defects and some of these could be serious requiring a huge amount of money to fix or leave you to house unsafe to live in.

Some vendors go to any extent to hide these defects under the fresh paint and plaster which make it extremely hard for a property buyer to identify building defects. A building inspection reveals all the visible, hidden, and potential risks in the property and helps you to make an informed decision. The inspection also highlights any fatal or health risk in the property and works as an excellent tool for negotiation. Basically, a building inspection protects you from expensive and dangerous building defect and save your money.

What Is Covered In Building Inspection?

A building inspection is a visual inspection of the property for any building defects, fatal risks, and health risks. These days most of the professional have started using modern tools which enhances the efficiency of the process. The building inspector covers most of the area of the house as long as those areas are safe to access. The inspection covers the following areas:

Property Site: These are areas of the houses which are outside the building and not attached to it.

Building Exterior: These are the areas that are outside the house and attached to the building.

Building Interior: The interior of the main building is covered in this part.

Roof Exterior: The exposed and outside part of the roof is inspected.

Roof Interior: The enclosed section of the roof know as the attic or roof cavity is covered in this part.

Footing: The sub-floor area containing the footing stumps are inspected.

For detailed information on inclusion on building inspection, you can read ” What Is Covered In The Building Inspection? “.

How Much Does Building Inspection Cost In Melton?

The cost of building inspection in Melton depends upon the size, age, type, style, and location of the property. Building Inspection Council has observed that the average price of a quality building inspection is between $400 and $600. Most of the houses in Melton are of average size (3-4 bedroom).

Number of Rooms

Flat Single Story Double Story

1. $200 -$300 $200 -$300 $200 -$300

2. $250 -$400 $275 -$400 $275 -$400

3. $300 -$500 $350 -$550 $375 -$600

4. $400 -$600 $400 -$600 $400 -$600

more. Custom Custom Custom

For detailed information about the cost of building inspection, you should read “How Much Building Inspection Cost? “.

How To Get A Building Inspection In Melton?

A building inspection is useless if not carried out by a qualified building inspector(Read HOW TO AVOID TERRIBLE BUILDING INSPECTORS?) and finding a competent building inspector is a challenge. It takes a lot of time and effort to find a good building inspector. You should avoid references from the agent, solicitors, mortgage brokers, and other professionals with conflict of interest. The property buyers should do their own research and take the opinions of friends and family. Make a list of building inspectors working in your area and shortlist 3-4 building inspectors based on the reviews. Talk to each of the 3 building inspectors and ask the following questions.

Discuss the experience in the local area

Confirm the price and what they cover inspection

Ask for a copy of the qualification, insurance cover, and other documents.

Confirm about the after inspection follow-up.

Finalize the inspection schedule with the chosen building inspection.

For detailed information on finding a building inspector, you should read “How To Choose A Building Inspector? “

The building inspection protects you from unforeseen building defects which could be expensive to repair or leave your home unsafe for living. It is a small investment that pays for itself many times.

Building Inspection Council has a list of the pre-verified building inspectors and we help the Australian property buyer with free quotes from these inspectors. As a not-for-profit community service, we do not have to compromise on anything for profit and you get the most honest and genuine building inspection quotes. FOR FREE QUOTES FROM LOCAL INSPECTORS, CLICK HERE

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deadhorse21 · 4 years ago

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Looks That Kill...or, Image isn’t everything

Andre Agassi may have been right; “image is everything.” Image is everything.

If you’re trying to sell a product.

If you’re trying to get fit, or get healthy, how you look should be one of the last things on your mind. Why? If you put the time in, you’re going to start feeling better, and looking better as part of the process.

If you’re new to fitness, or just beginning on your journey to a new lifestyle, it’s easy to be discouraged in the beginning.

Trust me, I’ve been there.

When I started running one of my fears (this isn’t a joke,) was that if I was running on a main road people driving by would laugh at my form, or my clothes or my body shape. The fact of the matter is, people driving by hardly give you a second thought. If you want proof run down a street without a sidewalk and watch the drivers. They’re oblivious. If you’re lucky they’re paying attention to the road and not texting (that’s a topic for another post, though.)

In our celebrity obsessed, social media world it’s easy to become discouraged seeing people looking good on Instagram in their brand name gear. The thing to keep in mind though, is that you’re seeing a curated portion of someone's life. Lululemon, Fabletics, Victoria’s Secret, The Bachelor, Survivor, etc etc etc...telling us that we all have to look perfect all the time. It’s easy when you have team feeding you, dressing you, training you. John & Jane Doe don’t have the access. It would be great if we did, but mortgages, car payments, health insurance all take precedent over that personal chef we’ve all wanted.

While we all may want to be as fit & beautiful as Tom & Gisele, and make it look effortless doing it, it’s just not in the cards.

There are is too much to worry about in this world, and in our lives than to care that you may look goofy working out. So what if you’re sweaty and dirty in front of strangers? Going to the gym, or going out for a run isn’t a runway in Milan. You’re there to work on you. To get your butt in gear to feel good.

Worry less, move more!

#fitlife runner ultrarunning substanceoverstyle

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mycreditfocuss-blog · 5 years ago

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Top 10 Lenders Fined For Mis-Sold PPI and Mortgages

The Financial Services Authority (FSA) has fined numerous banks and financial lenders for the mis-selling of PPI. A some of the main culprits tend to be more familiar than you could like.

Alliance & Leicester were fined £7million largely due to the undeniable fact that telephone sales staff had didn't make it clear that insurance is optional. Staff training tactics include karma top build aggressive sales techniques aimed to place pressure on the customers who questioned PPI.

The business has apologised and also promised to pay back any customers who have lost out through PPI mis-selling. Customers can rest assured that the lender is taking this matter very seriously.

Egg, a large charge card company, has already been fined £721,000 by the Financial Services Authority as a result of serious failings in approximately 40% of their telephone sales to customers. Cases have been reported were PPI was included with customers'charge cards even without their consent. For those customers who turned down PPI, these were met with sales staff using'objection handling'techniques taught in training sessions including over-emphasising the advantages of PPI or advising them that they may cancel at a later date if they decided they did not want it. Egg probably will pay out a substantial number of compensation that will be estimated to total around £1.67million for each 10% of customers who get a refund consequently of inappropriate sales techniques. Capital One can also be a major charge card provider and in 2007 these were fined £175,000 for the mis-selling of PPI. The FSA has said that Capital One have failed to provide'adequate systems and controls'when they sold the insurance product.

GE Capital Bank was also fined £610,000 for exactly the same reasons and also for failing to deal with their customers fairly.

Liverpool Victoria Banking Services (LVBS) were fined £840,000 plus compensation for unclear and misleading sales practices relating to PPI. The FSA found over 60% of 97 sales calls to be non-compliant as the cost of PPI was included with agreements without the client seeking it, consenting to it or even knowing about it. When Max credit score reviewing the calls, the FSA discovered that, if a customer stated which they did not want or want to purchase the insurance and objected to the sale, LVS representatives would pressure them into accepting the product. LVS may also be under investigation for mis sold mortgages. A lot more disturbing, the cost of the premium was included with the loan and so customers had to pay additional interest on the unwanted product too.

HFC Bank were fined £1,085,000 for failing to take reasonable care to make sure that the advice provided to customers when purchasing PPI was suitable, and for failing to possess adequate systems and controls in spot to monitor the sale of PPI and the AA has been branded the business to offer the most expensive PPI policies by the Times online.

Blackhorse may also be amongst the listing of lenders being accused of mis-selling PPI with the main allegation against them being that the interest rate they agreed to customers who chose to obtain PPI was significantly less than the interest rate for a passing fancy loan amount for folks who didn't want PPI. Three firms: Regency, Loans.co.uk and the Home Shopping firm Redcats have already been handed fines for mis sold mortgages and selling payment protection insurance to customers that could not have needed it. Redcats were fined £270,000.

It's strongly advised that whoever has a loan, charge card or mortgage should check their agreement to spot whether they've a Payment Protection Insurance policy. If this is the case and you think it may have been mis sold to you, then you should consider building a complaint.

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petnews2day · 2 years ago

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Best Home Loans – Forbes Advisor Australia

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/best-home-loans-forbes-advisor-australia/

Best Home Loans – Forbes Advisor Australia

Choosing the right home loan is one of the most important decisions a home buyer will make. With interest rates rising again in June as part of the Reserve Bank’s efforts to curb inflation, it is more important than ever to find the right loan. A home loan is a long-term debt, so even a small difference in the interest rate will add up over time.

There is a lot to consider when hunting for the best home loan rate. A top priority should be avoiding mortgage stress, which is when a household is spending more than 30% of pre-tax income on home loan repayments. The consequence of defaulting on a mortgage is serious. Along with incurring significant financial penalties, there is the possibility of losing the roof over your head and not being permitted to obtain another mortgage for several years.

For some people, a flexible loan that allows for faster repayments is important because the savings can be substantial. Peace of mind is also important, but these kinds of “extras” all come at a price. Weigh up whether these bells and whistles are worth the additional costs and always keep interest rates front of mind.

In the past the big four banks in Australia — ANZ, Commonwealth, NAB, and Westpac dominated the home loan landscape, but now the field is awash with a range of lenders, including online lenders Athena and Nano.

Firstly, How Much Deposit do you Need?

The ideal deposit is 20% of the total value of the home, because a lower amount typically requires Lenders Mortgage Insurance (LMI) to be taken out, and this increases total repayment costs.

It’s possible to obtain a loan with a smaller deposit, but this will increase the amount of interest to be repaid, and monthly repayments may be higher as well. Most lenders use a loan to value (LVR) calculation to determine the amount they are willing to lend. LVR is the amount of the loan as compared with the bank’s valuation of the purchased property. It is expressed as a percentage. If the bank is lending more than 80% LVR, the borrower will generally need Lenders Mortgage Insurance.

Make use of the Government’s MoneySmart home loan calculator to work out your LVR.

Grants for First Home Buyers

The First Home Owner Grant scheme is designed to help people get a foot onto the property ladder. It is a national scheme, but it is funded by the states and territories and each has its own set of eligibility rules and grant size, as outlined below:

VIC: Grants in regional Victoria are up to $20,000, and $10,000 for everywhere else. First home buyers buying a new or established home valued at $600,000 or less may be exempt from paying the stamp duty tax, while those buying a property of $600,001 to $750,000 may be entitled to a reduction of up to 50%. Eligibility rules apply.

NSW: Grants are available up to $10,000. New properties valued up to $650,000 are exempt from stamp duty. Properties between $650,000 and $800,000 may receive a partial concession provided eligibility criteria is met.

NT: Grants of up to $26,000. Concessions on stamp duty are available for first home buyers of up to $23,928.60, but only if they are not eligible for the grant scheme. Those buying a second property or building a new home may receive a grant of $7000. Seniors, pensioners and carers may be entitled to a grant of $10,000.

Tasmania: Grants of up to $10,000. First home buyers of established homes and pensioners downsizing to new homes may be eligible for duty concessions, depending on their settlement dates and other eligibility criteria.

QLD: Grants of up to $15,000. There are a range of stamp duty concessions for first homes or for a property that is a principal place of residence, as well as vacant blocks if the buyer has the intention to build. The concession and eligibility criteria differ for each.

ACT: Grants of up to $7000. A concession is available for a new home or a block of vacant, residential land. The concession is based on a sliding scale in line with property values and eligibility criteria applies.

SA: Grants of up to $15,000. Concessions on stamp duty are only available for off the plan apartments. The amount of the concession depends on the date of the contract signing.

Saving Up and Getting Pre-Approval

Buying a house is a huge commitment that requires ongoing discipline to repay the mortgage. Saving for a deposit also takes time and most people find that having automatic deductions from their weekly or monthly pay into a separate savings account can help them save.

Once the savings have hit the target goal for the deposit, it is time to apply for loan pre-approval. This means that a lender has agreed, in principle, to lend a specific amount of money towards the purchase of a home. It isn’t full or final approval, but it provides a strong indication of the maximum available funds you can borrow.

It is an exciting part of the process that can also be useful in refining the search and being able to bid with confidence at an auction.

Three Levels of Home Loans

There are three types of home loans: basic, standard and package.

Basic. As the name suggests, a basic home loan offers a low interest rate but limited features. This may not be the best option for those who may want to make extra repayments and draw on them later, because restrictions and fees apply to doing so. Basic loans are no-frills, which means they have very little in the way of additional features.

Standard. A standard home loan provides more flexibility than a basic loan, in that it is possible to redraw extra funds paid into the mortgage. There is also the option to switch to a fixed rate or to divide the loan into being partly fixed and partly variable. A 100% offset account is another option.

Package. A package loan combines a standard loan with an interest rate discount of up to 1.2% depending on the loan amount. This makes it cheaper than many basic loans, however package fees of up to $400 per year may apply. The lender may include a free transaction account or a credit card with no annual fee.

Paying the Interest Off

There are many different ways a homebuyer can structure the loan, depending on his or her needs:

Principal and interest loans (P&I)

As the name suggests, with principal and interest loans your monthly repayments go towards both the interest on the loan as well as the principal, which is the loan amount. Generally speaking, making extra payments toward the principal balance will make it possible to pay off the loan more quickly and reduce the overall cost of the loan.

A P&I loan is often the preferred approach of owner-occupiers, who want to be mortgage-free as soon as possible.

Interest-only loans

For an initial period, usually the first two years, your mortgage repayments will cover just the interest on the amount borrowed. This means that the debt is not reduced, you are merely chipping away at the interest. While repayments may be lower during the interest-only period, they will inevitably rise, so it is important to make sure that the loan will still be affordable once the interest-only period expires and you are paying off both the interest and the principal.

Many property investors take out interest-only loans because they don’t intend to pay off the home loan entirely. Instead, they flip the property for a profit in a few years’ time. This is, of course, a risky strategy that is entirely dependent on the property market rising year after year.

Variable rate home loan

This is a home loan with an interest rate that fluctuates over time, usually as the RBA raises and lowers the official cash rate.

Pros of variable interest rates:

You can take advantage of any interest rate decreases, because less interest will be paid on the balance.

It makes it possible to get ahead on the loan, and pay it off faster, as there is no limit on how many extra repayments you can make.

It is possible to save on interest because money can be kept in an offset facility that offsets the interest portion of the loan.

Cons of variable interest rates:

Conversely, if the interest rate increases there will be more interest to pay than the amount agreed at the start of the loan term.

More uncertainty is associated with this loan type due to its exposure to the movements of the RBA.

Fixed home loans

A fixed home loan is one that is set in stone for a fixed period of time. Knowing the exact amount of your repayments makes it possible to budget with certainty as homeowners will not be affected by RBA interest rate rises. The downside is not being able to benefit if rates fall.

Pros of fixing the rate:

Many first home buyers prefer to fix their interest rate because of the certainty it provides to their household budget.

It gives peace of mind, knowing that there won’t be any nasty surprises if interest rates rise during the fixed rate term.

Cons of fixing the rate:

Not being able to access extra features such as redrawing or making extra repayments that will allow the loan to be paid off more quickly.

If rates fall, the higher rate will be paid regardless until the end of the fixed rate loan term.

There are also usually ‘break’ fees or ‘exit’ fees to pay as a penalty for refinancing.

An alternative to making the difficult choice between a fixed interest rate or a variable interest rate is the split loan, also known as the partly-fixed loan. Splitting the home loan is possible at any point during the life of the loan, and it means that a portion of the loan is set at a fixed interest rate and the remainder is variable.

How to Compare Home Loans

There is a range of features to consider when comparing home loans, but among the most important are:

Interest rate

An interest rate is the fee charged for borrowing money of a lender. It is expressed as a percentage of the total loan figure and the goal is to secure the lowest possible interest rate that you can.

Comparison rate

A comparison rate includes the interest rate as well as all the fees and charges associated with the loan being administered. The comparison rate provides a picture of the true cost of the loan to the borrower, and can be viewed as a more accurate interest rate in terms of the cost to you. The smaller the difference, therefore, between the comparison rate and the advertised interest rate, the better the deal, generally speaking.

Monthly repayment amount

This is the amount of money that you will need to pay to the financial institution or the bank each month. Spending more than 30% of pre-tax income on your home loan repayments may plunge a house into financial stress so aim for less than this amount.

Annual fees

If the home loan is tied to special discounts under a package home loan, the lender may charge an annual fee. Be sure that you are comfortable with this amount.

Are there Additional Features?

It is also a good idea to investigate what additional features you may benefit from, such as an offset account where salary and savings can be deposited to reduce the amount owing on the home loan, as well as whether you can make additional repayments without incurring a fee.

Equally, you may wish to look into whether the loan includes the option of a repayment holiday that allows home loan repayments to be paused during a period when it would be difficult to make them, such as job changes or a short-term injury. During the Covid-19 lockdowns, many banks offered repayment pauses to customers who needed it.

Paying off your loan faster

The term of a loan is typically 25 years or 30 years. Those five years can make a big difference to the amount that needs to be repaid every month. While it may seem advantageous to pay less each month, in the long run it actually adds up to more because you end up paying more in interest.

Choose the shortest loan possible without causing financial stress. That may be 15 years or it could be 25.

Find the Best Home Loan Calculators

Perhaps one of the best tools in your home loan arsenal is a calculator, which will help you determine how much you can borrow, what your repayments will be and the difference paying off a little extra each month will have on your loan.

Visit the Federal Government’s Moneysmart site for their dedicated home loan calculators.

Common Home Loan Fees

Fees that may seem small at the time of buying a property will add up over the lifetime of the loan, so make sure you’re aware of the true cost of all the fees. Some of the most common mortgage fees include:

Exit fees: A one-off fee that can be incurred when a loan is ended before the end of its term.

Redraw fees: Redraw fees are charged by the lender when the borrower takes money back out that was paid into the mortgage.

Break fees: A break cost is a fee that compensates the lender for its loss if the loan is repaid early or the borrower changes the product, interest rate or payment type during a fixed-rate loan.

Account-keeping fee: These are ongoing fees that are charged to cover some or all of the lender’s internal costs of administering the account.

Lender’s mortgage insurance: Lenders Mortgage Insurance (LMI) is insurance that a lender takes out to insure itself against the risk of a borrower being unable to meet their loan repayments and the house being sold for less than the outstanding loan balance.

Valuation fees: cover the cost of property assessment undertaken by a third-party valuer to determine the value of the property.

Re-financing or Switching Home Loans

A refinancer is someone who switches from one home loan to another. It could be a completely new lender or the same one, and the savings made can be substantial. It is worthwhile keeping an eye out for better options, because the home loan market is constantly evolving its products and features, and often offers a better deal to new customers than existing ones. It’s also important to ensure you’re not paying for loan features you don’t use.

There are many different reasons to refinance a home loan. It may simply be a way of taking advantage of a more competitive rate, or it may be to swap from a fixed to a variable rate, or to borrow more money to make home renovations.

ASIC offers some expert guidance on how to switch lenders, but before you do, it’s always worth contacting your lender and asking for them to lower the rate or match an introductory rate. You can make it clear that you are looking to refinance and ask the lending department for their best rate. They may be prepared to meet your needs rather than lose a valuable customer.

#Pet Financial News

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arcuriinsurance · 9 months ago

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6 Reasons Building Insurance is Essential for Homeowners

As a homeowner, you have a lot on your plate. From maintaining your property to ensuring your family's safety, the responsibilities can sometimes feel overwhelming. However, one aspect that should never be overlooked is building insurance.

While it might seem like an additional expense, the protection it offers is invaluable. Let's delve into six compelling reasons why Building Insurance in Victoria is an essential investment for homeowners.

Safeguarding Your Investment

Your home is likely one of the most significant investments you'll ever make. From the down payment to monthly mortgage payments, you've poured your hard-earned money into creating a space to call your own.

Building insurance acts as a safety net, protecting your investment against unforeseen events such as natural disasters, fires, or vandalism. Without adequate coverage, you risk losing everything you've worked so hard to attain.

Financial Protection

Imagine the devastation of returning home to find that your property has been severely damaged due to a burst pipe or a sudden storm. The repair costs alone could put a significant strain on your finances, not to mention the possibility of having to find alternative accommodation during repairs.

With building insurance in place, you can rest easy knowing that your insurer will help cover the expenses, sparing you from a financial crisis.

Peace of Mind

Owning a home comes with its fair share of worries. From worrying about burglary to fretting over potential accidents, it's natural to feel anxious about the safety of your property. However, Professional Indemnity Insurance Victoria provides much-needed peace of mind.

Knowing that you're protected against a wide range of risks allows you to relax and enjoy your home without constantly fearing the worst.

Compliance with Lender Requirements

If you have a mortgage on your property, chances are your lender requires you to have building insurance. Lenders want to safeguard their investment just as much as you do, and ensuring that your property is adequately insured is typically a non-negotiable condition of the loan agreement.

By maintaining building insurance, you not only protect your home but also remain in compliance with your lender's requirements.

Protection Against Liability

Accidents can happen in the blink of an eye, and as a homeowner, you could be held liable for any injuries sustained on your property. Whether it's a slip-and-fall accident or a tree limb falling on a passerby, the legal and medical expenses can quickly add up.

Fortunately, building insurance often includes liability coverage, which helps protect you financially in the event of a lawsuit arising from injuries that occur on your property.

Covering Additional Structures

Many homeowners don't realise that building insurance often extends beyond just the main dwelling. It typically also covers additional structures on your property, such as garages, sheds, or fences.

These structures are susceptible to the same risks as your home, and having insurance coverage for them ensures that you're fully protected against any potential damages or losses.

Conclusion

Building insurance is a vital aspect of homeownership that should never be overlooked. From safeguarding your investment to providing financial protection and peace of mind, the benefits are clear.

By investing in building insurance Victoria, you're not just protecting your property—you're also safeguarding your future and ensuring that you can continue to enjoy the comfort and security of your home for years to come.

Source :6 Reasons Building Insurance is Essential for Homeowners

#Building Insurance in Victoria #Professional Indemnity Insurance Victoria #landlord insurance victoria #insurance broker melbourne

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