Insights · Page 28 of 40 · FinancialPlus Mortgage Broker Gold Coast

RBA lifts cash rate for the sixth month in a row to 2.60%

The Reserve Bank of Australia (RBA) has hiked the official cash rate by another 25 basis points to 2.60%. How much will this rate hike increase your monthly mortgage repayments, and when will it kick in? It’s hard to believe that at the beginning of May the cash rate was just 0.10%. Today it was increased for the sixth straight month to 2.60%. The 25 basis point increase surprised many economists who were predicting a fifth straight 50 basis point rise. It’s worth noting the cash rate hasn’t been this high since July 2013; almost ten years ago. RBA Governor Philip

Should you live in your house while you renovate?

It can be tempting to stay in your home when you’re renovating, rather than spending money on rent. But is it really a good idea? Consider the pros and cons before you make a decision. Advantages of staying in your homeYou’ll keep your creature comforts and sleep at the same address, but what are the real advantages of living in the middle of a renovation? Save moneyThe expense of moving out of your home while you renovate can be significant. You may also need to rent another property or stay at a hotel. Living in your own house keeps more money

Buying that new car

There are a few tips that you can follow when setting out to buy a new car. Shop Around Almost goes without saying but you should visit at least 3 or 4 car yards to get a rough idea of pricing and what will be included in the price. Timing is important You would have heard this no doubt but the best time to buy is usually towards the end of month as this is when salesmen are more likely to discount if they need to meet targets and they are falling behind! This won’t always work but it is

How A Guarantor Can Help You Secure Finance

When you’re desperately trying to save up a deposit for a home and just see the prices of property climbing and climbing, it’s difficult to remain patient. But there is another way: a guarantor can help. If you don’t have a substantial deposit for a home loan, there are still a number of ways to obtain credit. These are known as family pledges and there are two types available to borrowers: service guarantees and security guarantees. Service guarantees are less common that security guarantees and they involve a family member guaranteeing all of the repayments on a loan, as well

When the auction is passed in – to you! What happens next?

The hammer falls, the auction has ended, the bidding’s all done… and the property is passed in to you, the highest bidder. You’re standing out the front of what could be your dream home, surrounded by curious neighbours, nosy passers-by and who knows how many other serious buyers. So what now? What happens next?With the property passed in, as the highest bidder you have the exclusive first right to negotiate with the seller. Only when you walk away can the agent start negotiations with someone else – so remember that you’re in the box seat. At this point the agent will

Mortgages and break-ups: Some practical tips when separating

Breaking up is hard to do. On top of the emotional impact, there are practical ramifications as well. When there’s a separation or divorce, debts you’ve accrued during the relationship unfortunately don’t go away. The longer a couple is together, the harder it can be to unravel all the financial connections. Here we outline some of the issues facing both de facto and married couples when dealing with what is usually their most significant debt: the mortgage. Used alongside professional legal and financial advice, it’s possible to make this difficult transition a little less stressful. Get advice from the experts

Property & lending insights