With an ongoing focus on interest rates, now could be the perfect time to make some clever and practical changes to your finances and learn how to prepare for any further fluctuations with our helpful tips.
Assess your budget
Now is an ideal time to look at your finances and take stock of your expenses.
Creating a written copy of your spending habits to keep track of and highlight any behaviours can be a great way to note any negative patterns. Assess your current weekly or monthly costs and note the areas you can limit spending.
Good news for Manor residents! Data complied by RPM Group, has highlighted Melbourne’s western growth corridor, including Wyndham, Melton and Bacchus Marsh had an 8.1 per cent median lot price increase to $359,000 for the first quarter of 2022 (January-March).
Super v Mortgage? Where should you put surplus cash?
The last 18 months have highlighted the importance of future-proofing your financial security. But if you’re lucky enough to have a little cash left in the bank at the end of each month, working out the best place to put it can be confusing.
Aside from depositing it into a savings account, most of us will choose to pay down our home loan or top up our superannuation.
For individual homeowners, a mortgage is often their single largest source of debt and has the greatest effect on their finances, and their ability to stay solvent through wage decreases or wage losses. For lenders, mortgages are typically the most significant asset on their retail banking book, which means that any changes in originations, repayment schedules, and default rates will have significant impacts on their profitability and liquidity.
Great news for those still looking to build with the announcement on 29 November that the HomeBuilder scheme, which provides grants for home builders and renovators has been extended to 31 March 2021. The extension is expected to see a further 15,000 construction projects under the scheme.
Buying a block of land and building a brand-new home is incredibly exciting, but let’s face it, when it comes to finance, there’s lots of questions that we need answered.
Licenced and experienced Mortgage Broker, Mark Polatkesen is here to answer some of the most frequently asked finance questions and provide some useful tips to help you through your journey to purchasing a new home and becoming part of the Manor Lakes community.
As part of the 2020-21 Federal Budget, under the ‘Driving Jobs Through Housing’ package extension, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year. This is positive news for you, if you’re an eligible first home buyer looking to purchase a new up home, valued at $850,000or less at Manor Lakes. Not only has the threshold for the price of homes been increased but first home buyers have now been given a longer time frame to take up an allotted place in the scheme.
