Can you offer any tips on how to financially plan for a wedding or ways to save some money?
Many lenders are making out of cycle home loan interest rate increases at the moment to meet new regulatory demands and to cover their own rising costs of borrowing money. Only customers on a fixed interest rate have been protected from these rate rises.
There are a number of ways for Capital Gains Tax to be assessed and calculated, but there can also be ways to minimise how much tax you need to pay.
We all know that home loans aren’t that simple and online comparison sites really don’t take many other factors into consideration, such as your personal circumstances or property ownership goals.
Kind of like mixing business with pleasure, it’s important to protect your friendship, and yourself, in case things don’t go according to plan. So just make sure you’re prepared to put your business hat on when making some decisions and think with your head, not with your heart.
Some of these costs, like stamp duty and Lenders Mortgage Insurance (LMI), are fixed by your state/ territory government or lender. Others, like legal fees, will vary according to the service provider you choose. Shopping around to get a few different quotes before choosing who to use may help to trim some of the expense.
There are plenty of pros and cons to home ownership versus renting, but it’s your personal circumstances, future plans and goals and financial situation that should really guide your thinking.
Big increases to rent are unlikely to be achieved inexpensively, but there may be some things you can do to maximise your return that won’t cost you the earth.
If you’re already actively looking at properties then I’d suggest now is definitely the time to meet with a mortgage broker. They will help you get all your ducks in a row so when you do find that perfect place you’re all set and ready to make an offer.
I am a firm believer in paying off as much of a home’s mortgage as possible, however if you have other debt on a credit card or a personal loan with a far higher interest rate than your home loan, then it might be worth considering paying down those debts first, or managing your bills with a debt consolidation plan.