Business, Equipment & Home Finance for SMEs
During the Banking Royal Commission there was a heavy focus given to the Banks' use of the Household Expenditure Measure when assessing Home Finance applications. Some Lenders were criticised for over-reliance on the tool, rather than undertaking analysis of an applicant’s monthly expenditure. What is the Household Expenditure Measure? When you apply for Home Finance, [...]
If a client of The 500 Group is thinking of purchasing a property, we encourage them to get a Home Loan Pre-Approval. This is particularly important in an environment where property values have been softening and the time needed to get finance approved has increased. A Pre-Approval is not a guarantee the finance will ultimately [...]
Over the past few years, in Australia we have seen an increasing number of parents helping their children to buy a home. Initially, this trend was driven by rapidly escalating property prices and the desire to help their children purchase a home whilst it was still affordable. Of more recent times, with a more stringent [...]
With wages plateauing, it can be hard to find the extra cash to pay off your home loan faster! With interest rates at record low levels, it is important to explore ways to pay off your home loan faster. Why it is important to pay off your Home Loan faster One major reason for paying [...]
Pocketbook is a free App developed in Australia that people can use to understand and monitor their spending patterns. Recently, we have outlined how Banks look at applicants’ monthly expenditure in granular detail, when assessing home loan affordability. They do this by going through your Bank and Credit Card Statements. Banks now also load the [...]
With property prices rapidly increasing over the past few years, many people wonder whether it is still worth saving for a home deposit. For some, as property values outstrip wages growth, it can seem like an exercise in futility! Why bother! However even under such a scenario – we believe it is still possible to [...]
