The bank of mum and dads

We hear a lot about the bank of mum and dad being the answer to buying your first home when lenders refuse to talk to you without a sizable deposit. Indeed parents can often help their children take their fist steps on to the property ladder giving then significant advantage over other first home buyers. …

Risks with a House and Land

When making a significant purchase such as a house and land it is important to obtain a pre-approval for finance. That does not mean a high level chat with a lender, it means lodging a full application with a lender of your choice and obtaining formal finance approval. If you fail to do that before …

Borrowing too much?

We are very lucky these days to have access to cheap money. Some of us will remember home loans priced at 18% p.a. and car loans at 20% plus.  It does not matter that rates are low, you still need to be able to afford loan principal repayments and can not make affordability decisions on …

Do not get “snowed under” this Christmas

Its hard to believe but we are only weeks away from Christmas. The “Silly Season” that all too often finds unprepared revelers deep in debt at the commencement of the new year. If you are one of these people who leaves Christmas shopping to the last minute and buys presents “emotionally” rather than “financially” – this article is …

The positive side of credit reporting

If you are over 18 and have ever applied for any form of credit then you have a credit record. This can occur seamlessly and without you realizing it. Your credit record may be of little interest to you until you decide to apply for some form of finance. Worse still, you may be in the …

The wisdom of being Frugal

We have come to think that being Frugal is the domain of little old ladies who have led a hard life and have simply gotten used to making a dollar go a very long way. However in today’s challenging economic environment, being Frugal is the answer to financial uncertainty and instability. It is not uncommon …

A loan guarantor will not solve all borrowing problems

It is true that often borrowers are able to breach the gap between their borrowing needs and the loan qualification criteria of lenders, by using a loan guarantor. However guarantors can only be helpful in some borrowing situations, while in others they can either add nothing to a transaction, or perhaps not even be allowed to …

Understanding the basics of borrowing

Like it or not DEBT is a four letter word. We all borrow but some of us do it better than others. Before deciding to apply for any form of credit you really should stop and ask yourself the following questions. The answers to these will help you distinguish between essential debt and debt which is …