We all know the importance of setting a budget, whether you’re saving for a specific goal or just want to get into a good saving pattern for your future there’s never a bad time to set a budget.
The hardest part of setting a budget is knowing what to do, how to do it and what to do once you set a budget.
(more…)Have you ever seen an advertisement similar to this…
I know I see them all the time at this time of year, or heading into the End of Financial Year.
When I first took notice of the discounted interest rates offered by car yards I thought ‘there has to be a catch!’
Surely they are charging more in fees in lieu of interest, or doing something else behind the scenes to cover that cost, after all, they are running a profitable business.
This lead me to research what the truth was, and how they can offer this low (and at times no interest) finance.
I wanted to know because I was working for a Major Bank who couldn’t compete with the car yard offerings and also, (if I’m honest, mainly) because I was in the market for a new car and I wanted to get the best deal I could, and here’s what I found…
We all know the drill when you are looking for a new car (or motor bike, jet ski, boat ect) you talk to the attendant, pick the right make and model that suits your needs and then send your ‘negotiator’ (unless you’re lucky enough to have this skill yourself) in to get the best price you possibly can.
What you will generally find is, if there is finance to be taken on the item, and the finance is through the car yard (using their discounted, or no interest offer) the negotiation is quite limited if at all. This means you are forced to pay the retail price of the car rather than being able to negotiate the cost down.
What can you do to find out which is the best option for you?
Simple, when you are Car shopping, do some quick calculations to work out which option will be the cheapest for you.
For example, lets say I am looking at a car priced at $25k.
I have done a calculator for a personal loan with the following details; a Car loan at 6% interest, over a 4 year loan term and a purchase price of $19k would be approximately $2418 over the life of the loan.
In this example the total cost of the car, after I add allowance for other fees in would be approximately $22k.
Lets say this particular car had a retail price of $25k which the car yard were able to discount to $24K though their in house financing at 0%
In the above scenario your best option would be to get your finance elsewhere, negotiate the price right down and, if you can, make extra repayments on the personal loan to save yourself some of that $2418 interest. (this will depend on the loan type and your finances available)
The key is, next time you are considering a new car (or Toy) do the sums before you commit to a loan no matter what the interest rate so you know you are getting the best deal for you.
If you want to know more, or you want some help to do the sums before your next purchase just phone me on 0412 862 811 or email me at maryanne@360mortgagesolutions.com.au
As a mortgage Broker it’s a privilege to help all kinds of people with all different finance needs. Working in this industry, you start to see that no two clients situation or needs are the same and here’s a recent example of how I helped my clients with an ‘out of the box’ scenario….
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I talk to so many clients about their repayments and almost every time my clients request to repay their loan repayments either weekly and fortnightly because we all know that saves time and money off the loan right… well not always….
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Everyone talks about getting their ‘deposit’ together and how much the deposit must be. Regardless whether you plan to have a 5%, 10% or 20% deposit there are 6 must know costs to factor in when buying your First Home or it could end up costing you more than you can afford.
One of the many things I do in the first appointment with a First Home Buyer, is to go through an estimate on what the expected costs will be for their purchase and what the left over funds will be.
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How much deposit do I need? What are all the costs involved? What experts do I need and when? How do I save my deposit? These are just a few of the many questions I get asked from First Home Buyers.
I typically find, by the time I meet with a First Home Buyer, they have already completed a fair bit of research on line and have an idea of the First Home Buying Journey, however there are still so many questions left an unanswered and sometimes it helps to have something (or someone) to piece it altogether.
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This scheme was put together to help First Home Buyers to get into the market sooner, and with lower cash deposits.
In this blog I will take you through what the details of The First Home Loan scheme, who is eligible for the scheme, How the scheme works and what to do if you don’t qualify.
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I recently posted a question on my 360 Mortgage Solutions Instagram account asking everyone what their biggest hurdle was (or is) in getting their First Home. The most common answer was ‘Getting a deposit saved’
That’s a pretty common issue I see with a lot of the First Home Buyers I meet and particularly for some First Home Buyers who are already renting.
(more…)Welcome to another episode of Who are the people in my Neighbourhood, where we talk to Stuart from RAC School of Motoring to talk about himself and how he grew his business.
Stuart is an inspiring business owner, he has built his business up from nothing to one of the best driving schools in Brisbane and he is always on the look out for future businesses he can help to develop and grow.
You can contact Stuart on 0490 900 505 or check him out at https://racschoolofmotoring.com.au/
A huge thank you to Ondeck for sponsoring the #whoarethepeopleinmyneighbourhood project
Don’t have time to read the blog, you can listen to the podcast here…
With all the First Home Buyers I meet, there is a common theme. The theme is, they have spent the last few months (and sometimes years) doing ‘How much can I borrow’ calculators, they have spent time working though different blogs to learn what deposit they need and they even consult with family and friends to get an idea of what to do when. However, despite all of this research and investigating, they are left thinking…
How does this all piece together?
What does this mean for me?
Now What?
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