Home

Feature Article:

Time Management Tips for Solo Entrepreneurs
Does it seem like everyone and everything is vying for your attention all at once? It can be hard for solo entrepreneurs to know what to do first, let alone try to find the time to get caught up. Here are some time management tips that will help...
...Read More


[an error occurred while processing this directive]

No Deposit Home Loans

Additional Reading


A few years ago, many of us would have had a light chuckle to ourselves if someone mentioned that you could borrow money to buy a house with only the promise of solid future earnings. But today this is a regular occurrence. Many of the industry’s non-conforming lenders are selling these financial products to many happy consumers, with most of the major banks avoiding this riskier route.

Ideally, the individuals set to gain from this product have high incomes in industries with high job security. With this loan you are presuming that the benefits of immediate ownership and debt outweigh the costs of renting. This may not always be the case however. The risk to the lender is greater and so you will pay a premium interest rate for the privilege, usually about 2% higher than the current market rate.

With this is mind, it may be time to clean the dust of the old mortgage calculator and assess the long term financial gain or speak to a financial consultant to establish whether this is a sound option for you, and for many people it can be.

Of course, there is no such thing as a free lunch and strictly speaking, no deposit means “with enough money to cover initial expenses” such as stamp duty, loan fees and mortgage insurance. If you are lucky enough to be eligible for a government first home buyers’ grant, you may have most of these expenses paid for you.

The main point with this type of loan is that to really win you are betting that your salary will be increasing steadily over the term of the loan. This income will then be able to be ploughed back into the loan to build some equity.

In many countries, such as Australia, no deposit home loans are becoming less attractive due to the state of the market. Lenders are becoming more stringent with their loan acceptance policies, indicating a potential interest rate rise and thus much greater risk to those with no deposit home loans. The lender may also have harsh exit fees, running into thousands of dollars so read carefully before you sign on the dotted line.

Many lenders also will only lend for specific types of property, leaving well alone riskier properties in regional areas and places with no established resale value.

Here are a few tips to help you manage your financial position.

- Allow for higher interest rates when budgeting for repayments over the next 2-3 years,

- Ensure personal debts like credit cards and car loans are under control before committing to a property loan, and

- Make extra repayments where possible to reduce your exposure to higher rates and falling prices.

Brad Slade


More information available at http://members.ozemail.com.au/~lnart/

 

More Reading:


Technology Your Business A Beneficial Relationship

The Advantages of Refinance

Top 10 ways to Increase Sales Boost Profits and Generate Leads

Job Search Strategies Real Estate to Pharmaceutical Sales Career Change

Lottos It Is All About Trust and Honesty

 
The Shadow

Maximise your compound interest FREE mortgage quote

How to Refinance Your Home

The market for home loans has never been this hot

Time Management Tips for Solo Entrepreneurs


Technology & Your Business: A Beneficial Relationship
As a home-based business owner, you probably don't have a high-priced IT manager on staff to fill you in on which technologies could help boost your efficiency and success. You may also lack the confidence to incorporate new technology into your...
...Read More

The Advantages of Refinance
Refinance - If you have at one time or another bought a home, then you probably heard of the term "refinance." But what is refinance, exactly? Let's go down to the basics. The term financing refers to the act of providing a certain...
...Read More

Top 10 ways to Increase Sales, Boost Profits and Generate Leads
If you're not familiar with travel vacation vouchers packages, here's how they work. YOU simply give a FR'EE vacation voucher package to your valued customers, clients or prospects, for purchasing or trying your product or service. This...
...Read More

Job-Search Strategies: Real Estate to Pharmaceutical Sales (Career Change)
One of the largest challenges facing career changes is going from one industry to the next. Working with a recent clients, we came to the conclusion that with some ingenuity and persistence, even large obstacles are nothing more than "paper walls"...
...Read More

Lotto's - It Is All About Trust, and Honesty !
This week I received e-mails from a lady who participated in the match 5 competition, the match 5 competition is behind the link "Win 1000£" on the VWD website. ...
...Read More



[an error occurred while processing this directive]