When an investment property lies vacant for even a short time, your earnings can take a big hit. So how can you attract someone to your property amongst the competition?
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In 2016, Australia’s biggest mortgage providers QBE LMI and Genworth Financial released a report on LMI that found 70% of borrowers mistakenly believe that LMI is designed to protect the borrower in case of a loan default. In reality, it’s quite the opposite. While there are separate products designed to protect the borrower, the purpose of Lender’s Mortgage Insurance is to protect the lender.
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The cost of buying a home currently takes 7.2 times the annual income of a typical household – up from 4.2 times 15 years ago. In this way, it has become challenging to save up a sizeable deposit for a home loan, especially when paying rent.
However, there is an option for first home buyers to get onto the market much sooner than expected: get a family member to act as guarantor for your home loan!
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People of any age can benefit from setting smart financial goals. It’s a bit of a myth that planning for your financial future should be left until you’re more financially stable. Setting financial goals and fulfilling them can happen at any stage in life. The sooner you identify your goals and take steps to carry them out, the sooner you can achieve them.
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