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Home Loan Savings

Home Loan Savings

Tuesday 18 June 19

Do you that your home loan can help you save money? It can do that in a variety of ways. Let me explain.It does cost money to have a loan. It’s the price for the use of someone else’s money. But that’s well worthwhile when it makes the

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Using a personal loan for a home deposit

Using a personal loan for a home deposit

Thursday 30 May 19

What do you do if you have plenty of income to cover the loan payments for purchasing your first home, but you don’t have the deposit?  Would it make sense to get a personal loan, and use cash from that for the deposit?Let’s begin with

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Double trouble for credit cards

Double trouble for credit cards

Wednesday 29 May 19

Have you had struggles getting your credit card paid on time? Sorry to tell you, but it’s about to get worse!In the past, banks have encouraged their credit card customers to pay on time by charging them large penalties for late payment. However, the government

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Business loan basics

Business loan basics

Tuesday 28 May 19

Tax savings.  Music to your ears?*For many it is, and for those there is some good news in yesterday’s Federal Budget, especially those in small business.In recent years, small businesses have been able to get an immediate tax write off on asset purchases of up

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A family guarantee for a home purchase

A family guarantee for a home purchase

Saturday 25 May 19

You have probably heard about someone being a “guarantor” for another person’s loan.  They are making a guarantee somewhat similar to how a manufacturer will guarantee their products.  It doesn’t mean that their products will never fail, it just means that if they do, the

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Lender's Mortgage Insurance - LMI

Lender's Mortgage Insurance - LMI

Saturday 25 May 19

What is it?  Lender’s Mortgage Insurance, or LMI, involves a special type of insurance company providing protection to the lender.  If the borrower fails to make the repayments and the lender ends up foreclosing on the loan, if the sale proceeds are not enough to cover

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Loan to value ratio - LVR

Loan to value ratio - LVR

Saturday 25 May 19

What is it?  It’s the amount of the loan divided by the value of the security property, expressed as a percentage.   So, if you were getting a $750,000 loan to purchase a $1,000,000 home, the Loan to Value Ratio, or LVR, would be 75%Why is

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Good Debt, Bad Debt

Good Debt, Bad Debt

Wednesday 01 May 19

A couple of generations ago, the view of debt was very different than today. I grew up between those generations. My father saved like crazy for about three years, then built a brand-new home with something like $10,000 from the bank. I imagine that he

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Borrow for a business to save tax

Borrow for a business to save tax

Wednesday 01 May 19

A home loan or other forms of borrowing is not free money. But it is something that can enable you to purchase something that you otherwise could not afford, at least at this point in time.It may not be wise to purchase certain things with

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Superannuation savings for First Home Buyers

Superannuation savings for First Home Buyers

Wednesday 01 May 19

First home buyers will be allowed to salary sacrifice up to $15,000 per year until they reach a total of $30,000 of contributions.  That money along with a ‘deemed’ investment return can then be drawn from super and used for the purchase of their first

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Grace Loans is a division of Grace Financial Services. James Massey and Bethany Massey are Authorised Credit Representatives of BLSSA Pty Ltd, , Australian Credit Licence number 391237. Authorised Credit Representative nos. GFS: 472092, James: 472093 & Bethany: 513202. Content of site may not be fully up to date as lenders are constantly changing their loans and policies. Any advice provided on this website is of a general nature not taking into account your personal objectives and situation. Such matters are important to consider prior to taking any action. Please make an appointment to discuss your specific situation so that appropriate advice may be given with regard to suitable products using current information.