Mark Bristow

How do you pay off credit cards?

Credit card debt can quickly spiral out of control if you’re not careful. If you can’t clear your balance on time, interest charges will increase how much you’ll need to pay. As time passes, interest may start being charged on your interest charges, and before long you could find yourself unable to pay enough off your debt to keep it from growing further.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks. This may include borrowers who are self-employed, in casual employment or new to Australia, as well as borrowers with bad credit.

Some of the best home loans for investors and refinancers in October 2022

Australia’s Big Four banks quickly announced that they would be passing on the October 2022 cash rate hike set by the RBA on to their customers. With more of these rises coming into effect and affecting Australian household budgets, investors and refinancers may want to look beyond interest rates and also consider other features and benefits when comparing home loans.

80% of Australian property markets in decline – what does this mean for your mortgage?

Property values across the nation are falling, with a new report showing that almost 80% of Australia’s house and unit markets are now in decline. Combined with the cost of living and rising interest rates, how could these falling values affect your mortgage?

How will debt consolidation affect my credit score?

If you have more debts than you can comfortably afford to repay, consolidating these debts into a single loan may not have an immediate effect on your credit score. But if consolidating your debts can help you build healthy financial habits, it’s possible that this could lead to your credit score improving over time.

Does your insurance cover other cars you drive?

Most car insurance policies in Australia are associated with a car, not a driver. Even if you’ve insured your own car, this policy usually won’t apply if you’re driving another vehicle, such as a friend’s car or a rental. It’s important to check what’s covered before you get behind the wheel, just in case.

What is a drawdown?

Transferring money from a lending institution to a borrower is also known as “drawing down”. In a typical home loan, the funds are drawn down all at once to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money, up to a limit, based on your loan’s available equity. 

Can you get a home loan if you owe taxes?

Owing money to the Australian Taxation Office (ATO) is rarely an ideal situation, but it doesn’t mean you cannot qualify for a home loan. When reviewing your home loan application, lenders will consider your tax debt alongside your other debts and liabilities, as well as your history of repaying the debt and your other financial circumstances.

How do you pay tax on term deposits?

Just like your regular income, the interest you earn on term deposits is taxable. You should pay tax on any interest that you have received within the current financial year. For example, if you receive monthly interest payments, these payments should be claimed on your tax return. However, if your term deposit is longer than one year and you will only receive interest at maturity, then you will pay tax on your interest in the year that you receive it. 

Can you put a deposit on a car to hold it?

Some car dealers ask for deposits; others don’t. It’s up to individual car dealers to decide whether to promise to hold on to cars in exchange for deposits.