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Most taxpayers can now lodge their tax returns, as more than 80 million pieces of information are available in pre-fill. The Australian Taxation Office said much of the information it collects from employers, banks, private health insurers, share registries and other institutions has now been loaded into people's tax returns."While having this data ready to go cuts down time, taxpayers still need to check that their details are accurate and ensure any other information that hasn't been pre-filled is manually added," according to the ATO."For example, income from rentals, side hustles and the Pandemic Leave Disaster Payment from Services Australia will need to be manually added."Your employer will provide an income statement or payment summary that shows the amounts received and the tax withheld. If you had more than one employer during the 2021-22 financial year, you will have more than one income statement. Before lodging, make sure your income statement is marked as 'Tax ready' by your employer. Once you've lodged, you can monitor the progress of your tax return through ATO online services, the ATO app or by phone.Book a free appointment.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about ATO says most Australians can now submit their tax return

The government's new climate change legislation will have significant implications for Australian real estate, assuming it gets approved by Senate. The Climate Change Bill 2022, which has been approved by the House of Representatives, will enshrine into law an emissions reduction target of 43% from 2005 levels by 2030 and net zero emissions by 2050. Real Estate Institute of Australia president Hayden Groves said that while the legislation does not specifically regulate residential real estate, he expects developers will pay more attention to energy efficiency measures and will also become more transparent about the energy efficiency of their buildings."And with that, the government hopes, so too will consumer preference and markets. Already, there is an emerging body of research that shows that homes demonstrating sustainable features currently command a premium."Mr Groves also noted that the government had called its emissions reductions targets a "floor, not a ceiling", which might lead to further sustainability policies or investments in the future.Contact me for interest rate guidance.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Property industry expected to play its part in emissions reductions

While variable interest rates are continuing to rise, and will almost certainly increase further, some lenders are actually cutting their fixed rates.Lenders started increasing their variable rates in May, once the Reserve Bank of Australia (RBA) began increasing their cash rate. However, lenders increased their fixed rates much earlier, in anticipation of future rate hikes.RBA data shows that interest rates for fixed loans:with terms greater than three years have been trending up since December 2020with terms of three years or less have been trending up since November 2021Recently, some lenders have concluded that the RBA will not increase the cash rate as much as they originally expected. As a result, they feel some of their fixed rates were moved too high, which is why they're now reversing course and making some reductions.Unsure whether to go with a fixed loan, a variable loan or a split loan (which is part fixed and part variable)? I'll be happy to talk you through the pros and cons of each option.Contact me for interest rate guidance.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Why some fixed rates are falling

Buyers are increasingly enjoying more choice, with a growing number of properties listed for sale in many parts of Australia.The number of for-sale properties across the country in July was 0.6% higher than the month before, according to PropTrack.Even better, listings in July were 4.9% higher than the year before, which is the largest year-on-year increase since 2010. As always, conditions vary among the capitals cities:Hobart listings in July were 70.0% higher than the year beforeSydney up 30.7%Canberra up 24.8%Darwin up 14.4%Melbourne up 10.0%Perth up 4.6%Brisbane down 0.7%Adelaide down 3.6%If you want to buy a property, it's important you contact me for a pre-approval before you begin the searching process. That way, you'll know your budget. Also, vendors may be more likely to approve your offer if they know you have finance in place.Want to buy? Let's talk.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Buyers enjoying more choice as listings numbers rise

Planning to buy a house is a big step in your life. So, you must make the right decisions along the way.Do you have trouble deciding which is the best home loan plan for you? Or are you afraid of making many mistakes in the process? We have prepared for you seven mistakes that first-time home buyers usually commit (So that you can stay away from them)Choosing the wrong home loan If you're a first-time home buyer, it would be pretty hard and confusing to choose the best home loan product in the market. So, make sure you choose the home loan that caters to your needs. Make sure you research correctly with all available resources before finalizing a loan plan. Selecting a home loan plan that doesn't suit your needs can, in the long run, delay you off paying your mortgages.Do not borrow more than you canYou may want to live in the most expensive house in your locality, however, you must ensure you are not borrowing beyond the limit. No matter whatever your lender says, if you are not confident of repaying the loan, then don't borrow more than you can affordResearch and get the best interest rateYou must research properly and find out the home loan with the lowest interest rate. Finding a relatively lower interest rate can save you thousands of dollars in the long run. Don't take a loan under your current bank simply because you have long been associated with them as a customer. Make sure you research thoroughly.Don't underestimate the other costsOne common mistake first-time home buyers make is underestimating the additional costs involved. The initial deposit is not the only way you lose money. Your home loans will not cover stamp duty, bank charges, or pest control. Hence make sure you have cash for all of them.Not viewing as many properties as you should.Make sure you thoroughly research the place you are going to live in. Make sure you have compared the prices in that area where you want to buy the house and then, eventually, apply for the loan. Not researching the neighborhood and price can cause you lots of trouble. Also, try to view the house in person and not through pictures.Do not apply when you are not financially stable.Make sure that you do not apply for loans when you are financially not stable. That means when you are in your probation period or having a career change. Make sure that you have the means to pay back before taking the loan.Go house hunting after you secure the loan and not vice-versa.Make sure you decide which home loan you take, and finalize the amount before you go house hunting. House hunting will help you remind yourself of the budget and help avoid overspending.Are you searching for your dream home? Do you want to know about the best home loan for you? Or Are you looking for the best mortgage brokers in Sydney? If yes, our expert mortgage brokers can help you. Just drop us a message at freshwaterfs.com.auNeed a construction loan? I can help. Hit the button below to arrange a conversation with one of my loan … [Read more...] about 7 Mistakes to avoid when taking residential loans

Despite a few negative headlines about some construction companies experiencing financial difficulties, Australia is actually in the midst of a homebuilding boom.A record 143,037 new house builds were started in the year to March, according to the most recent data from the Australian Bureau of Statistics. Housing Industry Association economist Tom Devitt said the volume of detached houses under construction is almost 80% above pre-pandemic levels.“This was driven by the combination of the HomeBuilder grant [which ran from June 2020 to April 2021] and record low interest rates," he said."Even after the end of the grant, all the extra time Australians were spending at home, either working or locked down, resulted in a pandemic trend towards space and amenity."This kept demand for new housing and renovations elevated. Other indicators, such as building approvals, finance approvals and new home sales, continue to show a strong volume of work entering the pipeline."Mr Devitt said that with demand high, and supply constraints slowing down the pace of work, Australian homebuilders will be busy for the rest of this year and into 2023.Need a construction loan? I can help. Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about New housebuilding activity reaches record levels

Looking to purchase your first home or property but struggling to get your finance approved? Getting your finance approved is a little tough at the beginning, however there are few ways that you can increase your chances of success. Here are 10 ways that you can get your finance approved first time:1. Check how your credit score helps youYour credit score is one of the most important things that lenders look at when considering your loan application. Make sure you check your credit score and credit report before you start the application process so that you are aware of any potential issues. Address any problems that you find before you apply for finance.Get a cosigner:If you don't have a high credit score, or you don't have a credit history, you may want to ask a friend or family member to cosign your loan. This means that if you can't make your payments, the cosigner is responsible for the debt.2. Make a list of all your debts and make sure you are up to date with all your paymentsThis is really important because if you have any outstanding debts, it will show up on your credit report and could affect your chances of being approved for a mortgage.If you can pay down your debt, it will improve your credit score and make you a more attractive candidate for a mortgage.3. A pre-planned budgetA pre-planned budget is the key to getting your finance approved the first time. Always have a realistic idea of how much you can afford. Before you even start looking at houses or applying for finance, it’s important to have a realistic idea of how much you can afford. Work out your budget by taking into account your income, debts, and living expenses. This will help you to narrow down your search and avoid falling in love with a property that’s out of your price range.Before you can apply for finance, you’ll need to get your finances in order. This means getting your credit score in check and sorting out any outstanding debts. It might also be a good idea to save up a deposit, as this will help to improve your chances of being approved for a loan.4. How does a good credit history helps to get your finance approvedThere are a few things that a good credit history can do for you when it comes to getting finance approved. Primarily, a good credit history shows lenders that you are a low-risk borrower. This means that you are likely to repay your debt on time, which minimizes the lender's risk in lending to you. As a result, this can often lead to a higher chance of being approved for a loan, as well as a lower interest rate. Additionally, a good credit history can help you build a strong credit score. A high credit score means that you are a low-risk borrower, which can also help you when it comes to getting finance approved.5. Does your stable job and income have anything to do with getting your finance approvedYes, having a stable job and income can help you get approved for finance. You can improve your chances of getting approved for finance by having a … [Read more...] about 10 Ways to Get Your Finance Approved First Time!

Interest rates may be rising, but Reserve Bank deputy governor Michele Bullock is confident most borrowers will be able to cope.One reason for her confidence is that "household balance sheets are in very good shape", because the average household is ahead on their mortgage and has considerable equity in their home.Ms Bullock also noted lending standards have increased in recent years, and that, to qualify for loans, borrowers had to prove they could pay “significantly higher” interest rates.That said, with interest rates almost certain to rise further, it would be wise for households to plan ahead. Here are some ideas:Pretend your interest rate is 1.50 percentage points higher – pay the difference into an offset account, a redraw facility or a special savings account, so you’re prepared if rates do reach that levelReduce discretionary spending – holiday domestically rather than internationally, go out less, cook more meals, switch from Ubers to public transport, buy less ‘stuff’Increase your income – ask for a raise, switch to a higher-paying job, do more hours, start a side hustle, rent out a spare room in your homeGet in touch if you need home load advice. Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about How to manage your household budget in a higher-rate environment