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Attention property investors: the Australian Taxation Office has said it will be paying close attention to your tax returns.The ATO has made it clear investors need to include "all the income" they've received this financial year in their tax return, including:Short-term rental arrangements (e.g. Airbnb)Insurance payoutsRental bond money that was retainedThe ATO has also urged property investors to keep good records because all rental income and deductions need to be entered manually – even if investors use a registered tax agent (such as an accountant) to prepare their tax returns."If we do notice a discrepancy it may delay the processing of your refund as we may contact you or your registered tax agent to correct your return,” according to the ATO.“We can also ask for supporting documentation for any claim that you make after your notice of assessment issues."Want to get a loan? Let's chat. 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 warns investors to declare all their income

The number of property listings has fallen, after only 246,000 homes around Australia were listed for sale in May, according to the most recent monthly data from SQM Research.The May result was 2.2% lower than the month before and 9.0% lower than the year before. SQM managing director Louis Christopher said the decline was unsurprising given that real estate activity often slows down during a federal election campaign."Going forward, I expect a surge in new listings for this current month, even while we have now reached the quieter winter months. SQM Research has recorded a surge in new auction listings, hence why we have this view."If Christopher is right, this “surge” will put downward pressure on prices, as an increase in the supply of for-sale properties generally leads to a decrease in buyer demand.Want to enter the market? 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 Listings tipped to surge in winter after falling during election month

It is possible to obtain a mortgage in Australia even if you have bad credit, but the process and other considerations may be different. It will also take longer because you need to wait for the negative information to disappear while adding positive information to boost your credit score. If you're attempting to secure a mortgage with bad credit, here are a few more things you should be aware of.What is a home loan with bad credit? An Australian mortgage performance measure as a bad credit home loan is made available by non-conforming or specialized lenders. In essence, a bad credit house loan addresses circumstances in which borrowers have blemishes on their credit reports and is created to identify and assist those applications that fall outside of the parameters of lenders. Lenders would often consider one of two types of bad credit home loans in Australia. One type of default is one that has been fully paid, or paid defaults. The other category defaults that have not yet been fully paid, or unpaid defaults. An overdue account, such as a phone bill, credit card bill, personal loan bill, or utility payment, appears on your credit report as a default. A payment is considered past due if it has been missed for 60 days or if your lender has not been able to reach you. Because a default on your credit report indicates to lenders that you frequently can't pay your payments, the majority of large banks will reject you if you have one. How to get approved despite having bad credit: If you are a first home buyer in Sydney then developing your case that your credit and debit troubles are behind you will require contact with a specialist mortgage broker. These credit specialists can steer you on the proper route because they are aware of what banks and lenders are looking for. By avoiding additional negative listings, you'll put yourself in a better position to work with a  mortgage broker in Sydney like Freshwater Financial Services who specialize in bad credit home loans because they'll notice that you've tried to fix your financial problems in the past. You can maintain communication with lenders to prevent a clear-out listing, complete your mortgage payments on time, pay off any outstanding defaults, and pay down your debts in order to accumulate more favourable listings. The necessity of raising your credit score:  If you are having financial difficulties, there are steps you can do to raise your score, but it will take some time. You should increase the positive information on your credit report while letting the negative information expire.You can improve your credit score in a number of ways, including the following:Regularly check your credit report to make sure the data is accurate. By contacting the credit reporting body, which is free, you can have any inaccurate information on there corrected; Pay your bills and all other obligations on time. Making automated payments is a simple way to do it. Consider your options carefully … [Read more...] about How to get a mortgage with bad credit

From July 1, a total of 32 lenders will offer the federal government's flagship housing assistance program.Five new lenders have just signed up for the Home Guarantee Scheme (HGS) – Credit Union SA, Illawarra Credit Union, IMB Bank, Newcastle Permanent Building Society and Unity Bank.They join the 27 existing lenders, which includes Commonwealth Bank, NAB and an array of smaller lenders.To be eligible for the HGS (which is also known as the First Home Loan Deposit Scheme):Your household income must be less than $125,000 for individuals and $200,000 for couplesThe property you buy must be less than the price cap, which varies from $250,000 in regional South Australia to $950,000 in Sydney, depending on where you buy and the type of property you purchaseUnder the HGS, eligible first home buyers can purchase a property with just a 5% deposit and eligible single parents with just a 2% deposit. Participants don’t need to pay lender’s mortgage insurance, because their loan is guaranteed by the government.Get in touch if you need HGS 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 Government’s low-deposit housing scheme expands

The combined value of all the residential properties in Australia has passed the $10 trillion mark for the first time.Australia’s pool of homes was worth $10.2 trillion in the March quarter, according to the latest data from the Australian Bureau of Statistics. Remarkably, that represents a doubling in value in just seven years, from $5.1 trillion in June 2014.Australian property prices have enjoyed remarkable growth over the long-term, even though there have been regular occasions when prices have temporarily declined.That’s part of the reason so many Australians want to own their own home. It’s also why so many people use property investment as a way to build wealth for retirement.Are you thinking about entering the market? If so, I can give you advice about your borrowing capacity and the correct way to structure your loan. I can also compare lenders and interest rates on your behalf.See how much you can borrow now.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 values have doubled in seven years

The Australian Taxation Office has urged people to be vigilant about a new scam doing the rounds.The ATO has detected an increase in fake websites offering to provide tax file numbers (TFN) and Australian business numbers (ABN) for a fee – but, instead, using the websites to steal consumers' money and personal information.These fake services are often advertised on social media.It is free and easy to use government services to apply for a TFN and apply for an ABN.ATO assistant commissioner Tim Loh said scammers are constantly finding new ways to target the community.“We are concerned about a recent increase in the number of victims reporting scams around TFN and ABN applications," he said."We are also still seeing scammers impersonating the ATO, making threats, demanding the payment of fake tax debts or claiming a TFN has been ‘suspended’ due to fraud.”Need a home loan? Get in touch.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 warns users about tax scam

You have a lot of choices to make when searching for the first home buyer. You must decide on a budget, the type of property you desire, and the neighbourhood that would work best for you. You should also think about whether or not you want to work with a first home buyer Sydney specialist. However, a real estate agent offers first-home buyers a service that makes them priceless.The post will go through the advantages of working with a first home buyers specialist so you can determine whether to do so for your upcoming house purchase.Benefits of First Home Buyers AgentAs you can see, the buying agent is responsible for several tasks, which help the first home buyers in Sydney. Here are a few other advantages that an agent offers.Saves Your TimeTime is saved because they undertake the research and the actual searching to find the greatest house for you. Especially if you're buying from out of state or abroad, the several hours you'll save by working with a buyer's agent might lower your stress levels and boost your chances of finding the house you want. No more squandering your Saturday mornings on pointless internet searches.They are able to access more kinds of propertiesBy using a buyer's specialist, you can gain access to a wider selection of properties, some of which might not even be on the market. With access to discounts that aren't accessible to the general public, this puts you in the box seat.Money SavingsA first home buyer agent will ensure that you find the greatest property for your money by helping you find it. To obtain you the best deal, he will bargain with vendors. Any fees will be more than offset by these cost-cutting measures.They have good negotiating skillsBuyer agents are skilled negotiators that know how to secure the best bargain for their clients. They can get you the finest deals because they are quite knowledgeable about the area. They can help you navigate what might be a daunting transaction and make sure you receive the best bargain.They assist you in selecting the ideal propertyA buyer's agent is trained to see any problems that you might have overlooked, even if a house appears to be beautiful on the outside. Additionally, your buyer's agent will guarantee that the property you ultimately purchase is in line with your unique plans for wealth growth.They assist you in avoiding typical errorsFrom property research to contract signing, a buyer's agent can help you avoid typical blunders since they can spot possible issues and deal with them as soon as they appear.InformationAgents are knowledgeable about the market, the best areas for home purchases, potential upgrades to the property, and more. Your chances of making a wise investment rise when you work with an agent.You can speak with our mortgage brokers, we'll provide you with all the advice you need to invest your money profitably.Contact me for home loan advice.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's … [Read more...] about The Benefits of Working with a First Home Buyer Specialist in Sydney

When it comes to borrowing money from a lender or lending organisation, a borrower will only be able to borrow a certain amount of money. This amount is referred to as a person's borrowing capacity. When it comes to borrowing capacity, there is no set amount because it varies depending on the people and their situations.If you're thinking about taking out a loan and hiring the best mortgage broker in Sydney, it's a good idea to know how much money you can borrow. You will be more prepared for your loan application as a result of this. It will also assist you in managing your expectations for the amount of money you can borrow.The Things You Should Know About Your Borrowing Capacity1. Amounts offered by different lenders may differ:Keep in mind that not all lenders will provide you with the same loan amount. The amounts may vary slightly depending on your situation and the precise type of information requested. Finance professionals can advise you on which lending institutions will be able to provide you with the funds you require.2. Your Income Is The Most Crucial Component: Your income amount is one of the most important pieces of information you will provide loan providers. This will assist them in determining your ability to pay and calculating your borrowing capacity.3. Your Investments And Savings Boost Your Borrowing Capacity: Your savings and equity will assist you to increase your borrowing capacity when you apply for a loan. These will be assessed against any other debt you may have, and will considerably assist you in obtaining a larger loan amount.4. Your investment has a significant influence on your borrowing capacity:Different banks and lenders have different standards for evaluating and enabling you to use specific funds for your deposit. The higher your deposit, the more likely a mortgage broker will be able to negotiate a reduced interest rate or waive costs for you. Most banks will require a 5% 'Genuine Savings' deposit in most cases.5. Purchasing an investment property boosts your borrowing capacity:When a first-time buyer applies for a loan for investment purposes, their borrowing capability will likely increase. This is because, in addition to your regular income, lenders will consider the rental income you will produce. An example of a first-time house buyer making an investment in real estate.6. You can fix your credit problems:Have you ever had a credit check done on you? These are excellent resources for resolving credit concerns. They can tell you if you have any bad debts or money owed to you, as well as whether or not your credit rating is good. From there, you may figure out what needs to be paid and whether or not your record has any inaccuracies.7. Get Rid Of Other Debt Before Applying: If you have a significant quantity of debt, you should not anticipate being able to get a large amount of borrowable capacity. Waiting to reduce or eliminate your debt will help you demonstrate that you are a responsible borrower … [Read more...] about 10 things you need to understand about your borrowing capacity