According to the Australian Bureau of Statistics, about 29% of Australian households are classified as ‘over-indebted’. The most common form of debt is credit card debt, which is currently a real bother to about 55% of us!
If you want to clear your debts faster, particularly credit card debts, the trick is finding ways to save on interest, so your money goes towards paying down your debt rather than maintaining it. This could mean rolling all your debts into one loan with a lower interest rate. We could help you do this with a personal loan, or perhaps by refinancing your home loan to pay off your debts. Call us if you want to talk turkey on debt consolidation!
2. What’s the best way to save for my child’s education?
Dreaming of your child becoming a Nobel Prize winner one day? Then a great education is key. Paying for something like a four year university degree twenty years from now is not so much a question of saving your extra pennies, but putting your money to work for you so it generates money for the future. Ideas? Use your home as a money tree – put any extra money you’ve got into your home loan now, then access the equity to invest as soon as you can. Or if you already have plenty of equity, talk to us about refinancing now to get a deposit for an investment property or some other form of investment.
3. How can I take a year off work to travel when I’ve got a mortgage?
Ah-ha! A tricky one, but talk with us because there are a number of things we could do to help, depending on your personal financial situation and how much equity you have in your home. For example, we could crunch the numbers for you to see if renting out your property would cover your repayments while you’re away. Or to make that strategy work for you, potentially negotiate with your lender so you could switch to interest-only for a while to reduce the size of your loan repayments. We may even be able to refinance your loan to help you cover some of your travel costs, and at the same time, extend your loan period to reduce your repayments so a renter could cover them.
4. My car loan repayments are a killer! What can I do about it?
Refinancing your car loan is not out of the question. If you got your car loan from a car dealership, chances are you’re paying a whopping interest rate – we recently heard of a client who was paying as much as 14.5% pa. If this is the case for you, we could potentially find you a loan with a lower interest rate, or extend your loan terms to reduce your repayments. It may even be possible to roll your car loan into your home loan. Talk to us and we’ll see what options are available for you, or if you want to purchase a car this year – we are here to help set you up for success.
5. I’ve always wanted a jet-ski. Is it possible to get a loan for that?
Yes! Even though we usually specialise in home loans, we can also access great loan options for other large purchases. We call these ‘lifestyle assets’ – which covers everything from jet-skis and boats, to other items you may need like cars, caravans, campervans and even horse trailers! Give us a call – you’ll be surprised how quickly we can get it organised.
6. I work for myself. Would I still be able to get a loan?
If you are self-employed, there is no reason why you can’t get a home loan if you have a steady income. We can also help you with finance for commercial vehicles, equipment you may need for your business, or insurance to cover your business and personal needs. Why not talk to us now? The right way forward for you depends on your current personal financial situation and future goals.
Got a twisty one? Go ahead and ask us!
We’re always available to help you with managing your finances and credit facilities. We at Element Finance Joondalup and Fremantle are very much looking forward to helping you get ahead in 2018, so if you have a question, please give us a call. We’re happy to help.