Pink Finance is here to support our clients by providing guidance, useful links and information to help you navigate the Covid-19 situation and its impacts. We discuss four options that banks are providing to help assist you with your home loan repayments, if you are facing financial stress or hardship due to Covid-19. With our unique Covid-19 modelling calculator we can provide you with individual analysis of your loan and modelling for your situation.
This month, Pink Finance has been featured on well known and much loved Sydney based business, Tradebusters. Tradebusters are Australia’s first truly vetted, word-of-mouth network of recommended service providers. Established in 2006, their website has helped thousands of homeowners have trustworthy experiences with honest, local tradesmen and businesses. Their business motto says it all, ‘We don’t do dodgy’! Within their brand, which includes an online directory and personalised tradesmen concierge service, each month they choose 3 businesses to be featured on their ‘Top 3 Local Business Picks.’ These businesses are selected from their local, vetted, word-of-mouth service provider directory.
Some great news for those seeking to obtain finance this week. Independent financial regulator APRA has recommended to the banks that they ease their assessment rates in order to help the contracted lending market. This is very good news for everyone who has a home loan and it is without a doubt going to help first home buyers get into the property market. I am very happy to hear of this policy, especially after the ongoing restrictions over the past few years. What is an assessment rate?
It’s a Bond, Deposit Bond. So you have found a property you want to purchase, but you face a dilemma: Your savings are locked in a term deposit or are tied up in the equity of your property. How do I purchase a property when I cannot access my cash? A simple solution to this may be to have a Deposit Bond. Deposit Bonds are an insurance policy that indemnifies (or guarantees) that you, the buyer, will have the deposit available at settlement. There are two type of deposit bonds: A Short Term Bond or A Long Term Bond Different criteria apply for short-term and long-term deposit bonds….
When thinking of relocating, either to downsize, upgrade or to move interstate, a question often asked is: “Do I sell first then buy or do I buy first hope I sell during my settlement period?” Bridging finance may be an answer to this. But, what exactly is Bridging finance? Bridging finance is a loan structure that allows you to fund your new purchase whilst selling your current home. Bridging finance, often called ‘relocation loans’, last between 6 to 12 months time, depending on the lender. There are three types of debt that is referred to with Bridging finance: Peak Debt Where the…