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Is now the time for first home buyers?

Spring is in the air, and we all know what that means – more property is coming onto the market. But for many young Australian’s the question remains, ‘am I ready to purchase my first home?’

Being financially smart and independent is one of the most important lessons we can teach our kids. Many young Australians are considering taking the leap into home ownership, but is it the right time? There are some things you can do to help your children figure things out.

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Is the tide turning on the Property market?

 

For the first time in years, the planets seem to be aligning for homebuyers and property investors. Interest rates are falling, property prices largely appear to be stabilising and constraints on bank mortgage lending have been relaxed. 

It’s welcome news for first homebuyers and anyone who has been waiting on the sidelines for a signal that the downturn in house prices could be at or near the bottom in key markets such as Melbourne and Sydney.

As is always the case though with the national housing market, the full story is more than a tale of two cities.

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Workers Compensation vs Income Protection

Workers Compensation will cover you for some things, but have you also considered Income Protection to ensure you are covered when you need it most?

Whether you’re a white-collar worker hammering away at your keyboard from 9 to 5, or a tradie getting your hands dirty day-in and day-out, you run the risk of getting sick or injured at work.

That’s why every Australian workplace has health and safety obligations: they must provide safe work premises, assess risk and have workers compensation insurance.

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Keep calm and carry on – tackling your financial stress

With costs of living on the rise and wage growth stagnating, it’s not hard to see why Australian households are increasingly feeling the pinch when it comes to financial stress.i In fact, a recent Ubank survey revealed 59% of Aussies admit their current financial situation causes them stress or loss of sleep.ii 

Financial stress can be constant and at its worst crippling, but with a bit of teamwork, solid communication, and a dash of discipline you can get your finances under control and set the right foundations for your Financial future.

Here are some tips you can use in your household and everyday lives to improve your situation and well being when it comes to your finances. 

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Time to review household debt

Fuelled by rising house prices and low interest rates, the level of personal household debt in Australia is relatively high compared to many other countries.i

The largest proportion of this debt is often used to purchase a valuable asset – the family home. With careful planning, you might be able to control your household debt and use it to grow wealth and secure your future.

What Lenders are looking for when you apply for a loan

The lending enviorment has changed dramatically within the last year with over inflated property prices, the Royal Commission and unethical practices. There is now a tightening of lending restrictions and it is becoming more challenging for borrowers to secure Finance.

A number of clients coming into our Macarthur office are finding it harder to deal with the banks and are now using the professionals that are recommended by RP Wealth Management to assist.

In this article we let you know what Lenders are looking for when they are assessing your Loan Application.

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Level 2
351 Oran Park Drive
Oran Park N.S.W 2570

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