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Is Your Home Loan Still Right For You? What to consider when refinancing

If this crazy year has taught us anything, it’s how life can change and chances are that since you got your home loan, interest rates have moved. Since you took out your mortgage, your life has probably changed a little too. Your income and expenses may have changed, and your financial goals could also be different.

With the Christmas holidays just around the corner, possibly bringing with them a little down time, now could be the perfect opportunity to review your finances and think about your goals.

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How to Reach Your Business Goals

It is estimated that 1 in 3 Australian small businesses close their doors within the first year, two out of four by the end of the second year, and three out of four by the fifth year. Running a successful small business takes hard work, perseverance, the ability to pivot when necessary, a good business plan and clear goals.

As many small business owners are struggling at the moment, we want to share with you our tips to help you achieve your goals and keep your business dreams alive.

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First Home Buyer Incentives

With historically low interest rates available at the moment, now could be the perfect time to get your foot on the property ladder. If you are thinking about buying your first home, you’ll be very happy to hear that there are quite a few government schemes available to you. This will probably be one of the largest investments you’ll make in your life and you will undoubtedly feel a little overwhelmed (and quite excited), so for your convenience, we’ve put together a list of all the incentives available to first home buyer, owner occupiers in Queensland.

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How to Avoid Paying Lenders Mortgage Insurance

Lender’s Mortgage Insurance (LMI) is insurance that covers the lender’s risk within a residential mortgage transaction in case the borrower fails to make loan repayments. A lender considers a loan to carry a higher risk if the loan-to-valuation-ratio (LVR) is more than 80 per cent of the purchase property price, this is when LMI is payable.

If you consider that the average price of a home in Brisbane is $550,000, that would mean a deposit of around $110,000 would be required. The major benefit of LMI is that borrowers with smaller deposits are able to enter the market sooner rather than later, allowing the dream of homeownership to become a reality for a lot of first home buyers.

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