Finance advice

Debt or deposit?

By webmaster

It’s a common dilemma facing many aspiring home buyers. You’re trying to put as much money as you can towards a deposit for that much revered first purchase, but what about those bothersome debts that just won’t seem to go away?


Perhaps you took out a loan to buy a car. Or maybe you’re still paying off that trip through Eastern Europe you took last year. Whatever it is, it bears the question, is that where you should be allocating of all your hard-earned cash? Or should you be putting all of your money towards your deposit for a house?

Ultimately, this is a personal decision and will depend on your own personal circumstances. But when it comes to the fundamentals of good money management, one key rule of thumb to always remember is that debts should be paid down as quickly as possible, because of the interest costs they accrue.

Moreover, the interest costs of personal debts such as credit cards, car loans and personal loans tend to be quite high and can easily offset any interest you might earn in a savings account.

For example, a personal loan might attract an interest rate of 14 per cent, while a savings account might earn you just six per cent in interest – if you’re lucky.

Just doing the interest calculations on a personal loan paints a useful picture. On a $15,000 personal loan at 14 per cent interest on a five year loan term you’d be looking at total interest expenses of $5,941.43 (based on minimum repayments) – that’s a big chunk of cash which could certainly go a long way towards your savings goals.

Paying off those expensive debts first will help you avoid such interest charges and enable you to work on saving your deposit sooner.

By reducing and eliminating other debts, you’ll also increase the amount you’re eligible to borrow, with lenders’ serviceability assessments influenced largely by borrowers’ existing debt obligations – as well as the propensity to take on further debt. In other words, even if your credit card is paid in full, a $30,000 limit for instance is going to hit your loan eligibility, because you could, in theory, rack up another $30,000 in debt very easily.

While it may seem frustrating to put your savings goals on hold, in the end you’ll be in a much sounder financial position if you address your debts first.

The key is to work on paying your debts down as quickly as possible. And do your absolute best to avoid missing payments. One or two defaults on your credit history can really make it that much more difficult to secure a home loan.

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  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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