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“North West Agrifinance believes that regional farms, families and businesses need specialised financial structures and clear business planning to achieve their goals. Our experienced team ensures our valued clients have choice, flexibility and transparency by delivering proactive finance solutions.”

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“The one who plants trees, knowing that he will never sit in their shade, has at least started to understand the meaning of life." 🌴🌲🌴🌲

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6 days ago ·

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Top tips 💡 for helping millennials overcome the stigma and get into homes 🏠🏠🏠

Never have the spending habits of a generation been so scrutinised in the context of home ownership as they are for the millennial generation.Faced with a combination of high property prices, stagnant wages, restricted access to credit and their own appetite for spending, millennials continue to find it difficult to achieve the great Australian dream.But leading finance brokers are urging young people not to give up on their dreams just yet.

While a number of unique pitfalls await younger buyers, a knowledgeable finance broker can improve their chances at home ownership.

“Loan applicants, particularly of a younger age, often have multiple services extracting payment from their bank accounts every month. A recent client of mine for example subscribed to Foxtel, Stan, iTunes, Netflix and Spotify.“Despite the regular and ongoing nature of these services, it is not uncommon for young people to omit these costs from an application. This can be for a number of reasons, they don’t consider them relevant, or they simply forget.

“A good broker is aware of this and the potential for these costs - particularly if they are undisclosed - to be viewed negatively by the lender and will work with the applicant to help make sure they don’t unnecessarily impact an application. "Other expenditure commonly associated with the younger generation, UberEATS for example, can again be treated differently.
“I had a client who spent $50 a week on UberEATS, but when it came to their application, I made it clear this expenditure also meant their grocery bill was smaller, $300 rather than $400 a fortnight.“It is important for the broker to remind the lender of that kind of trade-off, to ensure perspective and greater flexibility is applied to the process to give the applicant a fair go.”

As access to credit becomes more restricted, some things prospective borrowers can do to improve their chances at securing a loan include:

Have a full understanding of where your money is going and how it impacts other areas of your budget. While you may be spending more in one area, expenses in other areas may be reduced. This can help not only present a better picture to lenders but also to identify discretionary spending.

Disclose all information to the lender through your broker. Neglecting to provide all pertinent information may ultimately prove damaging to the lender and to yourself.

Contact a finance broker well in advance of applying for a loan. This way a broker could help you to make any lifestyle or spending-habit changes to improve your chances for a successful application.

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Article credit MFAA ... See MoreSee Less

2 weeks ago ·

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