www.wilsonfinancial.com.au
  • About Us
    • Why Use Us?
    • In The Community
    • Our Team
    • Testimonials
    • Enquiries
    • Privacy Statement
  • Covid-19
    • Hardship Contact Lines - Mortgages
    • Hardship Contact Lines - Equipment
  • Calculators
    • Stamp Duty Calculator
    • Income Tax Calculator
    • Borrowing Power Calculator
    • Budget Planner
    • Extra Repayment Calculator
    • Home Loan Offset Calculator
    • Property Selling Cost Calculator
    • Property Buying Costs Calculator
  • Home Loans
    • Investment Loans
    • Aussie Expats and Foreign Investors
    • Deposit Bonds
    • Medical Professionals
  • Financial Planning
  • Cars & Equipment
    • Car, Truck and Equipment Finance Calculator
    • Get A Quote
    • Car Buying Service
    • Car Loan Application Online
    • Solar Finance
    • Car Buyers Guide
  • Blog
  • More
    • Contacts
    • Resources
    • Newsletter Sign Up
    • Testimonials
    • Privacy Policy
    • Glossary

These are my top five financial mistakes!

2/3/2016

0 Comments

 
  1. Not getting your taxes done. We just financed many clients into houses last year whose finances were not up to date. It is not a deal breaker, however, they do have to pay a little more on rate or have very good equity positions to get finance this way. If you’ve been avoiding your taxes for too long, it may be time to make a resolution to get all your finances up to date. Your accountant and/or book-keeper can also help coach you into a better position, get some feedback from them on your finances.
  2. Making too many enquiries on your credit report! If you are a phone or online shopper for loans, stop now. Online applications or call centres go trigger happy on your credit file and this is NOT good for your credit file. Stop now. Use a broker to advise you of where you will and won’t get approved but don’t apply for a loan formally unless you really need it, or have made up your mind. As the years go on your credit file and score will have more and more bearing on how banks see you.
  3. Not budgeting. Budgeting is the key to good financial health. Sit down and work out all your weekly, fortnightly, monthly and annual bills. Divide this by whatever format you get paid in. Paid fortnightly? Work out your annual bills and divide by 26. Stick this into a bills account the moment you get paid. The rest should be for day to day expenses and food. If you want to save, do the same with a savings account, the moment you get paid, quarantine the funds.
  4. Not saving enough for a house deposit. Nobody enjoys saving to begin with. However, every successful asset and liability page I look at started with a savings pattern. You can’t step into the property market and start building without your first down payment (unless of course you have a lovely guarantor to help you up!). Initially savings hurts, you miss out and you have to budget, but once you start seeing your account increase you will become addicted. Start a savings plan today.
  5. Not knowing your interest rate. Nine times out of ten our clients guess as to their home loan rate is wrong. If you don’t know your current rate, or whether it’s competitive, talk to us today to have it reviewed. There is no cost to ask and we can do all the work for you.
Picture
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

     

    Author

    Liz Wilson has been working in finance for nineteen years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies...

    Picture

    Archives

    September 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    June 2019
    February 2018
    July 2017
    April 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    August 2014
    June 2014
    May 2014
    April 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    February 2013
    January 2013
    November 2012

    Categories

    All
    Extra Wierd
    Fun
    General
    Home Loan Features
    Industry News
    Kiva
    Lending
    Mortgage Broking
    Statistics
    Useful
    Wierd

    RSS Feed

Powered by Create your own unique website with customizable templates.