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Discover Financial Freedom Through Debt Consolidation

Discover Financial Freedom Through Debt Consolidation

Apr 3, 2024 | Debt Consolidation, Refinance

Are you drowning in a sea of multiple debts, struggling to keep your head above water with endless repayments and due dates? It’s time to chart a course towards simplified finances with debt consolidation!

With our debt consolidation solution, you can merge all your existing debts into your mortgage, securing a lower interest rate and consolidating all payments into one manageable monthly installment. Picture the relief of having your financial obligations streamlined into a single, easy-to-manage repayment!

Benefits of Debt Consolidation:

  • Simplified Financial ManagementSay goodbye to the stress of juggling multiple loans and due dates. With debt consolidation, you’ll enjoy the convenience of managing all your debts through one monthly payment.
  • Potential SavingsBy consolidating your debts, you may gain access to lower interest rates, allowing you to save money over time and improve your overall financial health.
  • Enhanced Cash FlowWith a consolidated debt structure, you can better manage your cash flow and allocate resources more efficiently, giving you greater flexibility and stability in your finances.
  • Peace of MindWith your home securing the loan, you can rest assured knowing that you’re protected from creditor pursuit and bankruptcy risk, providing you with invaluable peace of mind.

However, it’s important to consider the following:

Disadvantages of Debt Consolidation:

  • Secured DebtConverting unsecured debts into secured debt means that your property is at risk if you’re unable to meet mortgage repayments, so it’s crucial to assess your financial situation carefully.
  • Extended Loan TermExtending the loan term through debt consolidation may result in paying more total interest over time, although extra repayments can help mitigate this.
  • Potential FeesBe mindful of any set-up fees or charges associated with a new home loan package, as these may add to your overall debt burden.

At Sanford Finance, our experienced team is dedicated to guiding you through the debt consolidation process, ensuring that you understand both the benefits and potential drawbacks.

Whether you’re looking to reduce debt gradually or free up funds for other expenses, we’ll tailor a solution to suit your unique needs.

Don’t let multiple debts hold you back any longer – seize control of your finances today with debt consolidation from Sanford Finance. Contact us now to schedule a consultation and embark on your journey toward financial freedom!

Australian Property Market: Prices Soar, Renters Seek Relief, and Homeownership Challenges Persist

Australian Property Market: Prices Soar, Renters Seek Relief, and Homeownership Challenges Persist

Mar 11, 2024 | Property Market

The Australian property market continues its upward trajectory in 2024, bringing both excitement and challenges for homeowners and renters alike. Home prices reached new highs in February, with a 0.45% increase marking the highest monthly rise since October 2023. This surge is particularly good news for sellers, but it poses challenges for those looking to enter the market. Competition among buyers is intense, with demand far outstripping supply. As a result, property prices continue to rise, making it difficult for prospective buyers to find affordable homes.

Rental struggle – but is relief in sight?
Renters face their own struggles as rental prices climb. Capital city asking rents rose by 1.4% in February, adding to a 12-month increase of 13.1% as of February 2024. However, there are signs that the pace of rent increases may be slowing, offering a glimmer of hope for tenants.

What property types are performing the best?
Over the past four years, CoreLogic data has consistently shown that houses hold their value better than apartments and units. At the start of 2024, the average difference in median capital city house values had significantly increased to 45.2%, which is around $293,950. This is a considerable jump from the 16.7% difference observed at the beginning of the pandemic in March 2020, indicating sustained high demand for houses. From March 2020 to January this year, capital city house values rose by 33.9%, equivalent to a staggering $239,000 increase. In contrast, unit values only went up by 11.2%, or $65,235, during the same period. Sydney saw the largest gap between house and unit values, reaching 36% over this timeframe.

Housing Affordability Report Reveals It Takes 12.6 Years to Save for a Deposit in Sydney
Despite these challenges, the housing affordability picture is grim for many Australians. Saving for a deposit on a home is becoming increasingly difficult, particularly in Sydney where it now takes an average of 12.6 years to save for a standard 20% deposit. Across Australia, that figure was slightly lower at 10 years to save for a deposit, though Melbourne is tipped to become Australia’s biggest capital city. In the five years to September, the time it took to save for a deposit in Melbourne lowered from 10.2 years in September of 2018 to 9.6 years today. The housing affordability report paints a concerning picture, with the portion of income required to pay down a new home loan rising to 46.2%, putting many households at risk of mortgage stress. In summary, whilst the property market offers opportunities for some, it presents significant hurdles for others, highlighting the ongoing challenges of homeownership and rental affordability in Australia – but there is still hope. At Sanford Finance, we’re committed to helping our clients achieve their financial goals. Whether that means reducing mortgage stress, purchasing your first home or upgrading your current home, renovating, investing or anything in-between – our team is here to help. Contact us today to get started and let’s see what we can achieve in 2024.

From Mortgage Broker to Corporate Fighter: Find out why Nunzio is heading into the ring

From Mortgage Broker to Corporate Fighter: Find out why Nunzio is heading into the ring

Mar 7, 2024 | Sanford Team

On an average day, you’ll find Nunzio securing loans for his clients, negotiating rates and navigating mountains of paperwork… but outside of work, things have looked a little bit differently lately.

After signing up for Corporate Fighter, a challenging 10 week boxing experience that ends with a once-in-a-lifetime fight night experience, Nunzio has been finishing work and donning his boxing gloves for an incredible cause – but we’ll let him tell you about it:

Why did you sign up for Corporate Fighter?

I signed up for Corporate Fighter because I wanted to challenge myself both physically and mentally while supporting a good cause. I had been following the program for a while and finally decided to put myself through the ultimate test of training like a professional fighter.

Which charity are you raising money for and why did you choose them?

I am raising funds for Will2Live whose mission is to provide the support and basic human needs to the marginalised and disenfranchised members of society. I chose this charity because in my view these people are fighting battles every day for basic human needs that we may take for granted, like food, water, and clothing. This resonated deeply with me, and I thought I would join them with that fight to make their day to day easier, be in their corner. This charity is making a tangible difference in people’s lives.

How have you been preparing for the final fight?

Preparing for the fight has not been as easy as I had imagined. With training 5 times per week, the coaches have been testing us every session, pushing us to our breaking point with a mix of strength training, cardio workouts and sparring sessions. But the preparation goes beyond the training itself, as I have been managing my diet to ensure I am in peak condition for the fight which has been one of my biggest challenges over the past 8 weeks.

How can people support you?

People can support me by donating to my fundraising efforts for Will2Live here. Every contribution, no matter how small, makes a meaningful impact towards helping those in need. Additionally, spreading the word about the event and sharing my fundraising page with friends and family can also help garner support. As an added bonus, if you have the means to donate $20, you will receive a livestream link of the event on the night of the fight to your email where you can not only watch my fight, but all the fighters who are also raising money for great causes.

How did you choose your fighter name, The Assasin?

I chose “The Assassin” as my fighter name because to me it embodies the determination and focus required to step into the ring. The name reflects my mindset of pushing forward relentlessly towards my goals, both inside and outside of the ring.

What’s one thing you’ve learnt whilst training for Corporate Fighter?

One thing I’ve learned while training for Corporate Fighter is the importance of discipline and consistency. It’s not just about the physical aspect of training; it’s also about mental resilience and staying committed to the process, even when faced with challenges or setbacks. Training for this event has taught me valuable lessons about perseverance and pushing past my limits even when every part of you is telling to stop.

You can support Nunzio by donating here. The night will also be live streamed for supporters on the night so you can watch Nunzio battle it out during fight night. The whole Sanford Finance team will be attending the black tie event and we can’t wait to see how Nunzio’s hard work pays off.

New year, new financial strategy

New year, new financial strategy

Feb 6, 2024 | Debt Consolidation, Refinance

How to make 2024 a better year for your finances

The silly season is over, a new year is here and now is a great time to take stock of your finances. Whether you’re looking to get rid of some bad habits, start some new ones or take some of the financial pressure off – we’ve got a few financial resolutions you should consider:

Consider refinancing

Refinancing your loan for a lower interest rate could not only save you money, but also allow you to pay off your loan sooner.

A lower interest rate may mean your repayments are lower each month, giving you more money in your pocket or more money to increase your repayments – saving on total interest and repaying your mortgage faster.

With interest rates rising, lenders are competing for your business and there are some incredible interest rates on offer.

Downloading our FREE Refinancing Guide to see just how much switching lenders could save you.

Tackle Debt

What money comes out of your account each month? Could you consolidate or remove some of those debts?

With interest rates rising and the silly season spending starting to catch up, now is a great time to reduce debt and change your spending habits.

Debt consolidation is one option you may consider – allowing you to pay off various debts via a single loan with a competitive interest rate. This not only helps you save money, it also leaves you with one simple payment date each month. This, in turn, may help reduce financial stress. See our previous article How Consolidating Your Debt Could Save You Money for more information – or contact our team.

Set a smart savings goal

Whether you have a long or short term money goal, there’s no better time to action it than now. Consider making a plan for how much you can reasonably afford to set aside this year and make regular contributions to your savings account. With interest rates higher, it’s also a great opportunity to set up a high interest savings account. Whilst it may only be a couple of extra cents or dollars each month, these can really add up over time.

Cancel or consolidate subscriptions

Netflix, Disney+, Kayo, One Pass, Amazon Prime, gym memberships – monthly subscriptions can quickly add up, and for many of us they are often left unused.

Why not look at all of the weekly/monthly/annual subscriptions you have and then decide what can stay, go or swap for a cheaper (or free) option. You may find that you end up saving hundreds each month on subscriptions you simply don’t need.

Rethink your daily spending

Dinners out, coffees, Kmart trips and weekend activities can quickly add up. When applying for a home loan or refinancing, this spending is what lenders tend to scrutinise – so why not clean this spending up now. Have a look at our previous article, How your Daily Spending is Impacting Your Borrowing Power for some tips.

Get a better deal on insurance

When was the last time you checked to make sure your home/car/health/life insurance premium was competitive? As something we often set and forget, it can be easy to spend more money than you need to each month.

Set aside some time this month to take a look at what other providers are offering to ensure you’re getting the best deal. This way you can consider switching – or calling your current provider to find out if there is a better deal available.

The same also applies to things like electricity, water, gas, telephone and internet expenses.

Ready to make 2024 a brighter financial year?

Contact our team today to see how we can help.

What is the Shared Equity Home Buyer Helper?

What is the Shared Equity Home Buyer Helper?

Dec 6, 2023 | First Home Buyers, Government Grants, Purchase

Dreamed of owning your own home but just don’t have the means to do it on your own? A recent scheme from the NSW Government could help to make those dreams a reality.

What is the Shared Equity Home Buyer Helper?

The NSW Government is supporting and creating opportunities for eligible lower income single parents, older singles and first home buyers to live in their own home through the Shared Equity Home Buyer Helper scheme.

How does Shared Equity Home Buyer Helper Work?

For eligible persons, the NSW Government will contribute up to 40% of the purchase price for new dwellings, and 30% of the purchase price of established properties, in exchange for an equivalent interest in the property. The Government will secure its interest in the property by way of a registered second mortgage, meaning a smaller deposit and lower monthly repayments for the purchaser.

All purchase costs, including stamp duty, are the responsibility of the participant. Participants will also remain eligible for first home buyer programs and any stamp duty or land tax concessions where applicable.

Do participants pay rent to the government?

No payments, such as rent or interest, are required to the Government as part of this scheme whilst the participant remains eligible for the initiative. Participants can make voluntary payments to increase their share in the property.

How do participants remain eligible for this scheme?

To remain eligible, participants will need to occupy the property as a principal place of residence and meet ongoing requirements, including property maintenance, property insurance and periodic reviews. Participants are also responsible for ongoing property costs such as council rates, body corporate fees and utilities.

What happens if the property is sold?

When the property is sold, the NSW Government will share in the gains or losses with the participant from the sale.

Who is eligible for this initiative?

The Shared Equity Home Buyer Helper scheme is currently open to:

  • A single parent of a dependent child or children
  • A single person aged 50 or above
  • First home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators and police officers

To be eligible for this scheme, you must also:

  • Have a gross household income of no more than $93,200 for singles and $124,200 for couples
  • Buy a home with a property price no more than $950,000 in Sydney and major regional centres (Newcastle, Illawarra, Central Coast, Lake Macquarie, North Coast of NSW) or no more than $600,000 in other regional areas.
  • Be at least 18 and an Australian or New Zealand citizen, or a permanent Australian resident
  • Have a minimum deposit of 2% of the purchase price
  • Live in the property as your principal place of residence

As a single parent or older single applicant, you must not own an interest in any other land or property at the time of settlement on your newly purchased house.

As a first home buyer key worker, you and your spouse/partner must not have previously owned an interest in any land or property in Australia.

How can you apply for the Shared Equity Home Buyer Scheme?

Applications can be made through a participating lender. More information is available at: nsw.gov.au/shared-equity