Are you over the age of 60 years, own your own home and wanting more freedom to live a more comfortable lifestyle in retirement?

Are you worried the savings you have is not enough to get you though your retirement?

Do you have a wish list that could include a new car, a holiday or simply make life easier?

Is your home in need of repairs, improvements, or renovations?

Do you require additional income to help pay medical bills, or simply supplement your pension to assist with covering living costs?

If you answer yes to any of the above then a Reverse Mortgage may be suitable for you.

What is a Reverse Mortgage?

A Reverse Mortgage is a loan which has been specifically designed for seniors 60 years and over.

It allows you to borrow money using the equity in your home.  Your home is used as security allowing you to access the funds through a regular income stream, a bulk drawdown or a combination of both. You can only borrow up to certain amounts based on the age of the youngest borrower and the value of your home.

For example, if you are the age of 60, the most you can borrow is around 15% -20% of the value of your home. This amount can vary by 1% For each year over the age of 60.

Before applying for a Reverse Mortgage … you will need to answer a few questions:

1. Can I sell the property and downsize?
2. Can my children assist me with the extra money I need?
3. What are my options?

Things you need to know and do :

• Over the life of your loan your debt will increase, and your equity will decrease
• The interest rate can be higher than a standard home loan
• Drawing the funds may affect your ability for the age Pension.
• Speak to your children about the reverse mortgage option prior to proceeding.
• Speak to your financial planner to find out if a Reverse Mortgage could:

• Affect your ability to afford aged care
• Eat into money you need for future medical bills or home maintenance.
• If you are the sole owner of your home, and someone lives with you, that person may not be able to stay when you move out or die.
• There is a no negative equity guarantee attached to the loan.
• If you are considering a Reverse mortgage, you will be required to discuss your needs, objectives and financial situation with  an accredited Reverse Mortgage Professional to learn how a reverse mortgage may affect your personal circumstances.
• We encourage you get independent advice from a financial adviser or legal professional and if you receive government benefits speak to Australian Government services Australia

Things you should also know !

• Reverse Mortgages are a regulated consumer finance product in Australia
• An application for a Reverse Mortgage will need to comply with the terms and conditions of the Reverse Mortgage Lender, and loans are subject to loan approval criteria.
• Terms, Conditions, Fees, and charges apply. These will be advised at time of application

If you believe a reverse Mortgage may be suitable to you contact Rhonda Porter of Your Finance Choice on

Mobile: 0407 443 753 or email: rhonda@yfcloan.com.au

The post Is a Reverse Mortgage right for you? appeared first on Your Finance Choice.

(Please note for specific taxation advice regarding your situation, please speak to your registered taxation professional)

Full details can be found on the ATO website here

Shortcut method

You can claim a deduction of 80 cents for each hour you work from home due to COVID-19 as long as you are:

• working from home to fulfil your employment duties and not just carrying out minimal tasks such as occasionally checking emails or taking calls,
• incurring additional deductible running expenses as a result of working from home.

You do not have to have a separate or dedicated area of your home set aside for working, such as a private study.

The shortcut method rate covers all deductible running expenses, including:

• electricity for lighting, cooling or heating and running electronic items used for work (for example your computer), and gas heating expenses
• the decline in value and repair of capital items, such as home office furniture and furnishings
• cleaning expenses
• your phone costs, including the decline in value of the handset
• your internet costs
• computer consumables, such as printer ink
• stationery
• the decline in value of a computer, laptop or similar device.

You do not have to incur all of these expenses, but you must have incurred additional expenses in some of those categories as a result of working from home due to COVID-19.

If you use the shortcut method to claim a deduction for your additional running expenses, you cannot claim a further deduction for any of the expenses listed above.

You must keep a record of the number of hours you have worked from home as a result of COVID-19. Examples are timesheets, diary notes or rosters.

If you use the shortcut method to claim a deduction and you lodge your 2019-20 tax return through myGov or a tax agent, you must include the note ‘COVID-hourly rate’ in your tax return.

Records you must keep

If you use the shortcut method, you only need to keep a record of the hours you worked at home, for example timesheets or diary notes.

If you use the other methods, you must also keep a record of the number of hours you worked from home along with records of your expenses. For more information on what those records are see Home office expenses.

More information

For more information, visit ato.gov.au/home or speak to a registered tax professional.

The post ATO shortcut for temporary working from home expenses appeared first on Your Finance Choice.

What is a credit score?

Your credit score is a number based on an analysis of your credit file, at a particular point in time, that helps a lender determine your credit worthiness. It is used by credit providers, such as banks and credit unions, to help them decide whether to lend you money, how much they will lend you and may sometimes influence what interest rate is offered to you.

Comprehensive credit reporting and how it’s changing your credit report

From September 2018, the major banks and various credit providers will be putting additional information about the credit products you hold on your credit report. This will give a more complete picture of your credit history.

The new information will include:

• the type of credit products you have held in the last 2 years
• your usual repayment amount
• how often you make your repayments and if you make them by the due date.

You may find that your credit score has changed as a result. See how to get a good credit score for tips on improving your score. 

How is your credit score calculated?

Credit reporting agencies collect your financial and personal information and document it on your credit report. This information is then used to calculate your credit score, which includes:

• Your personal details (such as age and where you live)
• The type of credit providers you have used (e.g. bank or utility company)
• The amount of credit you have borrowed
• The number of credit applications and enquiries you have made
• Any unpaid or overdue loans or credit
• Any debt agreements or personal insolvency agreements relating to bankruptcy

What does my credit rating mean?

Depending on the credit reporting agency used to calculate your score, it will be a number between zero and 1,200 or zero and 1,000.

The number is rated on a five-point scale (excellent, very good, good, average and below average). The position of your credit score on this scale helps lenders work out how risky it is for them to lend to you: 

• Excellent – you are highly unlikely to have any adverse events harming your credit score in the next 12 months
• Very good – you are unlikely to have an adverse event in the next 12 months
• Good – you are less likely to experience an adverse event on your credit report in the next year
• Average – you are likely to experience an adverse event in the next year
• Below average – you are more likely to have an adverse event being listed on your credit report in the next year

How to find out your credit score for free

You can get a free credit score from a number of online providers. The results may vary depending on which credit reporting agency is used. The following websites offer a free credit rating:

• Creditsavvy (Experian score)
• Credit Simple (illion, formerly know as Dun and Bradstreet score)
• Finder (Experian score)
• Getcreditscore (Equifax score)
• WisrCredit (Equifax and Experian score)

You may need to check with more than one credit score provider to get a consistent and reliable measure of your credit rating.

Your credit score is dynamic, meaning it may change from month to month as your financial circumstances change. 

Protecting your personal information

By obtaining your free credit score you may be agreeing to allow your personal information to be disclosed to third parties for marketing purposes. Ensure you read all terms and conditions and consider whether you want your personal information passed on for marketing purposes. You can opt out or unsubscribe where you do not want these details passed on.

 Checking your credit rating can protect you from fraud

You should check your credit rating and report to ensure your information is correct and that all the enquiries and listings on the report have been made by you. Criminals can steal your identity and take out credit in your name so checking the accuracy of your credit report is important. See credit reports for more information on how to check your credit history. 

Case study: Jessica gets her credit rating

Jessica wanted to be able to negotiate a better deal on her loans and credit card so she decided to find out her credit score. She found two providers offering a free credit rating online. She decided to compare the two and see how she rated with both.

The first website placed Jessica in the ‘very good’ category with a score of 726 out of 1000. The second website placed her in the ‘good’ category with a score of 699 out of 1200.

Jessica did some further research and found that each website used data from a different credit reporting agency to calculate her credit score. She requested a copy of her credit report from each of these agencies to see what the difference was.

It turned out not all her credit history was listed with the reporting agency the first website used so her score came out higher. The scoring system was also different across both sites.

Jessica decided to keep an eye on her credit rating in future to ensure it stayed high.

How to get a good credit score

Your credit score can increase or decrease over time depending on the information contained in your credit report. Your score can change even if your financial habits haven’t. This could be due to a number of factors including:

• applying for a new loan or credit card
• a listing on your credit report expiring
• a change to your credit limit on an existing loan or credit account
• new information from a creditor
• closing a loan or credit card account
• late repayments

Improving your credit rating starts with looking at your current financial situation and looking for ways to improve it. As your financial circumstances improve your credit rating will improve. Getting into a good credit position before you next apply for a loan can help increase the likelihood of you getting approved.

You can improve your credit score by:

• lowering your credit card limits
• consolidating multiple personal loans and/or credit cards
• limiting your applications for credit 
• making your repayments on time
• paying your rent and bills on time
• paying your mortgage and other loans on time
• paying your credit card off in full each month

Credit scores help lenders decide if they should lend money to you. Knowing your credit score can help you to negotiate a better deal with your bank or find an alternative lender that will reward your good credit history.

Please contact us on Ph 0407 443 753 if you seek  further discussion on this topic. 

Source : ASIC’s MoneySmart November 2018 

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://www.moneysmart.gov.au/borrowing-and-credit/borrowing-basics/credit-scores

Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.

Important
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author.

Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

The post How to get a good credit score appeared first on Your Finance Choice.

Please contact us on Ph 0407 443 753 for information on participating lenders.

Are you an eligible first home buyer?

The Scheme is open to singles or couples.

Singles

If you are looking to purchase your first home as the only person named as a borrower in your home loan, then you would apply under the Scheme as a single.

Couples

If you are looking to purchase your first home with your spouse or de facto partner, where you are both named as borrowers in your home loan, then you would both apply under the Scheme as a couple.

NHFIC has developed a tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria.

Click here to view the Eligibilty tool.

Property price thresholds

To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the property price thresholds (maximum property purchase price under the Scheme) will apply in capital cities, large regional centres and regional areas.

NHFIC has also developed a tool to help first home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. Please note that this tool is provided as a guide only and does not mean that you will receive either a guarantee or a loan from a participating lender.

Click here to view the price threshold tool.

Fact Sheets

Please click here to download a Fact Sheet

Please click here to download some FAQs

If you have any questions or require further information please contact us on Ph 0407 443 753.

Source:

The post First Home Loan Deposit Scheme (FHLDS) appeared first on Your Finance Choice.

There is no better time to be getting our kids in the kitchen, with school holidays looking completely different this year as the country grapples with the spread of coronavirus.

The idea of letting kids in the kitchen can be daunting, and you might be wondering ‘why would I now, of all times, want to add that additional stress into my life’. 

However, healthy behaviours and positive relationships with food start at an early age, so it makes sense to get kids started in the kitchen sooner rather than later to promote good health and life skills.

Teaching our children to take control of their health

One of the big barriers to people not cooking with their kids is not having enough time. I get it! It’s not an ideal time to be engaging kids in cooking when you are running in from soccer training after a full day of work knowing that you have 15 minutes to get through the dinner/bath/bed routine. 

However, when seeking any positives of this coronavirus tragedy, one may be that many of us potentially have more time at home, with our kids, than ever before. It’s our time to shine as parents!

By setting aside a few hours each week to teach your kids some simple cooking skills, you will set them up for a life so they can make informed choices about what they eat and take control of their health.

A chance to come together

Cooking brings people together – and cooking with kids is no different. In this time of high stress and change, which unavoidably is also impacting our kids, spending time together doing positive activities doesn’t just get those carrots peeled quicker, it is a chance to talk and to connect. 

It’s not just cooking!

As well as teaching kids important information about food, where it comes from, and how to prepare it, cooking also teaching valuable academic skills:

• Maths: get kids to measure, count or weigh ingredients and work out fractions
• English: get kids to read the recipe, even better design their own and write it down. Read the ingredients and get kids thinking about what words they recognise and what words sound like chemicals. This is a great discussion starter for thinking about what makes up the food we eat, what are ‘real whole foods’ and what ‘foods’ are not food but instead a highly processed chemical cocktail.
• History: why not investigate what foods or meals they ate during the Renaissance!
• Geography: try an international recipe
• Science: cooking is all about chemical reactions. I always love watching what happens when you mix the bicarb of soda with the melted honey and butter when baking a batch of Anzac biscuits
• PDHPE: cooking is an excellent opportunity to discuss how food is medicine and how the food we eat influences our mood, our energy, our growth, our skin, our sleep – our everything!

Start with easy, healthy recipes

You might want to start with a family favourite recipe that you can make together. Or jump online to get some inspiration. 

Here are a few sites to get you started:

Whole Food Simply 

Australian healthy food guide 

Healthy kids NSW

Choose age-appropriate tasks

Children as young as two can start helping – they can start by washing the fruit and veg or breaking up the broccoli. Three-year-olds can mix or shake up dressings. Four-year-olds can mash bananas and set the table. Five-year-olds can measure, and break eggs (if you don’t mind eating a bit of shell).  

Keep it simple – it can be as easy as starting them on spreading some avocado on a rice cracker or adding ingredients to a smoothie or mixing some bliss balls or scrambling some eggs.  

Cooking for confidence and belonging

Yes, it’s probably quicker doing it yourself, but one of the most fabulous skills you can gift your child is the ability to cook. It allows them to feel like a valuable part of the family, helps develop responsibility and builds their confidence.

Source: Emily Connell Nutritional Medicine 

Emily Connell, BHSc Nutritional Medicine, BAppSc Occupational Therapy

Emily is a Nutritional Medicine practitioner, writer, speaker, facilitator and trainer.  Emily combines her passion for Nutritional Medicine with her background in Occupational Therapy, mental health & management to support people to achieve health & inspire wellness.  

Important note: 
This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. 

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author.

Any links are provided for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

The post Kids in the kitchen – entertaining the kids these school holidays appeared first on Your Finance Choice.

Working from home has suddenly become the new norm as Australia faces the spread of the coronavirus. For many, this is accompanied by having children at home.  

Loneliness and lack of connectivity are a real risk of extended periods of working from home, as is the risk of burnout for those of us that are juggling homeschooling kids with our regular workload.

Understandably mental health becomes a top priority. So how can we thrive, not just survive, during this period of change and uncertainty?

As someone who has worked from home for several years, I have developed a few ‘start straight away’ practical strategies to help you stay mentally healthy to prevent burnout.

1. Focus on the positives

Firstly, try and focus on the benefits of working from home, like the flexibility and the need for a less extensive wardrobe (even when on a video call only, the top half needs to be presentable – just don’t stand up!). Then there is the opportunity to be more productive with fewer distractions from work colleagues. And, the reduced commuting time which comes with additional environmental benefits. 

2. Be mindful of what and when you’re eating

As a nutritionist, food is my top priority and research supports the clear link between food and mood. The freedom of working from home can lead to random eating and snacking, or sometimes not eating at all. 

• Schedule in food breaks into your routine. 
• Try to move away from your work station to eat mindfully. 
• Prepare your healthy snacks and lunch for the day in the morning (do this for the kids as well). 
• Eat foods that improve your mood.

Don’t think that just because your fridge and pantry are right there, you’ll figure something out when you need to – this is when it becomes easier to reach for the processed convenience foods that negatively impact our mental health. Smoothies are a great ‘go-to’ for a tight deadline and having some chopped veggies prepared for the week can be a life saver! 

Ultimately, your diet is only as good as the food you have around you so surround yourself with fresh whole real food.

3. Get moving

Think of creative ways you can incorporate daily movement because your step count will be down considerably! I like to walk around my house during phone meetings. Or check out Pinterest for easy DIY ideas on how to turn your desk into a stand-up station.  

Chris Hemsworth wants to keep you fit and sane while in isolation and is offering his Centr fitness app for free for 6 weeks. 

You can also find free YouTube videos to suit your level of fitness and exercise preferences.

4. Schedule in some sunshine

Fresh air and sunshine are still possible – even in lockdown

Take the laptop outside and soak up some sunlight and source some natural Vitamin D, beneficial for immune function. Use websites like Sunsmart or apps like D minder on how to do this safely.  

5. Work in sprints and take breaks

I’m a lover of the ‘Pomodoro Technique’ which is all about working in sprints of 25 minutes work, focused on a single task (notification free), 5 minutes rest and then repeat five times. 

Then schedule a break – for food, for some movement or even a social video call with a friend. The 5 minutes rest is a great time to stretch, pat the dog, ‘salute the sun’ on the patio, have a drink of water or do a 5-minute meditation (Insight Timer is an amazing free app for this).

6. Sleep

Try to avoid, where possible, making your home workspace your bedroom. Sleep is paramount in managing stress, mental health, immunity and overall wellbeing. As tempting as it is to roll over, grab the laptop, and get the workday started while still in your PJs, this habit over time will hurt productivity, prevent the body and the mind from winding down, and mess with your ability to sleep. 

7. Stay connected

Lack of connection and loneliness are key risk factors of working at home, even more so now with social distancing and isolation becoming a common part of our daily practice. Now more than ever, it is crucial to be intentional with staying connected. There are a whole host of online platforms to allow this such as Zoom, Facetime/Skype, or apps such as Houseparty.

Schedule in at least two online face to face interactions per day – one for work, one for pleasure. And do this for the kids too – they are also missing their friends.

8. Music

One of the best ways to stay mentally healthy, motivated, and productive is by listening to music while you work. This is also a great way of blocking out the background noise associated with not being the only one currently in your house if the kids are home.

But not all types of music suit all types of work. Lyrics can be a real distraction, especially if your job involves writing – like mine. Search for playlists on Spotify, Apple music or YouTube, for the type of mood or work you’re doing – there are study beats, ‘beat-strumentals’ that offer purely instrumental tracks from a variety of genres, and even subliminal playlists suited to maximizing creativity, focus, and clarity.

9. Set a knock off time

Research shows that being ‘always on’ while working from home leads to the blurring of work and non-work boundaries resulting in burnout and poor mental health. When working from home, you no longer have the physical boundary of leaving an office building to signal the end of the day. You might not even have the luxury of shutting the door on the home office as the kitchen table becomes not only the place of family gathering but also the main workspace. 

Dr. Adam Fraser in his research on the ‘3rd Space’ is an expert when it comes to these transitions in our daily roles. He suggests an approach of ‘Reflecting, Resting, and Resetting’. It can be as easy as a 5-minute daily ritual of packing up your workspace, stopping and reflecting on your day, take three deep breaths to rest and become present, and then reset by deciding how you want to show up in your next role whether that be a friend, parent, partner or another role.

Unprecedented is a word that is well and truly getting a work out at the moment but everything about what we are experiencing is extraordinary and so requires extra ordinary measures to keep us healthy, especially mentally healthy.  It is natural to have concerns and feel overwhelmed and it is important to acknowledge these feelings. Speak to a friend, a family member, a colleague or contact professional support services like Lifeline so you don’t feel so alone in these feelings.  

The journey to mental health involves what you put in your body – whether that be food, words, thoughts and actions.  So, choose foods that heal, words which uplift and actions that motivate, that are kind, and keep you in the flow.

Source Emily Connell Nutritional Medicine 

Emiy Connell, BHSc Nutritional Medicine, BAppSc Occupational Therapy

Emily is a Nutritional Medicine practitioner, writer, speaker, facilitator and trainer.  Emily combines her passion for Nutritional Medicine with her background in Occupational Therapy, mental health & management to support people to achieve health & inspire wellness.  

Important note:
This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. 

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author.

Any links are provided for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

The post 8 ways to look after your mental health while working from home appeared first on Your Finance Choice.

Please be assured that we are set up to continue our operations and to support you during this time. You’ll also be able to continue to access your accounts, balances and reporting.

If you have an upcoming meeting with us, we may reach out and ask to hold the meeting via phone or video conference, as part of our commitment to helping both you and our team prioritise their health, and the health of others.

If you have any specific questions, or if you’re experiencing financial difficulty, please get in touch with us on Ph 0407 443 753 or via email rhonda@yfcloan.com.au so we can discuss how we can help you.

Stay safe and positive – we are all in this together.

Regards,

Your Finance Choice

The post We are here to help appeared first on Your Finance Choice.

Maybe you already know how a standard mortgage works. Broadly speaking, you take out a loan to pay for an existing property, give that money to the owner of the property in one lump sum, then pay back what you’ve borrowed overtime – plus interest to the lender.

But when you need money to build, buy a house-and-land-package or make significant renovations or structural changes to your current home, that all changes – especially in regards to the approval process and the structure of the loan itself.   

Instead of borrowing a lump sum, you take out a loan with what’s known as ‘progressive draw-down’ or ‘progress payments’ – meaning your lender will give you the money to start the process, then pay for each stage of the build or renovation when it’s time for that stage to start. Read on to learn more about the stages set out by many construction loans.

With many construction loans, you’ll just be paying interest on the amount you’ve received so far for the first 12 months. After that, the loan structure will switch to you paying both principal and any further interest accrued.

Setting yourself up for success

Applying for a construction loan can be a more complex process than applying for a mortgage. The first thing many lenders will need to do is make what’s called an ‘as if complete’ valuation of your property – put simply, this is an estimate of the market value of the land AND your new or renovated home after the work is carried out. 

“Instead of borrowing a lump sum, you take out a loan with what’s known as  ‘progressive draw-down’ or ‘progress payments’ – meaning your lender will give you the money to start the process, then pay for each stage of the build or renovation.” 

That’s why it can also pay to have a licensed builder on board before you apply, unless you’re taking the big step of doing the work yourself, for example as an owner-builder. If you have a builder, your lender will need to see a copy of their licence and insurance policy as well as a copy of your building contract, which is often also structured in staged payments. And your lender will often need to inspect and revalue the project at each stage, especially if you’re the one swinging the hammer.

One thing to be mindful of is keeping tabs on your costs, and trying to keep your build within budget. Having a fixed cost contract doesn’t mean there aren’t other expenses that can arise – it could be as simple as changing the kitchen benchtop from laminate to marble. If costs blow out further than what your lender has approved for each stage, you may need to cover that extra spending before they release the next part of the loan.

P.A.Y.G: Get paid as you go

Depending on the process set out by your chosen lender, there are usually five or six stages of draw-down progress payments you’ll receive during the build:

Deposit

With some lenders, you’re required to pay the deposit to the builder to begin construction. Others will give you this first payment to pass on.

Base

During this stage, your land is prepared for the build. Foundations or slabs are laid, and some initial plumbing work is done.

Frame

This is when the skeleton of your new place is built. Basic brickwork is laid, roofing may be installed, and some windows may be fitted.

Lockup

The installation of external doors and any remaining windows, brickwork and roofing gets finished. Put simply, your house can be locked uptight.

Fixing

Walls and roofs are plastered. Gutters, downpipes, cupboards and appliances are installed and plumbing and electrical is finished.

Completion

Almost there! Now’s the time for a few finishing touches, like painting, fencing, cleaning up the site and making any final payments to the builder.

Do I need a construction loan?

Put simply, no. But most people will. In some circumstances, you may be able to redraw equity in your block of land or an existing home loan – either for your current home or an investment property – to pay for the works required. This can be a good option for owner-builders, or those keen to do some of the work themselves. 

It means you can pay construction costs at any point of the building process, rather than being bound to the stages set out by a construction loan. Just keep in mind you’ll be paying interest on the entire amount as soon as you get approved.

Some lenders offer dedicated owner-builder mortgages, too. But these require going through a more difficult application process – with the property held as security. And if you’re an owner-builder, they may consider you a high-risk client.

Ready to get started? To begin your application for a construction loan, contact us on Ph 0407 443 753.

Source: Your Loan Hub

(C) Advantedge Financial Services Holdings Pty Ltd ABN 57 095 300 502. This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.

The post Building not buying: do you need a mortgage or a construction loan? appeared first on Your Finance Choice.

Not to worry – we have a bunch of nifty and easy caravan storage tips and space-saving solutions to help you out. Most are inexpensive, too.

In fact, these tips are so handy that soon you might not recognise the inside of your van. It’s time to save some space…

1. PURCHASE COLLAPSIBLE PRODUCTS

Get your hands on collapsible, fold out, or pop-up products, sometimes for the price of a takeaway coffee. Items such as tabletop ironing boards, collapsible or pop-up laundry hampers, clotheshorses, and the like are great space-saving solutions for your caravan. Furthermore, drawer dividers and utensil trays are other handy products that will save you clutter.

2. BUY LOADS OF HOOKS

If you’re armed with a bunch of hooks, you are likely to discover room you didn’t know your van had. Hanging items from hooks, such as cooking utensils and keys, is not only great for saving space in your caravan but it’s a practical addition that allows you to easily locate items with ease. Alternatively, clips or suction caps are just as useful.

3. TRY HANGING SHOE RACKS

Take tip number two a step further and purchase a hanging shoe rack. As far as space-saving ideas go, this one falls into the so-simple-yet-so-effective category. Hanging shoe racks are ideal for storing small items such as cleaning supplies, toiletries, and food items.

Once again, this solution not only saves you space but ensures easy access to these products when needed. Hanging baskets and mini hammocks – for storing such things as fruit and vegetables – are also ideal for minimising clutter.

4. USE STACKABLE STORAGE TUBS

These things are more versatile than you might give them credit for. Stackable storage tubs aren’t discriminatory – they’ll accommodate any item you can imagine, from clothing to children’s toys. Knowing your van’s dimensions helps for making the most of this handy hint, as you can choose a tub that is a snug fit for a particular section of your interior.

5. BUY MAGNETIC STRIPS

Where are the scissors when you need them? On the wall. That’s right – they’re sticking really close to the wall-mounted magnet strips you have in your caravan. In addition to allowing you to know the whereabouts of these objects with the utmost of ease, magnetic strips are also great for keeping knives in a secure location.

6. PURCHASE NESTING BOWLS AND MEASURING SPOONS

Another simple-yet-effective trick – this one will save you cupboard space – is purchasing ‘nesting’ bowls and measuring spoons. They prevent you unnecessarily wasting space and, additionally, are convenient items to locate when it comes to cooking or baking

7. DON’T OVERLOOK CEILING SPACE

The ceiling of your caravan is a vital tool in providing protection but it’s about time it stepped up. Use your imagination (or simply keep reading) and you’ll discover there are plenty of uses for the trusty ceiling. Use it to hang shelves or even wardrobes (hanging wardrobes have to be one of the most inventive space-saving solutions going around). You can also attach brackets to ceilings to hang items such as a broom. Genius.

8. THINK ABOUT UNUSED AREAS

Following the above tip, it really pays to think outside the square. Take a look around your van and you’ll discover there is abundant space just begging to be filled up with essential items. If you didn’t already know, underneath the bed is a great place to store odds and ends.

9. USE AN ANNEX OR AWNING

Without wanting to sound like an ad for a plastic surgery company, this tip won’t help you on the inside, but it will help you on the outside. A caravan annex or awning are ideal for creating more space at your BIG4 park site and can be used to shield the sun, wind, or rain.

10. AVOID OVER-PACKING

If real estate is still at a premium after all these tips, you can always fall back on a guaranteed hint that will help you to save space: Avoid the tendency to over-pack. Think about what is really required for your break. In short, prepare a constructive list rather than reading straight from the Armageddon survival kit handbook.

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