With the rising cost of living, a little planning can go a long way towards keeping the season merry without overspending.The festive season can be expensive, especially with the current cost-of-living crisis and increasing financial pressures on households.
According to Moneysmart, adults in Australia estimated they would spend almost $800 in the lead up to Christmas, while 34% planned to spend $1,000 or more. For those living paycheck to paycheck, coming up with that extra cash can make the festive season more stressful than magical.
Thoughtful planning is the secret to avoiding overspending. Here are our tips for a stress-free, budget-friendly festive season.
Planning in advance will help you to create a spending budget for the festive season. This is key if you want to avoid getting into financial trouble.
Create a budget for gifts and start buying them sooner rather than later. Giving yourself a runway to plan out your expenses in the lead up to Christmas can make a world of difference when it comes to managing your outgoings. You may even be able to make the most of end-of season spring sales or Black Friday (28 November) discounts.
Once you have a clear idea of your expected expenses, you can start planning how to generate the extra funds you’ll need. You may have to reduce non-essential spending on things like dining out if necessary.
You could also drum up some additional income by selling unwanted items online, having a garage sale, or by starting a side hustle like pet sitting, tutoring or dog walking.
Handmade or personalised gifts are a great way to get into the Christmas spirit, without breaking the bank. Think about ways to show people you care about them, without forking out a fortune.
You could bake loved ones special treats or give them a plant cutting from your garden in a hand-painted pot. Even a Christmas card with thoughtful words can be a great way to show your loved ones you care about them.
We all enjoy a good festive feast, but there’s no doubt this can be one of the most expensive parts of Christmas.
Having a set meal plan and buying in advance can be a great way to save money. Grab products when they’re on sale, and stock up on items that may get costlier as Christmas approaches.
Also, if you have a big family attending a festive meal, ask each guest to bring a dish. People usually don’t mind contributing, and it will help ease the load (and financial burden) on you.
At Christmas time, it can be tempting to tap and go, then worry about the consequences later. However, running up your credit card isn’t ideal, as it may lead to overspending and you could struggle to pay off your debt in the new year.
Keep in mind that interest on credit cards can be high, so if you don’t pay it off regularly, you may end up paying a lot more for the items you purchase.
Instead, try to stick to using cash or your debit card, so that you stay within budget and don’t spend beyond your means.
If your festive wish list includes a new home or investment property, we can help make it happen.
As your finance broker, we’ll explain your purchasing capacity, organise pre-approval and find you a competitive home loan that suits your goals and aspirations.
Get in touch today to start the conversation.
Housing Industry Association (HIA) research found sales of new detached homes increased by 18.8% in the three months to June 2025 compared to the first quarter, representing a three-year high.
Here’s a closer look at the pros and cons to help you weigh up which could be the better fit for you.
Older properties can be costly to maintain, but with a brand new one, you’re unlikely to need to fork out much for repairs and maintenance, at least for the first few years. If there are issues with the building or appliances, they will likely be covered under warranty.
New homes have to meet certain energy efficiency standards, which can mean lower power bills and a more comfortable living environment. It also reduces your environmental footprint.
Depending on the new build, you may be able to customise the property as per your preferences, whether you want earthy colours and natural materials like wood and natural stone, or bold wall paper and art deco design vibes.
Renovating and transforming an established property, on the other hand, can be costly and time-consuming.
For investors, new homes can offer depreciation perks, which could improve tax savings. You may be able to claim wear and tear on a new property as a tax deduction and spread the costs over several years.
Unlike with an established home, where you can usually move straight in after settlement, waiting for your property to be built can be stressful. Timelines and budgets can easily blow out, and there may be delays with council approvals or issues with the builder.
New builds in newer suburbs can sometimes lack the character of established suburbs, where the community and infrastructure has developed over time.
The capital growth potential could also be weaker in new developments, often due to large housing releases that saturate the market. It’s important to do your homework before deciding whether a location is right for you.
Government incentives can sometimes tip the scales. For example, the First Home Owner Grant may be available if you’re buying or building a new property, while some stamp duty exemptions or concessions apply to both new and established homes.
The rules around it being a new home or a substantially renovated one vary by state and territory, so look into what’s available in your area.
If you’d like advice about government incentives or stamp duty concessions, your buying capacity or pre-approval support with your finance, we can help. Get in touch today and we’ll walk you through the finance side of things and help you get into your own home sooner.
From 1 October 2025, the government’s First Home Guarantee scheme expanded, making it possible for more Australians to buy a home with a deposit as low as 5%.
The First Home Guarantee is part of the Home Guarantee Scheme, an Australian Government initiative designed to help home buyers with a small deposit to purchase a property.
Under the scheme, eligible home buyers with a minimum 5% deposit can purchase a home without having to pay costly lender’s mortgage insurance. Housing Australia provides a guarantee of up to 15% of the property’s value to participating lenders, allowing purchasers to borrow up to 95% of the property’s value.
To be eligible, you must be a first-home buyer or not have owned a property in Australia in the last 10 years (applies to both in a joint application).
Previously, there were income caps applied ($125,000 for individuals or $200,000 combined for couples), along with property price caps and place limits.
From 1 October 2025, the scheme will be expanded to help more Australians buy their first home. Labor originally planned to introduce these changes in 2026, but they are being brought forward.
These changes include:
For first-time buyers, the scheme could shorten the time it takes to save for a deposit. Let’s look at a few examples, courtesy of Cotality.
In Melbourne, the median home value is now $803,242. It would take the average first-time buyer nine years to save a 20% deposit of $160,685 (based on modelling income estimates from ANU Centre for Social Policy Research of median household income as at March 2025). However, under the scheme, they could save a 5% deposit of $40,171 in 2 years.
In Sydney, the median home value is $1,228,435. Saving a 20% deposit of $245,687 would take 13 years on average, but under the scheme, they could save a 5% deposit of $61,422 in 3 years.
While the changes to the scheme are positive in the sense that more first-home buyers will be able to enter the market, some experts say the downside is that it may increase competition for housing stock and place upward pressure on property prices.
Treasury department modelling suggests the scheme will add 0.5% to home prices after six years. Other experts believe the scheme, combined with falling interest rates, will push prices higher than that and impact affordability.
If you’d like to chat about your eligibility for the scheme, get in touch and we’ll run through the criteria. As your finance broker, we’ll explain your borrowing capacity, organise pre-approval with a participating lender and walk you through the home loan application process.
Get in touch today.
Buying an investment property in another state or territory can open the door to a range of new opportunities. From more affordable price points to higher rental yields and market diversification, there are plenty of reasons to look beyond your own backyard. But investing interstate also requires careful planning, local insight, and the right financial support.
Here are 7 practical tips to consider if you’re thinking about taking that next step.
Before exploring property listings, it’s helpful to think about what you want to achieve – whether that’s long-term value growth, consistent rental income, or managing cash flow. These goals can guide your decisions around location, property type, and loan structure.
If you’re unsure where to begin, I can provide general information about available finance options and suggest ways you might continue your research or seek licensed advice.
Many investors use equity in their current home or investment property to fund their next purchase. Depending on your situation, you may be able to borrow up to 80% of your property’s value, minus any outstanding loan balance.
It’s also important to budget for all the costs involved in buying interstate. These may include stamp duty, legal and conveyancing fees, building and pest inspections, insurance, property management, maintenance, and ongoing loan repayments. Some of these expenses vary significantly between states, so be sure to get detailed advice early.
Getting pre-approval is a valuable step in the process. It gives you a clear idea of your borrowing power, helps you set a realistic budget, and shows sellers you’re serious when it’s time to make an offer.
Not all investment loans are the same. Depending on your goals and personal circumstances, you might consider features such as interest-only repayments, offset accounts, or redraw facilities. The right loan structure can help you manage cash flow, reduce interest, and stay flexible over time.
As a mortgage broker, I can walk you through your options, compare lenders, and help tailor a finance solution that fits your strategy.
An affordable property doesn’t always mean a good investment. When buying interstate, take the time to research the local market. Look at vacancy rates, population growth, infrastructure projects, access to public transport, schools, and employment hubs.
Focus on areas with consistent demand and strong long-term potential. Read suburb reports, follow property trends, and review local council plans for future development.
If you’re unfamiliar with the area, working with a buyer’s agent can be helpful. They can provide local knowledge, assist with negotiations, and may even uncover off-market opportunities.
Managing a property from another state requires trust in your support network. A good property manager will handle tenant communication, organise maintenance, conduct inspections, and ensure your property complies with local regulations.
You’ll also need a local conveyancer or solicitor who understands the legal requirements of that state or territory. And don’t forget about building and pest inspections – they’re essential when you can’t view the property yourself.
Every state and territory has its own rules and processes for buying property. Cooling-off periods, contract terms, settlement timeframes, and auction regulations can all differ. Make sure you’re familiar with how things work in the area you’re buying in, so there are no surprises.
If you’re not able to travel for inspections, consider using virtual tours or requesting detailed video walkthroughs. Independent building and pest reports are also a must.
Once your property is up and running, make it a habit to review its performance regularly. Monitor your rental income, track expenses, and stay informed about local market conditions. If your property grows in value or rental demand increases, it may open the door to further investment down the line.
Think about how long you plan to keep the property and what might prompt you to sell. Before you buy, have a chat with your accountant or tax adviser about the exit strategies that could work for your situation.
If you’d like help understanding your borrowing power, getting pre-approval, or structuring your finance to support an investment purchase, feel free to get in touch. We can walk you through the process and help you feel confident every step of the way.
Beyond interest rates, there are other features that can make a big difference to your loan and how much interest you pay. Two of the most common are redraw facilities and offset accounts. While they both help reduce interest, they work in slightly different ways.
Here’s a breakdown of what they mean and how to choose the option for your needs.
A redraw facility allows you to make extra repayments on your home loan and then access those extra funds later if you need them.
For example, if your minimum repayment is $2,000 and you pay $2,500, the extra $500 goes towards your loan. This lowers the balance and reduces the interest charged. If needed, you can request to withdraw that extra amount at a later date.
We can help you understand which lenders offer flexible redraw options that suit your financial plans.
An offset account is a transaction account linked to your home loan. It works like an everyday bank account – you can have your salary paid in, use a debit card, and pay bills directly from it.
The money in the account is “offset” against your home loan balance. For example, if your home loan is $500,000 and you have $20,000 in your 100 per cent offset account, you are only charged interest on $480,000.
As your broker, we can help you compare lenders to find an offset account that matches your spending and savings habits.
Choosing the right loan features
If you’re just starting to explore your home loan options, it’s okay not to have all the answers. The most important thing is to choose a loan that suits how you want to manage your money.
Some loans include redraw or offset features as part of the package. Others may charge more or offer fewer benefits. I’ll help you make sense of your choices so you can borrow with confidence and avoid paying more than you need to.
Now is the ideal time to get organised. If you’re looking at buying in the coming months and want to understand how loan features like redraw and offset accounts can help, let’s chat. I can also help you get pre-approval sorted so you’re ready when the right property comes along.
So, is now a good time to refinance?
The decision as to whether to refinance depends largely on your individual situation and goals. Here are a few key considerations to think about when deciding whether or not to refinance.
In positive news, the consumer price index (CPI) rose by 2.1 per cent over the 12 months to the June quarter, while the trimmed mean annual inflation was 2.7 per cent to the June quarter. This is the figure the RBA pays close attention to when deciding what to do with the cash rate.
With trimmed mean inflation now at its lowest since December 2021 and well within the RBA’s target band of 2-3 per cent. There is a strong case for further cash rate cuts if inflation and economic growth continue on their current path.
The RBA’s latest Statement on Monetary Policy offered fresh insights into the outlook. Despite markets expecting lower rates since May, the RBA’s inflation forecast remains steady, with the trimmed mean sitting at 2.6 per cent for the next two years.
Financial markets are currently pricing in a cash rate low of 2.9 per cent by December 2026 before edging back up to 3.1 per cent in 2027. If the RBA’s projections are correct, they suggest the economy can operate with a cash rate around 3 per cent and inflation will remain within their target band.
Given the three rate cuts so far this year, there’s a lot of competition amongst lenders to get mortgage holders through the doors.
By refinancing, you may access an attractive cash back offer that helps you get ahead with your goals or secure a more competitive home loan rate. Refinancing and setting you up with a home loan with interest-saving features like a redraw facility or offset account could also help you get ahead financially.
It’s hard to know exactly how soon the RBA will cut the cash rate again. While refinancing will depend largely on your individual situation and goals, there are mounting reasons why refinancing should be on your radar. At the very least, now is a good time to review your home loan to make sure it still measures up, particularly if you fall under any of the following categories.
If your current home loan was locked in at the cycle’s peak, you may be paying more than is necessary on your mortgage. If you’ve had the same home loan for several years, chances are you could be getting a more suitable offer with another lender, so it’s worth exploring your options and shopping around.
Have your financial circumstances changed since you took out your original home loan? If so, all the more reason to consider refinancing to a home loan that marries with your current financial situation and long-term objectives.
If you’re juggling multiple debts at once, such as a personal loan and credit card debt, it may be worthwhile considering debt consolidation.
With debt consolidation, you essentially roll all your debts into your home loan. It means you only have to make one repayment, making it easier to manage your debt.
It’s important to remember that you may end up paying more interest over the life of the loan if you go down this road, so speak to us and we’ll crunch the numbers for you.
Want to make a big-ticket purchase, like buying an investment property or doing a home renovation? Refinancing to access your equity could help you achieve these kinds of goals.
If you’re considering refinancing, reach out to us for a home loan health check.
We can help you work through all the options out there and find you a home loan to suit your specific circumstances and goals. We’ll also explain any costs involved and help you weigh up whether it’s worth refinancing.
Get in touch today.
Andrew sat down and discussed common questions raised by our clients and also provides some insight into alternative lending options for small businesses.
Below is a list of the topics discussed. Please view video to find out more.
1. What does Scotpac do, and how can you support small-to-medium businesses?
2. What are some key funding products accountants should know about right now?
3. How can your solutions help clients manage cash flow heading into EOFY?
4. What types of clients are ideal for Scotpac’s products?
5. Are there any common misconceptions accountants or clients have about non-bank lenders like Scotpac?
6. What’s the turnaround time and process like from application to funding?
7. Can accountants work directly with Scotpac, or should they refer through brokers?
8. Any EOFY-specific opportunities or promotions accountants should be aware of?
9. What’s one tip you’d give accountants trying to help clients navigate EOFY funding stress-free?
If you’ve paid down your home loan somewhat or your property has appreciated in value, you may be able to use your home’s equity to fund an investment property purchase
Knowing how to use your home equity can help you achieve financial goals, but it’s important to weigh the risks, like increased debt and changing interest rates.
Let’s look at what equity is, why use your equity to buy an investment property, and how to do so.
Equity is the difference between the market value of your property and the balance remaining on your home loan.
Say your property is worth $1,000,000 and you owe the lender $200,000. Your total equity is $800,000.
However, not all of that equity is accessible. This is where usable equity comes in. Banks will typically lend you 80% of the value of your home, minus your existing loan balance.
In this example:
In some instances, you may be able to borrow more if you take out Lenders’ Mortgage Insurance (LMI).
Using the equity in your home to purchase an investment property can be a powerful strategy, but it’s important to weigh both the benefits and potential risks. That’s why it’s essential to seek professional advice – whether financial, legal, or tax-related – to ensure this approach aligns with your goals and circumstances.
Let’s take a closer look at some of the key advantages and potential drawbacks of using your equity to invest.
Refinancing to unlock your equity is a popular option. This involves taking out a new loan to pay off your old mortgage, with some money left over – that is, your equity. You can then use that money as a deposit, and take out a new loan for the investment property.
A common way to borrow against the equity in your home is to get a home loan top up or increase. This involves increasing your current mortgage limit to allow you to access the funds (which can then be used for a deposit for the investment property).
Cross-collateralisation involves using your home as collateral and adding it to the new investment property loan, to help get the purchase over the line. In this scenario, you’d end up with 2 loans – the original mortgage secured by your home, and the new mortgage secured by your home and the investment property.
Another option is to set up a line of credit and use the money as a deposit for your investment property. With this scenario, your lender would approve you for a specific amount, based on your usable credit. The benefit of a line of credit is that you only pay interest on the amount that you borrow, rather than the entire limit.
There may be other finance options to help you use your equity to buy an investment property (such as a supplementary loan or home equity loan).
To get started, give us a call today to talk through how you can unlock your equity – we’re here to help!
If you’re new to buying property, you’ll want to understand your credit report and how it may impact your home loan application.
Think of your credit report as your financial report card, showcasing how you manage your debts and financial obligations. Here’s why it’s important when you want to take out a home loan.
What is a credit report?
A credit report is a detailed account of your credit history, compiled by credit bureaus. It includes your credit products, repayment history, personal information, defaults, credit applications, bankruptcy records, and credit report requests.
Lenders take into account your credit report when deciding whether to lend you money and when assessing your creditworthiness.
What about a credit rating?
Your credit report includes a credit score, otherwise known as a credit rating.
This value is calculated based on what’s in your credit report. Factors such as how much money you’ve previously borrowed, the number of credit applications you’ve made and your tendency to pay on time will all be taken into account when calculating your credit rating.
Depending on the credit reporting agency, your score may be between zero and 1,000, or zero and 1,200. The higher the credit score, the better.
You can access your credit report for free every 3 months. It’s a good idea to review yours once a year, particularly if you’re planning to buy a property in the near future.
To request a copy, try these credit reporting agencies:
Keep in mind that different agencies may have different information about you, so you might have to reach out to multiple agencies for your credit report.
If you notice something is incorrect in your credit report, for example that some of the debts are not yours or that your personal details are wrong, contact the credit reporting agency and ask them to fix it. There shouldn’t be a charge for this.
It’s really important to do this, as failing to do so could jeopardise future credit applications.
Manage credit card balances: Keep balances low and within the credit limit. Pay off balances in full or more than the minimum payment.
Use credit responsibly: Avoid maxing out cards, make timely payments, and don’t take on excessive debt.
Review your credit report: Regularly review for changes or errors, promptly reporting inaccuracies.
Pay your bills on time: Set up direct debits to automatically pay your bills before the due date.
Improve your credit mix: If your credit mix lacks diversity, this can have a negative impact on your credit score.
Limit new credit applications: Apply only when necessary to avoid numerous hard inquiries.
If your credit report isn’t in the greatest shape, don’t despair. There may still be ways to secure the finance you need to purchase your home.
Some lenders specialise in ‘bad credit’ home loans and take into consideration any personal circumstances that may have affected your ability to repay in the past. These kinds of loans often come with higher interest rates and fees, but if your options are limited, they may be worth considering.
To chat to us about your finance options, including whether a specialist lender could help you, get in touch today.
Have you ever had a client who was struggling to get a home loan because they didn’t have enough of a deposit saved? Or wanted to avoid paying Lenders Mortgage Insurance (LMI)?
Guarantor Loans could be an accessible option!
A Guarantor loan is where a family member ( usually a parent ) offers part of their property as security to help the borrower purchase a property. This can assist with;
✅Buying with little to no deposit
✅Avoid costly Lenders Mortgage Insurance premiums
✅Get their foot in the property market earlier
H
Who can be a guarantor? Usually parents, but it can also be other family memebers or close assosciates with suitable security
How does it work?
Click below to watch the video and learn more;
103 Banna Avenue,
Griffith NSW 2680
P | 02 6964 4690
info@mylendingspecialist.com.au
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