Home Loan Market Updates

Finding Money End Of Financial Year 2017

June 27th, 2017

With the end of another financial year, you must do the following things:

  1. Assess whether the business has delivered the results you intended
  2. Assess whether the business has delivered the income you expected
  3. Decide whether you had the opportunity to enjoy life
  4. Have your staff developed to a level where you are not constantly needed?
  5. Have you met your business goals or objectives for the year?

If you have answered ‘no’ to any of these questions or even worse, do not have any idea as to whether you are on track, then the only question you need to answer is:

“How long will you continue working IN your business but not have the income or freedom which originally motivated you to become self-employed?”

Do you even know what lifestyle expectations you require your business to fund and even more importantly, do you know whether your business will ever be able to achieve that level?

If you have a very good and solid business but do not know how to make it into a GREAT business, make the decision to get some help.

Finding Money is an innovative organisation which identifies the profit potential of a business, coaches business owners to achieve the best from their business and plans the income, freedom and scale possibilities of each and every business.

For people who decide to take action this month, they will get Harry Pontikis as their coach. He will help you identify at least six figures of additional income BEFORE you engage him as your business coach. He will provide you with a:

Business Optimisation Analysis where you’ll find out:

  • The amount of money you should be making for a business your size
  • A list of tailored strategies, which if actioned will make you more money
  • “What to do” and see how much it’s costing you “not to do.”

Contact Harry on harry@findingmoney.com.au to meet and have a discussion about your business, your expectations and how to uncover your business’ full potential.

Author Bio: Chocolate Money offer a range of finance options, and are a Mortgage Broker Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane.

These news and articles may be republished providing they are left fully intact, with a link back to our site.

Should I Lease my Company Cars?

March 27th, 2017

Many small business operators choose to lease rather than purchase their company cars because it’s better for their cash flow. Some of the common vehicle finance options include:

  • Car lease
  • Operating car lease
  • Novated lease
  • Chattel mortgage finance
  • Hire purchase
  • Car lease

If you take out a car lease, the lender agrees to rent the vehicle to you for a set period for an agreed (generally monthly) amount. If the vehicle is entirely for business purposes, the lease payments are completely tax deductible.

Operating lease vs finance lease – what’s the difference?

With a car lease, you have two options: an operating lease or a finance lease. At the end of a finance lease, you pay a residual lump sum – an agreed value of the depreciated cost of the vehicle – and assume ownership. At the end of an operating lease, you return the goods and do not have to pay the residual payment and the lender retains ownership.

Operating lease vs finance lease – which is right for me?

Choosing between an operating lease and a finance lease depends on your situation. An operating lease is effectively a rental arrangement with no liability to you at the end of the term, whereas a finance lease has a residual amount that is your responsibility whether you retain goods or return them to the lender. There is also an accounting difference, with operating leases being off balance sheet while finance leases are recorded on the business balance sheet. To understand which car leasing option best suits your business, talk to Master Builders Financial Services on 1300 137 539.

Fully maintained car leases

With a fully maintained car lease, the ongoing vehicle maintenance charges are included. You can also include tyres and fuel and you pay a higher lease rental.

Novated lease

Under a novated lease, an employee makes an agreement with the Lender for the finance of a vehicle. The employer then takes the repayments out of the employee’s pre-tax salary. If the employee changes jobs, they take the car with them.

Commercial hire purchase

Commercial hire purchase is like a car lease in that you pay “rent” over the repayment term. The difference is that you gain equity as you make payments and title passes to you with the last repayment. A commercial hire purchase agreement can be structured with or without a “balloon” payment i.e. an additional lump sum payment to be made at the end of the lease.

Chattel mortgage finance

Chattel mortgage finance is a car loan that allows a business using the “cash” method of accounting for the Goods & Services Tax to claim back the GST on the vehicle purchase price in their next Business Activity Statement.


There are current offers available where if you have clean credit, have been self-employed with an ABN for more than two years, own a property and have clean credit, you should be able to have $150k loan pre-approved fairly easily for your next vehicle purchase, as long as it’s from an approved dealer.*  Call MBFS on 1300 137 539 for more information.

*Fees, charges and lending criteria apply.

Please note: The information contained in this article is not to be considered specific advice or advice of any kind.

Author Bio: Chocolate Money offer a range of finance options, and are a Mortgage Broker Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane.

These news and articles may be republished providing they are left fully intact, with a link back to our site.

A Step-By-Step Guide To Attracting Better Tenants

January 27th, 2017

High-quality tenants make renting your investment property both easier and more lucrative, but how do you actually find them? Along with well-written rental ads, we look at some other ways to get high quality people into your investment property.

There are several ways to finding your dream tenants: you can reach out to your personal networks, arrange a long-term rental through a reputable agent, or opt for shorter-term but higher-paying corporate rental arrangements.

Tap into your networks

The first step is to ask your friends and colleagues for recommendations. Perhaps they know a family friend, or even their own son or daughter, who is moving out of home and would fit the bill. If your property is big enough for a family, your connections might know of people relocating for work. They also might know of a stellar agent or property manager, or be able to share useful tips.

Find an agent

If that avenue fails, or if you want to take a step back from managing your property, do your homework to identify and select a reputable agent. They should be able to demonstrate a strong marketing program and well-managed processes for organising rental payments, repairs, maintenance and inspections. Also ensure that your agent has an excellent screening process, including checking prospective tenants’ rental, credit and employment history, and asking for professional references.

If you own an apartment, ask other owners in the block if they can recommend a reliable agent. You could also ask the body corporate chairperson, as it’s in their interest to attract good tenants. Speak to your agent or property manager about any current issues affecting the apartment block, such as noise, parking, pets and communal areas.

Conduct a professional campaign

Your campaign should advertise more than just the property’s amenities and location – it needs to sell the lifestyle. Insist on professional photography, and review the copy provided to ensure it’s accurate, expertly written and conveys your property’s character, facilities and strengths.

If you want to attract families, who tend to stay longer in rental properties, the description needs to mention local schools, playgrounds and facilities. To attract professional tenants, the local shops and restaurants, cultural centres and outdoor amenities such as parks, cycling trails and walking tracks should be highlighted.

You could also consider hiring furniture to attract quality renters during the open house campaign.

Consider the corporate sector

If your property is as impressive as the tenants you want to attract, you could consider becoming a premier provider of furnished accommodation to business clientele in the corporate sector.

Look for an agent with a specialist corporate division, or seek out a relocation company. The reputation of these companies rests on providing high-quality accommodation for their executive clients – a stringently vetted and regulated client base of customers who expect to pay more for a premium property. The companies advertise in the Australian and international corporate markets, and will match the lifestyle and suitability of prospective tenants to your property and location.

Corporate rentals are generally designed for extended periods, from several months to more than a year. Your agreement will include cleaning and maintenance, a condition report, thorough property inventory, professional photography and marketing. Expect a higher return if you offer the property fully furnished.

Explore Airbnb

A less traditional option is to list your property on an accommodation website such as Airbnb.

Airbnb has a high-standard vetting system that allows you to tailor guest guidelines to suit your standards and preferences. You can outline your house rules to set expectations – if a house rule is broken, you can cancel a reservation at any time.

Though Airbnb isn’t yet in the market of long-term rentals, the upside is that you will have the option of occasionally staying in your property. Before listing your property, though, it’s important to consider whether there are any local or state government restrictions covering Airbnb. Also, if your property is a strata apartment, make sure your body corporate doesn’t have any rules regarding Airbnb.

While finding high-quality tenants can take a little bit of effort, it can be as beneficial for your bottom line as your peace of mind. Taking steps up-front to find conscientious, hassle-free tenants is much better that setting the bar low and regretting it down the track.

Author Bio: Chocolate Money offer a range of finance options, and are a Mortgage Broker Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane.

These news and articles may be republished providing they are left fully intact, with a link back to our site.

How Do Lenders Assess Applications?

November 27th, 2016

When you are self employed, you should not work with a Finance Broker who merely acts in an administration capacity; collating your paperwork ready for submission to a lender or just showing you cheap loans.  You should only deal with licensed and experienced Lending Advisors who understand your current and future needs and objectives and then matches the most appropriate loans to meet your objectives.

In the current lending environment, banks have complicated and often conflicting policies as they balance new legislative obligations, current lending standards with the needs of their shareholders and customers.  Only experienced and well-versed Finance Advisors, like Chocolate Money, are in a position to represent you and also to ensure the loans do not put you or your business into financial hardship.

A general overview of the information required by banks before they can approve a loan are:

  • Your ability to repay the loan. To establish your capacity the lender will look at your employment history and salary to evaluate whether you have enough cash coming in reliably to pay the loan over time.
  • If purchasing a new property, they want to see how much cash (or equity) you have to contribute. Assessing your ability to contribute a percentage of the value of the property being purchased up front is standard. The percentage will vary though, and some specialist lenders may approve a significantly lower contribution.
  • The property valuation. Since the property is used as collateral if you are unable to repay the loan, the lender will value the property. Based on the report, the lender will decide whether the property is worth the loan being approved.
  • Your financial history. Your credit rating, expenses and debts will help the lender assess your reliability as a borrower and whether you are worth the risk.
  • Market conditions. Economic circumstances in the market can influence what interest rate you have access to and whether you need to provide extra security. They can also influence the repayment schedule.

 The Finance Broker advantage

While loan officers work solely for a lending institution and can only offer that institution’s products, a Chocolate Finance Broker is able to match the most appropriate loan with your needs.  We can also negotiate a better rate and usually better terms on your behalf than if you went directly to the bank.

Author Bio: Chocolate Money offer a range of finance options, and are a Mortgage Broker Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane.

These news and articles may be republished providing they are left fully intact, with a link back to our site.

Things Which May Trip You Up When Applying For A Home Loan

July 27th, 2016

Buying your dream home is exciting, so the last thing you want is for your home loan application to be held up or declined. While many factors are considered in assessing an application, showing stability and consistency is key for lenders to determine whether you will be able to repay the loan. But sometimes what’s happening in your life can trip you up. Here are some things to be aware of.

  • Having a consistent employment record doesn’t mean you need to have the same job for years, but if you’re planning on applying for a home loan, it might be best to hold off changing jobs. If you do have to, it’s worth knowing that with some lenders you’ll need to show at least two pay slips with the same employer.  Alternatively, a good broker will be able to present stability of income if you are within the same industry. Moving from being on salary to being self-employed would definitely require in-depth explanation to the lender.
  • If you have a probationary period in your new role, it could also be difficult to have a loan approved until you’ve completed it and the role is made permanent.
  • For the self-employed, demonstrating a stable income can be particularly difficult, which is why it’s a good idea to have an accountant as well as an expert Finance Broker. They can help you put together financial statements, BAS statements and other information which you’ll need to include as part of your loan application. An experienced Finance Broker will know the lenders who want self-employed clients as well as lenders who try to avoid them.
  • If overtime or shift allowances are a significant part of your income, your broker will be able to provide advice on which lenders may take these into account for loan repayment ability, as not all do.
  • Shopping online for home loans often leaves fingerprints on your credit file which could stop you from getting approved when you actually apply for a loan. Some banks have policies which automatically decline applicants who have more than a number of enquiries on their credit reports over a number of years.
  • Applying for a loan which is below 80% but then finding a property which requires a greater loan amount, subject the assessment to a whole new set of criteria which could lead to your loan being declined.  This could be a real issue if you have bought at auction or bought unconditionally.

In summary, these and many other reasons are why you should never approach a bank directly or try to ‘work it out’ on your own.  There are many pitfalls which when looking to get a loan so I would suggest you do not risk it and only used a qualified, licensed, independent and very experienced Finance Broking Company – like Chocolate Money to advise and organise your loans.

Written by Richard Tegoni.

Author Bio: Chocolate Money offer a range of finance options, and are a Mortgage Broker Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane.

These news and articles may be republished providing they are left fully intact, with a link back to our site.

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