Learn about how long your retirement savings will last you. Developing an understanding can help you begin developing a sustainable retirement strategy now. Find out more in our informative video:
Most people subscribe to the belief that staying busy and working hard is the only recipe to success. However managing your time effectively and working smarter can enable you to work more efficiently and with a lot less stress! Financial planning experts Anne Street Partners have put together some useful tips to help you promote a smarter, more stress free work ethic!
If you’re saving for a property, it can be difficult to know when you have enough money to seriously go looking for your dream home. After all, a home loan is usually the biggest financial commitment you will make. Logic suggests you should save as much money as possible before you start looking for a property. So how much money do you really need to put a deposit on a property these days?
Everyone’s financial and life situation is different, along with their purchase requirements. However, there are certain considerations and general rules that will help you know when you’re financially ready to research a suitable professional lending institution to assist with your purchase.
Most lenders are generally willing to finance home purchases up to 95% of the property value, provided you have an exceptionally strong employment and savings / credit history, along with proof of a consistent savings plan. The loan amount will also strongly influence the lender’s decision. So if the property value is $380,000, you could obtain a home loan with a deposit of $19,000. However, you will also need to purchase mortgage insurance with less than 20% deposit.
If your employment and savings / credit history is not so strong, or you don’t have the ability to service the loan repayments, the lending institution would generally only lend up to 80% of the property value.
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Starting a saving account can seem daunting to those that have never saved before! But it shouldn’t be as it is really quite simple and once you get started it quickly becomes part of your monthly routine.Having a savings account is a way of planning for your future and it is never too late to start! Here at Anne Street Partners we have some helpful tips to put you in the right direction!
1. High Yielding, Separate Savings Account:
The first and foremost step to start saving is to open a separate savings account with a bank providing a high interest rate. This will not only help to maintain savings, but also the amount will increase in terms of interest earned over the principle.
2. Deposit Money Regularly:
Another essential step of saving money is uninterrupted growth. After the arrival of every paycheck, you should first make payment to yourself by depositing money in the savings account. Initially, start with an amount you can afford based on your budget.
3. Withdrawal of Money:
You should never withdraw money from the savings account unless absolutely necessary or for an investment such as mortgage deposit. Withdrawing of money will only hinder its growth. Even if there is an emergency, you should try to deposit the amount back as soon as possible.
4. Have a long term goal:
Having a long term goal will not only help to overcome the sudden urge to withdraw the money, but it will also keep you motivated. Remember, motivation is the key to success
5. Make Saving a Habit:
You should make a habit of saving as early as possible. Even if you have saved the required amount to fulfill the long-term goal, you should not stop once achieved. Set new goals and continue to make saving a routine process for further investment.
Anne Street Partners has appointed Jason Dunn as Head of Strategy and Advice, having previously worked at Westpac as Head of St George, Bank of Melbourne and Bank SA Financial Planning.
“Jason is results-driven and passionate about achievement in all aspects of his life. He has a stellar record of success, not just in terms of growing businesses, but also in creating high-performing teams and increasing client satisfaction,” said Anne Street Partners chief executive Michael Adamson.
“We have every confidence that Jason’s skills and experience will allow him to drive strategy at Anne Street Partners, to the very great benefit of our clients as well as our business.”