While the primary purpose of a migrant mortgage is to help you buy a home, there are additional benefits. In particular, if you are trying to extend your visa or are applying to bring over a fiance or other family members, home ownership may help. Here's a look at how:
1. Owning a home shows residential commitment to Australia.
When you use a migrant mortgage to buy a home, you further the process of establishing yourself in Australia.
The tough economic times have compelled many people to look for ways to limit how much they spend each month. One way has been to negotiate a long duration for car loans, so that monthly payments are as low as possible. This article discusses three reasons why it may be better for you to limit the number of months over which you will repay your car loan.
Your home and your car may be your biggest assets.
Before asking a mortgage broker to find you a suitable home loan, it's important that you take steps to ensure that your credit score is as favourable as possible. Without a decent credit rating you might not be considered a 'safe bet' by many mortgage lenders, and you could struggle to obtain the finance you need to buy a house.
Here's some advice on how you can improve your credit rating and give your broker the best possible chance of securing you a good deal.
Many people, although not destitute, have built up debts over the years that affect the amount of money they have available after all the debts have been paid. Sometimes, it can get to a stage where a person cannot afford to pay all of their debts on a monthly (or weekly) basis. This means that a person is juggling their debts about; delaying paying one debt one month, then paying the next month, and so on.
When it comes to borrowing money, you have to be selective. If you don't want to get mired in debt, you need to choose loans that are an investment into your future. This fact is true whether you are buying a house, a car or anything else.
If you are thinking about taking out a car loan, here are three signs it is a positive investment for your long term goals and financial needs: