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Q: A friend wants to do transition to retirement and cut back from 5 to 3 days a week. She needs to know the figures to see if this is a viable option as she's 63 and still cant retire untill she's 66. who do we see who can give us the figures and i'm talking about taking out an income stream and doing salary sacrifice back into super, need to know how much tax she will pay and what will be her take home pay if doing 3 days?
A: Hi Jeff,
Thanks for your question.
Your friend will need to speak with a Financial Planner about this and whilst financial planning is not my area of expertise, I can certainly point you in the right direction and provide a qualified, professional and trusted contact based in Norwood.
Please feel free to contact me direct and I can provide you with some details.
Many thanks
Craig
0499841717
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Q: I have just started my job and have started saving. I would like to invest in the future be it in a term deposit or shares and would like to know how much I should save before it is worthwhile?
A: Hi Ian,
Thanks for your question and using simplyaskit.
Well done on starting your job and your decision to start putting some money away for the future.
Now straight up front, whilst I'm not a financial planner, in my banking and finance experience, there are pros and cons for each of the investment strategies that your are looking at and may I suggest that you speak with a financial planner to assess your options and risk appetites.
Here at KeyInvest Lending Services we have a financial planner that I can introduce you to who can give you some expert formal advice on your options.
Please let me know if I can assist further.
Regards
Craig Kitchen
KeyInvest Lending Services
81 The Parade
Norwood
0499841717
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Q: For the loan to purchase our home we borrowed about 90% and had to pay mortgage insurance. If we refinance does it mean we have to pay it again?
A: Hi Mark,
Thanks for the question and using simplyaskit.
Well I think the previous respondents have answered your question pretty well.
If you purchased your home a while ago, the property may have gone up in value, particularly in your area, so yes there would more than likely be a updated valuation done by the bank you are looking to refinance to.
So depending on that valuation, mortgage insurance may be payable again if the loan amount refinanced is above 80% of the valuation.
Really happy to discuss your situation further if you wish Mark, so please feel free to contact me.
Regards
Craig
0499 841717
KeyInvest Lending Services Norwood
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Q: I am a widow.
I own my own home outright - if I sold today, I would get around $380,000.
I also have an investment property, with a split loan of $37,000 with repayments of $111.00 p/m and
$196,000 with repayments of $750.00 p/m
I work PPT and earn $32,000 p/a
My investment property is currently empty while it is on the market to sell (this was our family home prior to my husbands death).
I would like to free up a bit of equity in my home - what are my options please?
A: Hi Anne,
Thanks for your question and for using simplyaskit.
There are a whole heap of questions that one would need to address before actually pointing you in a suitable direction in your current circumstances.
I, or one of my team here at KeyInvest Lending Services, would like to meet with you and discuss your future plans, why you want to free up some equity and just to get a whole picture of what you want to achieve moving forward.
I know this is an "airy fairy" type of answer but, at the least, I can provide you with some options.
We can also introduce to a great Financial Planner who you may wish to have a chat with, under no obligations, who can assist with an holistic overview.
Feel free to contact me.
Kind regards
Craig
0499 841 717
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Q: I have a healthy steady income (self employed) but I have huge credit card debt which I can barely keep up with. Because of this I can't afford to contribute to my super. My payments are only the minimum so it's not going down. I don't have any assets I can sell. I rent. I have plenty of super, I could pay it off and still leave plenty. I'm 35. Is there anyway I can access my super? From what I've researched I need to be out of work and on Centrelink for a certain amount of time.
A: Hi Michelle,
Thanks for using simplyaskit.
Whilst I'm not a Financial Planner, my understanding is that both Scott's and Damien's reply to you in regards to your super, is correct unfortunately for you at the moment.
Damien's suggestion of inquiring about hardship provisions is a relevant one. These days Lenders do provide options of suspending interest payments and/or coming to some payment arrangement. I have known that in some extreme cases, the outstanding debt has been reduced.
If you contact your credit provider and explain your circumstances, generally they are reasonably sympathetic and will provide you with some options.
I hope this helps in some small way and all the best.
Regards
Craig
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Q: My wife and I currently have 3 unsecured debts between 2 credit cards and a personal loan.
We are working hard to pay them off as soon as possible so we can have some financial freedom, start building some assets and get on with our lives with a house etc down the track.
Is it best to try to consolidate the 3 debts into one so there is one account fee, one interest payment and one monthly payment, or is it better to keep them separate?
A: Hi Trevor,
Okay the answer is pretty obvious to me.
You have to get rid of the cards. Consolidation of debts is a good thing to do but there are a few things that you should to consider.
The number one consideration is, are you going to save some money, I would think so.
If you are looking at buying a house down the track and not having high interest credit cards, or any credit cards for that matter, this can effect your affordability for a future purchase.
If you would like some more information please don't hesitate to contact me.
Regards
Craig
KeyInvest Lending Services
81 The Parade Norwood SA
0499841717
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Q: Is novated leasing a good idea or is it better to pay a deposit and get finance? Would be looking at a prado, earning over $100000 annual and drive 25,000km annually. What are the problems with novated leasing?
Thanks :)
A: Novated leasing can and does suitable lot of people, as an alternative to the traditional method of financing a vehicle by way of a car loan paid from your post tax income.
For starters the purchase cost of the vehicle can be significantly cheaper using the buying power of the fleet leasing company.
In addition to the vehicle finance, the ongoing registration, maintenance and replacement tyres can also be factored into the lease payment. The benefit here is that you have cost certainty for the term on the lease, which can be up to five years, so you have your car paid for from your salary before your pay gets to your bank account.
A novated lease is portable so if you change employment during the term of the lease, you can re-novate it to you new employer.
I would be happy to discuss this in more detail and give you some comparison figures so give me a call.
Leon Mcnamara 0411577113
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Q: I would like to get some advice on buying my first home … savings around $50,000 with a full time job as a teacher. I have been looking at properties around $375 – 400,000 and want to know if could buy a property on my own with the money saved or will I need a guarantor?
A: Hi Jake,
Thanks for your question and for using simplyaskit.
On the surface, it would appear that you are in a pretty good position to start looking for your first home, however there are a few fees and charges that you need to consider that will eat into your deposit.
This may mean that you might have to pay Lenders Mortgage Insurance which would be nice to avoid if possible. One common way to avoid this is, as you suggested, to have a guarantor.
Having someone to look at your current financial situation will provide you with some peace of mind and arm you with details like how much you can actually borrow. A pre-approval will assist you and costs nothing.
Feel free to touch base.
Regards
Craig Kitchen
KeyInvest Lending Services
08 8210 0000
