CASHTRACK is a highly sophisticated software program that enables any client to determine what spending habits should be implemented to achieve their future financial goals.

For over 12 years the Cashtrak system has assisted many Geelong and Ballarat Successful Money Management clients with their finance and future goals.

The benefit of this program is being able to track your spending and other financial commitments over any given time frame and complete an analysis on a monthly basis. The over-riding benefit of CASHTRACK is the ability to predict where your future goals lie and be able to make financial decisions that will ensure you reach your targets.

This more powerful than a simple home budgeting spreadsheet!

See what CASHTRACK has done for so many Geelong based Successful Money Management friends finance situation.

The correct structure of debts and the precise daily movement of cash flow is crucial to reaching goals in the most cost effective manner possible. CASHTRACK allows us to do this.

for example, it is pointless to restructure a debt without knowing what your future goals are as that will mean having to re do the loan and duplicate costs. Maybe it is something as simple as a potential new car purchase, building a carport or having that well-earned holiday.

If these goals are known at the outset, (what we call target expenses) the initial loan can be structured to cater for these potential future purchases at the lowest possible interest rates and to kick in at a time frame that we know is achievable.  

Contact us now and see why we have been successfully helping so many Geelong and outer areas with their finance situations.

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Line of credit loans are a variable rate product with a predetermined limit. With most lenders, a line of credit investment loan or home loan will remain within the designated limit, there are no set repayments. It is usually recommended that you pay the interest amount each month as a minimum. A line of credit must be secured by residential property.

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Interest only home loans only require the interest to be paid each month (usually on the last business day of the month). This particular investment loan is very popular when investing in property. After an initial interest only period (usually 5 years), the loan converts to a normal principal and interest loan for the remaining term. Extra repayments and redraw are usually not a feature of this type of loan. Variable rate interest only loans must be secured by residential property.

Most variable rate home loans are also available for investment purposes. Minimum repayments need to be met each month and are set for an agreed term which is now usually 30 years. Extra repayments can be made and then redrawn at a later stage. Variable rate home loans must be secured by residential property.

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Basic variable loans are loans with lower interest rates, but with fewer features than a standard variable loan. The interest rate can rise or fall over the term of the loan. These loans are typically “no frills” products although there are more features being added by some lenders as the market becomes more competitive.

Always Before Considering Any Investment…

As with any particular investment, you should always seek advice from your accountant given your individual circumstances.  Having a thorough understanding of your individual financial circumstances will help you should you be considering any particular type of investment opportunity.

Home Loans – Variable Rate – Principal & Interest

Most variable rate home loans are also available for investment purposes. Minimum repayments need to be met each month and are set for an agreed term which is now usually 30 years. Extra repayments can be made and then redrawn at a later stage. Variable rate home loans must be secured by residential property.

Home Loans – Variable Rate – Interest Only

Interest only variable rate loans only require the interest to be paid each month (usually on the last business day of the month). After an initial interest only period (usually 5 years), the loan converts to a normal principal and interest loan for the remaining term. Extra repayments and redraw are usually not a feature of this type of loan. Variable rate interest only loans must be secured by residential property.

Line Of Credit

Line of credit loans are a variable rate product with a predetermined limit. With most lenders, as long as you remain within the designated limit, there are no set repayments. It is usually recommended that you pay the interest amount each month as a minimum. A line of credit must be secured by residential property.

What Is A Reverse Mortgages?

Reverse mortgages are designed to allow retired home owners or the elderly access to the equity in their existing home to assist them with everyday living expenses without the drastic step of having to sell their homes.

The requirements for Reverse Mortgages vary depending on the lender but generally are available to residential property owners over the age of 60.

How do Reverse Mortgages work?

Example: your property, valued at $500,000. Say you take out a reverse mortgage and borrow $100,000. Once again depending on the individual reverse mortgage product, you should be able to take the $100,000 as either a lump sum or regular income or a combination of both. Either way, you accumulate interest on borrowings as they are drawn. You generally can’t rent the property, and you remain responsible for maintenance and similar costs. If you sell, you simply discharge the mortgage in the usual way or, when you die, the lender or estate sells your home, and takes what they’re owed: principal (less any repayments) plus capitalised interest.

Repayments

As noted, generally, no repayments are required on a reverse mortgage until the borrower sells the home, dies or permanently moves out, with interest payments in most cases being added to the balance. You can usually choose to make regular repayments or lump-sum repayments if you wish.

What Can You Use Funds for?

Generally the funds can be used for any worthwhile purpose and typically people are using them to fund:

Home Improvements
Investment Opportunities
New Car
Holidays
Medical Procedures and Expenses
Emergency Funding

Please contact Successful Money Management should you be considering a Reverse Mortgage.

Construction Loans

Construction loans are in essence a version of a standard home loan where the funds borrowed are released instages as the different phases of your land purchase and house construction unfold. Of course taking into account your personal situation, the borrowing options available with Construction Loans are similar to the options available with Statndard Home Loans.  Most lenders are willing to set up an appropriate approval schedule  applicable to your circumstances.

Bridging Loans          

Bridging Loans or Bridging Finance is typically used when the settlement upon sale of an existing home doesn’t consort to the settlement of the new property.   Therefore the finance gap between the purchase of a new property and the sale of an old property needs to be filled.

Bridging Loans are generally offered at standard home loan interest rates.  However you should be very careful with the size of debt and cost of these kinds of loans, although they are an excellent loan product which can give you the flexibility to buy your new property before you have sold your existing one.

For more information of Bridging Loans contact Successful Money Management to see if this loan product is right for your circumstances

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Low Doc Loans or No Doc Loans

Low Doc Loans, short for low document, and No Doc Loans are exactly as their titles suggest. If you are applying for these particular types of loans you generally require very little or no income documentation to get approval. Low Doc Loans and No Doc Loans are typically used by self-employed who have a variable income history or do not have tax returns or financial reports.

If you happen to be self employed and are considering applying for a Low Doc Loan or No Doc Loan then an experienced qualified mortgage broker is essential.

Contact Successful Money Management who have vast experience with this type of loan product.

Home Equity Line of Credit Loan

A home equity line of credit loan or Equity Loan or Line of Credit is the difference between what you owe and what your home or property is worth. A Home Equity Line of Credit  Loan let you use the equity you have built up in your home to invest in whatever you choose. Line of credit (LOC) or equity loans are secured by a registered mortgage over a residential property. These loans provide access to funds, when required, up to the original limit set. Normally, the minimum repayment required is the monthly interest only. A home equity lender may require that principal reductions begin to be made after a certain period of time.  However, there are numerous home equity lenders avaialble from the “big four” right down to your smallest institutions.

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Honeymoon Interest Rate Home Loans

Introductory or the more commonly coined phrase “Honeymoon” interest rate home loan rates are generally as much as one percent lower than the current advertised standard home loan interest rate.  This interest rate can be either fixed, capped or variable and generally is offered for the first 6 to 12 months of the home loan.  Once the period is offer the home loan generally converts to the standard variable interest rate at that time.  The fine print for these types of “honeymoon” interest rates must be read carefully.  That’s where Successful Money Management comes into play. 

Split Home Loans – Combination of Fixed and Variable Interest Rate Loans
Split home loans or combination loans allow borrowers to have part of their home loan as a variable rate loan and the other part as a fixed-rate loan. The overall loan amount is considered a total, however the fixed interest rate component and the variable interest rate component are treated separately for the purposes of the loan contract.

Fixed Rate Home Loans 

Fixed home loan rates are where the borrower’s interest rate and principal and interest repayments are fixed for a set period, usually from one to 10 years, and sometimes longer. Fixed home loan rates revert to the standard variable rate at the end of the fixed-rate period, unless the borrower elects to have the loan “rolled over” for another fixed-rate term.

Various fixed equity home loan products are available including a fixed rate equity loan plus others.

There are a number of reasons why borrowers choose to “fix” their interest rates.  Should you have any questions in relation to fixing your home loan and the advantages or disadvantages of doing so please contact Successful Money Management.

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Variable Interest Rate Loans

Variable Interest Rate Loans are the most popular home loan type in Australia. The interest rate on this loan moves up and down in line with official interest rate fluctuations. This means the interest rate may go up or down during the loan term. These variable interest rate loans can be divided into two catergories being standard variable loans and basic variable loans.

Standard Variable Interest Rate Loans

Standard variable loans are one of the most popular home loan type in Australia. The interest rate on this loan moves up and down in line with official interest rate fluctuations. This means the interest rate may go up or down during the loan term. Different lenders offer different features and rates on their standard variable loan products, generally according to the amount you are borrowing.

As stated above standard variable loans are actually not standard across the board.  Different lenders have different standard variable loan products available.  This is where finding a professional mortgage broker, such as Leigh Nichols at Successful Money Management will help you source the most effective loan for your needs.

Basic Variable Loans   

Basic variable loans are loans with lower interest rates, but with fewer features than a standard variable loan. The interest rate can rise or fall over the term of the loan. These loans are typically “no frills” products although there are more features being added by some lenders as the market becomes more competitive.

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Standard variable loans are one of the most popular home loan type in Australia. The interest rate on this loan moves up and down in line with official interest rate fluctuations. This means the interest rate may go up or down during the loan term. Different lenders offer different features and rates on their standard variable loan products, generally according to the amount you are borrowing.

As stated above standard variable loans are actually not standard across the board.  Different lenders have different standard variable loan products available.  This is where finding a professional mortgage broker, such as Leigh Nichols at Successful Money Management will help you source the most effective loan for your needs.