What I worry about when you sell up and move to the coast

Recently a friend of mine announced she was moving to the coast – once I got over my jealousy (J) I wanted to suggest to her that she consider all of her options around selling her current home in Sydney, and of course I have a tool which can help her drill down to the real numbers so she can make an educated decision. Now why is it I am so concerned about this? Because I’ve seen this happen time and again, and while I know she is unlikely to want to come back to Sydney, it’s not impossible - and in what is traditionally such a rapidly moving market it can be very hard to get back in once you’ve sold. I’ve seen friends sell up and leave forever (in theory) and be forced to or simply want to

The consolidation question – when consolidating your debts makes sense – and when it doesn’t

The consolidation question – when consolidating your debts makes sense – and when it doesn’t One smaller repayment sounds brilliant, but beware the pitfalls of consolidating your debts into your home loan, for you may forever be paying off that big weekend away from last month (or worse still that cute pair of heels). Juggling a variety of repayments to cover your credit cards, personal loan, car loan and home loan – all of them at different times of the month – it’s complicated. I get that. And the variety of interest rates; if you’re paying near 20% on a decent balance on a credit card its very hard to get ahead and knock that down. Very tempting to move the lot to an interest rate that’s

Reader question on consolidating and credit scores

A reader question: A question about debt consolidation. I want to consolidate my debts as I know that it would help me to lower the monthly payments and interest. Recently, I read that it would affect one's credit score. Does anyone know more about this? I have a good credit score and never failed to make any payments till now. Right now I feel its very hard to make my repayments on time. That's why I am thinking of consolidating into one single payment which is much less than the sum of the existing payments - but, not if it would affect my credit score! My response: NOT making your repayments on time has a bigger effect on credit score than consolidating. I think we’re confusing intern

Who should not buy off the plan?

Buy now, make money in your sleep!! Great when it works – and I won’t deny it can. But buying off the plan is not without its own risks – let’s look at what they are so we can work out who should NOT do it. To be clear, I’m talking about long term off the plan sales, something where the land or the unit won’t be ready for 18m or longer. And most particularly this does apply to units simply because when any given development is completed there’s a lot of competition isn’t there, such a concentration of properties in one block – if even 2% of them are “on the market”, its multiple properties right in front of the one buyer – as opposed a whole street of homes where maybe one is on the market.

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