How three money beliefs can get you the wealth you deserve

Do you feel like you are not living the life you deserve? And, no, I'm not talking about something impossible. There's a contrast between your dream of having a manor and a profound conviction that you're not earning what you feel you're worth.

There's a difference between your dream of living like Tony Stark and a deep conviction that you're not earning what you feel you're worth.

I ended up in that same spot a while ago. What I didn't know then was that the cause of my lack of income was not an outside situation. I was constraining my wealth with my mindset. What we don't realise is we all have the ability to bring astounding things into our life, alternatively we all have the ability to reject that same abundance. I was feeling trapped. 

We do this through beliefs that are so ingrained in us that we don't even notice them. So the first step in engaging our full ability, and getting out from under these beliefs, starts with taking note of them. 

When you become mindful of your restricting beliefs, you can begin to figure out how to test them, and tap into your true potential. Accordingly, once you learn to perceive your abilities you will be able to identify opportunities to increase your wealth. This mindfulness was a key stride in my voyage of breaking six figures with my business. 

Through the process of perceiving, and changing, my restricting beliefs, and through working with multiple clients, I've come to see the three fundamental beliefs that restrict individuals from showing abundance. Once mindful of them, you can begin to venture out of them, and your battle with cash flow will end. 

1. You don't genuinely expect what you need. 

When you don't have the abundance, you'd like in your life, it's often as a result that you are not expecting it as a probability. I often find clients are surprised when they realise this. Some even deny it at first, and you may even be having the same response as you read this. 

Let's assume you would like to double your month to month income, but you don't truly anticipate that this will happen because you don't know how to do it. The minute you get tied up in the how, you fall into not expecting a positive result, so you rationally cut yourself from your opportunity to get what you desire. 

Let me explain it this way: you will never receive more than you can imagine. In the event that you can't imagine how you can double your income, and then any attempt will fail this belief test. You need a change in your perceptions so that you are prepared to expect, and get, what you deserve. This belief and attitude will become the force of your dreams.

This change in psyche to the spot where it thinks something new takes time, and you will need to create tools and opportunities to work on it to the point where your beliefs and responses are part of who you are. 

2. You are not exploiting open doors. 

While everyone has the desire to create more income and abundance, it is amazing how oblivious to opportunities people can be. As a result of beliefs when an opportunity appears for them to get going in the direction of their objective, they seem to fall into the propensity for saying no it can't work. 

For the most part, happens on account of apprehension, fear, nervousness and other emotions that get in the way. 

For example perhaps doubling your income requires you to contribute cash to become a shareholder in the business, and you have to figure out how to do that. Perhaps you will need to travel and be away from your family to achieve your goal. There can always be a reason to say No.

So get genuine about what your reasons are and try to find a way around them. Perhaps begin with taking a few open doors even though you have a natural inclination not to. Remember when you don't do things that cause you to develop, nothing changes. What's more, if nothing changes, you won't have the capacity to build even greater wealth. 

3. You are not in contact with your abundance. 

You are not just scarce with yourself (because of your conviction that you have to clutch each dollar), but you are the same with others. 

The decisions we make about how and what we spend our income on can have more to do with our feelings and thoughts than any genuine rationale. So investigate how you are deciding to spend your money.

Each time you have the feeling that you don't have enough and choose to hold on to money or time or talents, think about why?  How have you come to believe that there is not enough?

Each time you find yourself not sharing and being thankful for what you have is it because you are suspecting that there is insufficient. 

What you put out comes back to you. So give and give liberally and abundantly, and that is the thing that come back to you.

Want to read more articles similar to this by the author - then click on the following link:

http://info.awesomelendingsolutions.com.au/blog/https//www.linkedin.com/pulse/can-good-credit-adviser-save-time-money-mitchell-finance-specialist

Off the plan! What are you buying?

Buying property off the plan has never been as popular as it is now, with purchasers of all ages responding to much more sophisticated forms of marketing, selling and delivering the product.

The increase in off-the-plan sales has been driven by demand.

It's a secure way to buy a new apartment in what's a popular market segment with limited supply.

The advantage of buying exactly what you want, rather than having to compromise on existing property is now properly understood.

People are keen to get into a project early so they can choose the pick of apartments off the plan, rather than waiting until it's built and then just buying what's left.

It allows the opportunity to secure a property without having to settle for between 18 months to potentially four years for some developments.

You can study floor plans and floor plates and research everything and know you can have the best, like the biggest balcony or the sunniest garden, and what suits best. It's about having a bit of control, and knowing the timing.

When life throws up a curve ball, such a purchase can give more flexibility. If a buyer is suddenly transferred to another city, they can sell their interest to someone else.

We've found younger people and investors comfortable about buying off the plan for a while, but the more mature demographic, who traditionally shied away from that form of purchasing, are now coming into the market.

Five reasons to buy off the plan

1. If you think that new car smell is heavenly, just wait until you breathe in the air of your new, never-before-lived-in home, and admire the gleam of the new appliances, the virgin walls and the pristine floorboards, carpets or tiles.

2. Provided you buy well, it can be cheaper than buying an existing property, as well as savings on stamp duty and grants for buying new.

3. The design of new apartments and townhouses has improved hugely since the days of cramped, dark interiors with wasted corridor space, little storage and no balconies.

4. If the market is rising, the value of your apartment might have soared by the time it is finished and you have to pay for it – after saving for the two years of construction – and move in.

5. You get the latest in technology and finishes that may keep strata levies down, or great resort-style facilities that may mean you never have to leave home for entertainment again!

Five things to look out for

1. Check the developer. Look at what buildings they've developed before. Make sure there have been no problems and do the same due diligence with the builder and architect.

2. Look at the local plans and phone the council to make sure any open space is not zoned for another development.

3. Make sure the estimated levies are realistic to pay for the services and facilities promised. You don't want the levies to go up when it is discovered the bills are higher than predicted.

4. Avoid one-stop-shop situations where the developer, strata manager and building manager are the same company. When conflicts arise, you need someone on your side.

5. Read the proposed bylaws to ensure they suit your lifestyle. There is no comeback, for example, if the real estate agent told you it was pet-friendly, but the bylaws ban animals.

If you have a question or would like to know more about buying off the plan join us at our next seminar or contact me directly, I would love to talk to you info@awesomelendingsolutions.com.au

Want to read similar articles by this author:

http://info.awesomelendingsolutions.com.au/blog/5-tips-to-buying-off-the-plan-as-a-first-time-buyer

Is buying off the plan the way to go?

With tax cuts, government motivating forces and less expensive than market prices, purchasing off the plan can be a definitive shrewd investment choice. Anyhow, similar to each speculation, it takes a touch of exploration, business sector learning and an exact comprehension of precisely what you're purchasing.

Ever seen an incredible looking picture of a property and a stunningly better looking cost?

Odds are that it is presumably an off-the-plan deal.

Purchasing 'off-the-plan' mostly means going into a legitimately tying contract to buy a property before it achieves completion and approval for occupancy granted.

So as it were, you are purchasing a guarantee – a guarantee that the developer will finish the construction of a property as per agreed terms.

The advantages

Undoubtedly purchasing off-the-plan can have noteworthy monetary benefits for a purchaser.

In Australia, purchasers can enjoy tax depreciation benefits, government motivating forces and the "originality" of another property without paying the top market price.

Initially, home buyers around Australia can enjoy exemptions and concessions on stamp duty for properties acquired off-the-plan.

They can likewise welcome government grants.

In NSW, for instance, off-the-plan purchasers may be eligible for a grant of $5,000 (as long as the value of the purchase of the new home does not surpass $650,000.

The dangers

There is a characteristic risk with any 'purchase now, pay later' arrangement – and that will be that you may not get what you thought you paid for.

The uncertainty of contract terms is a huge factor in disputes emerging from off-the-plan contracts.

That is the reason it is imperative to have a thorough contract that sets out unequivocally and without question precisely what you are purchasing.

From the highlights, installations and fittings to the protection, voting rights (in the event that its a strata property), timelines and dispute resolution process.

Wendy* purchased an off-the-arrangement unit in Ashfield NSW, however, came to experience critical issues with garage/car park flooding that was not expected under the first contract.

Rising damp and different issues brought insurance coverage under the spotlight, and various strata gatherings were held to attempt to determine them.

"My recommendation would be to peruse your agreement carefully, get sound legitimate guidance furthermore be mindful of your rights and voting privileges," Wendy says.

As per NSW Fair Trading, getting free legal and financial advice is utterly key concerning purchasing off-the-plan. NSW Fair Trading advises that purchasers can likewise profit by asking the right inquiries. These may incorporate,

"Would I be able to make any improvements to the kitchen and bathroom?

Will I choose the appliances?

Will I visit the site amid development?

Can I on sell the property before its completion?

What are my rights if development is delayed?"

The issue of quality

A typical grumbling from purchasers who have had an off-the-plan issues have come about, as a result, of the quality of fittings and a space in the middle of desire and reality.

Purchasers ought to take a close look at the fittings timetable connected to the agreement and see what sort of fittings will be incorporated, including brand, make, and model.

They ought to likewise know what will happen if an item is out of stock or taken – will it be replaced with an item of equivalent worth and quality – and will the purchaser have a say?

Insurance suggestions

Purchasing an off-the-plan property where the developer/builder is excluded from providing any form of home warranty insurance is another danger.

An illustration of this in NSW is non–multi-story structures, where a home warranty insurance certificate is not needed to be included in the agreement until development starts.

For this situation, purchasers are cautioned to guarantee that they have acquired evidence of insurance before they settle the deal, as they can't cancel the contract once it has been settled.

Knowing the market

You may think you've discovered a fantastic opportunity, however, remember that market value change and further developments in the area might eventually affect the value of your property once it is finished.

The key is to do your investigation and research and seek to understand what other developments have been approved in the area you are looking at purchasing.

Are high rises being constructed?

Are there subdivisions and land grants?

At the end of the day, how much your property is worth can simply come down to supply and demand.

Purchasing off-the-arrangement can be a profoundly exciting and profitable endeavor.Be that as it may, make sure to do your investigation and get expert advice so that you can dodge the risks.

* Name has been changed 

If you have a question or would like to know more about buying off the plan join us at our next seminar or contact me directly, I would love to talk to you info@awesomelendingsolutions.com.au

Want to read similar articles by this author:

http://info.awesomelendingsolutions.com.au/blog/5-tips-to-buying-off-the-plan-as-a-first-time-buyer

Buying a tenanted investment property

There are plenty of upsides to buying an investment property that already has a tenant, as well as a raft of risks. Here’s how to minimise them.

Purchasing an investment property that already has a tenant means you collect rent from day one, with no vacant period and no lease fees to find a new tenant. The lease just carries on as it did before you purchased the property. Sound good? Of course it does. There are some possible problems to be aware of though.

The lease just carries on as it did before you purchased the property. Sound good? Of course it does. There are some possible problems to be aware of though.

Sound good? Of course it does. There are some potential problems to be aware of though.

It’s very important to check whether the lease on your prospective investment is current or the tenants are on an expired lease. If the tenants are off-lease, they can give a short period of notice and vacate the property, so those upsides mentioned above could come to nought.

A current lease, on the other hand, offers security, it also means that you are stuck with the lease, its conditions (or lack thereof), the current rental return and the tenants.

There are steps you can take to minimise your risk:

•          Make sure the bond has been lodged properly. Your agent will arrange for the bond guarantee to be transferred into your name on settlement.
•          Check the property condition report, making sure that it is a complete and accurate record of the property as you inspected it.
•          Ensure there are no rental arrears. If there are, or if a landlord has agreed that rental arrears can be taken out of a bond payment, stipulate that this amount is deducted from the purchase settlement amount.
•          Ask the leasing agent about the tenants and their payment record. You cannot demand that you meet the tenants, but attending the open house will give you a sense of how they live in the property. If possible, sight the tenants’ original application for the property and rental ledger.
•          Look at the yield for rental properties in the area and compare them to yours. You won’t be able to increase the rent until the end of the lease.
•          Be aware of any concessions or conditions that are either in the lease or have been agreed with the landlord or property manager, because these will become your responsibility. For example, does rent include electricity or other utilities? Has the landlord agreed to install a new oven or paint a room?

Of course, if you love a property but have doubts about the tenants, the lease or the managing agent, all is not lost. You can easily change the managing agent when you settle. You can also make vacant possession of the property a condition of settlement. You may need to wait until the lease expires to settle, but you aren’t taking on the previous owners’ problems and responsibilities.

You can quickly change the managing agent when you decide. You can also make vacant possession of the property a condition of settlement. You may need to wait until the lease expires to settle, but you aren’t taking on the previous owners’ problems and responsibilities.

You can also make vacant possession of the property a condition of settlement. You may need to wait until the lease expires to settle, but you aren’t taking on the previous owners’ problems and responsibilities.

You may need to wait until the lease expires to settle, but you aren’t taking on the former owners’ problems and responsibilities.

If your only problem with a tenanted property is the rental yield, keep in mind that increasing rent on a good, long-term tenant may well drive them away anyway, so do your sums. Work out whether the amount you’d like to increase the rent by equates to more over the year than the lease fee plus any rent lost if your property is vacant for a few weeks.

Work out whether the amount you’d like to increase the rent by equates to more over the year than the lease fee plus any rent lost if your property is vacant for a few weeks.

Talk to an Awesome Lending Solutions Broker who can help you finance your investment. 

For more articles similar to this check this one out http://info.awesomelendingsolutions.com.au/blog/steps-to-buying-an-investment-property

http://www.awesomelendingsolutions.com.au/contact-us/

5 Tips To Buying off The Plan As A First Time Buyer

Many buy off the plan as an investment, but purchasing fresh off the production line can also offer real advantages for first homebuyers.

First homebuyers are short on cash and, as a result, have difficulty in finding funds quickly that are required for a finished property with a short term settlement.

Buying off the plan will give a first home buyer time –

time to save for settlement, 

time to plan for settlement, 

potentially time for capital growth prior to settlement 

and time to make all the relevant applications for the first homeowners grant.

---

Buying off the plan does not follow the same process path as a typical purchase of an established property does. 

There is ore often than not time-critical steps that cannot be ignored. 

Below is a list of five tips to buying off the plan as a first-time buyer  

1. Get yourself into financial order:

Know your financial position, your borrowing capacity and the lending policies of the bank in relation to different property types and locations. 

2. Do your research:

Don't buy the first property you look at. Understand the median apartment prices growth, vacancy rates, rents, employment statistics and demographics. 

Get to know the area, transportation linkages and current and planned infrastructure projects. 

3. Research the development team:

Who's going to deliver this project? 

What's the track record for the builder, developer, architect and sales agent? Go and visit some of the architect and designers recent projects. 

4. Get proper independent legal advice:

Before singing anything ensure that you have spoken with a specialist property lawyer before signing anything.

5. Understand the time frames:

Ensure that you are fully abreast of all pending timeframes around the delivery of the project and the sunset dates in the contract of sale. 

Following the above steps will assist you in ensuring the best possible outcome at the settlement of your purchase. 

With all best-laid plans there are also risks that need to be mitigated:

• The project may not proceed
• The finished product may differ to what you anticipated 
• Expected capital growth doesn't eventuate or value may ne less than purchase price 
• You can't physically walk through the property you are buying (this last one is something that I struggled with when I first bought off the plan)

For help & guidance through any of the above steps, please feel free to contact an Awesome Lending Solutions broker.

Read This Before You Buy Your Next Property

Establishing the right investment and finance structure is critical to the long-term success of any property acquisition.

Some people decide to convert their home into an investment property in the future. Seeking advice at the outset when you’re contemplating such a move is crucial, so that you don’t miss out on future tax deductions.

So let’s explore how you can establish the right ownership and debt structures from the outset, in order to reduce your risk exposure while to maximise your all necessary investment dollar and allowable tax deductions.

SEEK ADVICE

It doesn’t matter how much research you do into loan packages or lenders unless you are a professional working in the cutthroat world of finance, never assume you can go it alone.

It is extraordinarily important that you speak to an Awesome Lending Solutions mortgage broker, before you place the deposit down on a property, so that you have your debt structured correctly from the outset to make sure that you’re maximising your tax deductions on that borrowing.

An expert will guide you throughout the process, ensuring that each step is taken only after careful consideration of your personal circumstances and long-term goals when it comes to property ownership.

If you used cash for the initial deposit of say 10%, then you’re potentially not going to get the full tax deduction that you might otherwise have received. Get that right at the outset by speaking to somebody before you sign on the dotted line.

Once you are ready to settle or you’re moving towards settlement, make sure you have the loan structured correctly from a principal and interest perspective. Also consider the options of fixing or variable (interest rates) in light of your overall position, so that you’re not overcommitting and missing out on opportunities in the future.

It is critical for investors who need to be mindful of their cash flow.

As a professional property investor, you want to structure your finance arrangement(s) to maximise your borrowing power now and into the future and minimise any out of pocket contribution.

Ideally, you will pay nothing at all to service the loan once structured.

This is particularly important when you’re still in the accumulation phase of your investment endeavours and are likely to have what we refer to as “bad debt” – the mortgage over your own home – which you should aim to pay down as quickly as possible, whilst capitalising on your “good” investment debt, where the government provides you with that extra negative gearing incentive.

MAKE YOUR DEBT WORK FOR YOU

A primary consideration in this optimal debt-constructing scenario is whether you have any intention of converting your home into an investment property in the future.

We have seen a lot of clients who have almost paid their initial (home) loan off.

Then moved into a new home over which they have a substantial borrowing and effectively no tax deduction on that debt.

Whereas if they structure it correctly from the outset. Incorporate an offset facility, they can take their money into the new home and only have good debt, being the tax deductible loan on what is now an investment property that used to be their home.

LAND TAX SAVINGS FOR THE SAVVY INVESTOR

Interestingly, many people neglect to consider the ongoing cost associated with holding property when establishing an investment loan. And the price that takes the unsuspecting investor by surprise most often is land tax.

When you are looking at ownership – be it an individual, super fund or trust – consider the stamp duty and property tax costs that are potentially attached to that particular structure.

As an individual, you have a substantial threshold before land tax is payable, whereas other entities don’t necessarily have those thresholds.

Likewise, if an individual already has an investment property in their name, your land tax bill could become expensive.

If you put another property in your name, as opposed to having it in your spouse’s name, who is not attached to another investment property title.

Given that electing to adopt this type of strategy for your ownership structures could save you a few thousand dollars each year in property tax obligations, this is something you should consider from the get go.

DO YOU APPRECIATE THE BENEFITS OF DEPRECIATION?

One of the things we find here at Awesome Lending Solutions, when investors approach us to assist with refinancing or implementing a new arrangement, is that they are underutilizing the taxation incentives available to them, particularly concerning depreciation schedules.

Depreciation schedules written by quantity surveyors, who assess the value of your property’s assets and the potential cost to replace them should the need arise.Provided the property fits within certain construction dates, depreciation can be a substantial benefit,” agrees Ty.

Provided the property fits within certain construction times, depreciation, can be a substantial benefit.

Not only a property that may have been wholly constructed after, say 1987 that should have a depreciation schedule drawn up. It can also be a property that has had renovations done since that time.

This means receiving deductions on two fronts, being the “building write off” – the cost of wear and tear on the property’s structure – and depreciation on fittings and fixtures such as wiring, lights, furniture and the like.

A quantity surveyor will come out to your investment property, do an assessment and prepare a report for you, which will provide a detailed report on those depreciation items that you can claim each year.

Of course, as with many property investment related expenses, the fee to engage a quantity surveyor is also tax deductible. So there’s really no reason to not have this done and potentially save thousands on your annual tax bill!

FIND THE RIGHT HELP

Ultimately, if you establish yourself as a professional property investor, the best way to optimise your portfolio is to ensure you surround yourself with the good consultants and maintain strong, working relationships with them.

Your rapport should be based on trust, and you must feel comfortable enough to ask any questions upfront when contemplating the establishment or alteration of any type of investment or debt structure.

After all, a dollar saved is a dollar earned!

Like to read some other articles related to this topic? Have a look at the following links:

http://awesomelendingsolutions-com.hs-sites.com/blog/what-are-the-benefits-of-buying-an-investment-property

http://awesomelendingsolutions-com.hs-sites.com/blog/how-to-decode-a-property-advertisement

http://awesomelendingsolutions-com.hs-sites.com/blog/how-can-i-develop-a-property-investment-strategy

Should You Refinance For a Better Deal

Refinancing a loan can take advantage of lower interest rates to bring down the overall cost of servicing a loan. But it’s not always the best, or the only, option.

There are many different factors borrowers need to consider when thinking about refinancing a loan.

The first step is to speak to an expert about your needs and whether you can afford to service a different loan structure.

At this point, an Awesome Lending Solutions Credit Adviser will also need to find out about your existing loan, repayments and the structure of the facility.

The current value of the property is also taken into consideration, so the credit adviser will have access to current data that will indicate what the asset is worth.

Then credit consultants will have a look at the various loan options and figure out whether it’s worth it for the borrower to refinance. It’s not usually worth it if it’s only going to save a couple of hundred dollars a year, taking into consideration exit and application fees. But if it’s going to save upward of $1000 a year, refinancing might be a sensible approach.

Another critical consideration is lenders’ mortgage insurance (LMI). If switching loans means you will need to pay LMI again, sometimes it’s not worth refinancing.

If you want to refinance just to lower lending costs, ask Awesome Lending Solutions to negotiate with the bank for a lower rate.

If you do decide to go down the refinancing path, working with a credit consultant rather than going straight to a bank has advantages because the adviser has access to loan options from scores of different lenders.

Awesome Lending Solutions can compare lots of different lenders and, if there is a better opportunity, they’re able to access it. Credit advisers are always working to give you great advice that’s in your best interests.

Want to know more? Have a look at the following related article

 http://awesomelendingsolutions-com.hs-sites.com/blog/https//www.linkedin.com/pulse/can-good-credit-adviser-save-time-money-mitchell-finance-specialist