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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The ‘common misconception’ that could add to your mortgage

By Lucy Dean

March 23 2018
Share

Invest

The ‘common misconception’ that could add to your mortgage

By Lucy Dean
March 23 2018

This financing arrangement is often considered a last resort, but according to a financial services CEO, avoiding it is not always a good idea either.

The ‘common misconception’ that could add to your mortgage

By Lucy Dean

March 23 2018
Share

This financing arrangement is often considered a last resort, but according to a financial services CEO, avoiding it is not always a good idea either.

To the CEO at You’re Welcome Finance, David Lennon, the argument that taking out a personal loan should be a last resort for mortgage holders is simply a misconception.

Speaking to Nest Egg, he explained, “Let’s say you want to spend $100,000 to do a renovation on your property, the absolute first thing to do is to go to your bank and see if you can get a refinance, or see if you can use the equity in your home.

“[However] if you're going for a smaller amount, $25,000 or $20,000, I'd strongly advise you not to put that on your mortgage. You may get a better interest rate but remember, your mortgages are written over 25-30 years. The great thing about a personal loan is you know it's going to get paid off in a short space of time.”

That’s provided that the borrower has a stable job and a solid credit file.

“There’s absolutely nothing wrong with taking out a personal loan if you're doing it for the right reasons,” Mr Lennon said.

“I’d tell people to be careful how many inquiries for [finance] you're making because the more inquiries you take you're lowering your credit score and that's important. [Additionally], just make sure that you've got a bona fide lender.”

In his 15 years working in the personal loan space, Mr Lennon has seen inquiries for things as mundane as new furniture to life-altering surgeries, like gender reassignment operations.

“If you've got any product or service that's costing $7,000-$9,000 – that's a lot of money, not many people have that in cash sitting in the bank,” he said.

However, it is critical that potential borrowers use discretion when choosing a lender and loan type.

Payday lenders in particular have come under fire recently for dodgy contracts and sales tactics, Mr Lennon noted, while emphasising the distinction between personal and payday loans.

“I would just tell everybody, do your homework,” he said.

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