Managing cash flow is a critical component of every business and one that must be effective if it is to remain profitable after all, cashflow is the lifeblood of all businesses particularly start-ups and small enterprises.
There are always times of peaks and troughs and this will have a direct effect on revenue. The good news is that there is plenty of help for small businesses going through seasonal downturns and rough times.
Here’s 3 tips to manage cash flow for small business;
When you are thinking about your first home, finding out you should be thinking about saving for a 20 per cent deposit can seem really overwhelming. The good news is that for some of the big non-bank lenders, a minimum deposit required on some products can be as little as five percent of the purchase price of the property, but it’s always a good idea to have a deposit of 20 per cent or more if possible.
So, let’s look at how to get there.
There are many reasons why an application for a home loan can be declined and we’ve listed some of the most common ones below.
Right now is one of the best times to be a homeowner!
Interest rates are still at record lows with most lenders offering home loans with interest rates below 4% p.a. There’s also a number of different incentives for first home buyers (depending on where you live) which could go towards those “hidden fees” that all add up such as building and pest inspection, conveyancing and legal and loan application fees to name a few. When purchasing a property around $500,000 you can expect to pay anywhere up to $20,000 on top of this. Check out the State Revenue Office Victoria website for more information.
Recovering from bankruptcy can be a long and difficult process. And even when you’ve been discharged or completed a debt agreement, some lenders will automatically decline your application for a home loan because of the history.
When deciding if a loan application is acceptable or not, the major banks all have a standard set of rules that are followed. If people don’t fit those rules then there are home loans designed especially for this and the term is a “non-conforming” home loan.
If you’re self-employed or you own your own business, you’ll know all about the challenges of admin – keeping your accounts, finances and income flow all on track.
It’s not easy. The last thing you need is a ‘no’ on your home loan application because of the paperwork.
But here’s some good news. There are alternatives. Here are four steps that anyone who’s self-employed can take to help get a home loan sorted.
Finances can spiral out of control for many reasons – redundancy, divorce, illness. Sometimes just the pressures of daily life can see you accidentally forget to make a bill payment. It’s things like these that can land you with a bad credit rating which can stick around even when you’ve sorted through everything and paid all the overdue bills. So, just when you think you’re in the clear, others might not see it like that.
Weekly or Fortnightly payments are better than monthly repayments
Since interest is calculated daily, when payments are made more often you save money in interest over the life of your loan – which means the loan is paid off quicker! Continue reading