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As a sole investor, there are financial and tax intricacies that may change your return.

My Journey with Financely and Damien Rao

Sid Gaurav, an aspirant and experienced Electrical Engineer in Sydney, who travelled around the world, wanted to settle down with his beautiful family of wife and a 5-year-old boy.

He was new to the housing market and got in touch with Damien Rao from a common friend.
Sid said, “I was in the market from August 2018, but then I sat with Damien to discuss my options”.
He said, “Unlike other mortgage brokers I have met, Damien actually took more than 2 hours to sit and understand my financial situation and my future plans; from there, I decided that buying a new home straight away may not be the best option for a gainful return”.

With Damien’s guidance and assistance, Sid bought a beautiful investment property in Melbourne’s thriving suburbs.
Damien assisted me right from the inception of the idea of buying an investment property to actually signing the loan documents. The loan application process very simple, and the communication was exceptional, which I couldn’t get from any other vendor.” – Sid Gaurav

He also added that “Damien is highly professional, and explained the process clearly. He always kept me up to date with the requirement of the application and its progress.”

Once, Sid, had his investment portfolio started, he then initiated the process of buying his first new unit (home) to live in beautiful Sydney.

Right from the beginning of understanding his financial situation, Damien assisted him in applying for a home loan at a very affordable and competitive interest rate.

Today Sid owns a beautiful unit in Sydney Westmead and an amazing investment property in Melbourne.
We wish Sid Gaurav and his family good fortune for his future.

Understand this before building your portfolio

Whether it’s your profession, your business or your own personal finances, what will set you apart is your bottom line.

Bottom line is the final total of an account or balance sheet. You may have 3 or 4 property’s portfolio, or a six-figure income; but if your yearly account statement is still in negative cashflow, you need to look thoroughly at your debts and assets.

Here are 4 basic steps to look at when planning for your next financial year –

1. Know Your Fixed Costs 
Fixed costs for your own expenses can include monthly rent or mortgage, weekly groceries shopping, car-loan etc. It is a kind of expense that will not change with time. Make sure you have full account of your fixed cost and consult with your partner, if you can reduce your fixed cost in any shape or form

2. Know Your Variable Cost
This is the cost you usually don’t account for e.g.. a weekend holiday, sudden repairs to your car, money spent at your friends party etc. Not all variable costs are necessary, so it gives you a great opportunity to save some expenses from your variable costs.

3. Know Your Burrowing Limit
There are various online calculators available to calculate your burrowing capacity such as NAB, ANZ, Westpac offers online tools for calculating burrowing capacity based on your income and expenditure. You can also speak to one of our friendly mortgage brokers to better understand your financial situation by clicking HERE. It is important you know how much you can burrow so you are not under bad debt

4. Know Your Tax Deductibles
Based on your profession, you may be entitled to some tax exemptions. Make sure you check https://www.ato.gov.au/ to understand how you can claim tax.

By understanding your needs and visions for the future, we will endeavour to provide the right Home or Investment Loan product for you.