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In this time of credit crunching and the scarcity of credit you may want to consider applying for an access bond.This is a facility that allows you to withdraw funds from your home loan.If your home loan was not initially an access bond you can apply to your bank to add the facility.Even though there have been lending policy changes within the banks recently due to the global credit crisis it is still a great option to explore.As with any credit facility these days the guidelines of the national credit act will apply and you will be financially assessed to see if you can handle additional debt.
It is a versatile facility and not only can you withdraw funds you can also use your homeloan in a savings capacity.If you pay funds in above the monthly installment agreed upon into your homeloan you can avoid alot of interest over the years.
Some people who utilize this facility pay their salaries into their bonds and transfer funds out as they need them for debit orders or other monthly expenses.The interest on your bond is calculated on the daily balance so if you use the facility in this way you really can end up paying your bond off sooner than you ever imagined.If you really want to make a dent try convincing yourself to pay your bonus in as well.It sounds really boring but this is the way to go if you want to free yourself from the financial burden of a bond sooner.
Depending on your personal situation you could even use it to purchase larger items like cars.This is definitely not money for nothing though and you have to take care to be really financially responsible with any credit facility.Have a plan to pay off any large sums in a way that will not further strain your finances in the long term future.
As i said above the banks have been changing their lending policies recently so contact the bank where your bond is and ask them about this option.Get an opinion from a reputable service provider about all the positives and negatives involved and if it will work for you.
I think it is safe to say that the real estate market has now officially entered a buyer’s market. So what do you do if you need to sell your property now?
Well my first answer would be DON’T, unless you really have to. You are not going to get your dream price in this market and it is time to accept that. The only way to sell a property in today’s market is to have a realistic expectation of what you can get.
So what is a buyer’s market? It is when there are few buyers in the market. This causes demand to drop and the same happens to the property values.
So how do you sell in a buyer’s market? By making sure your property is priced right and that it looks valuable. You need to make sure that when a potential buyer comes to view your property that it is clean and neat, and kick the dog out.
By showing your property in its glory might inspire the buyer to rather buy yours than your neighbour’s property that has those peculiar stains on the carpet…
Another way to ensure your property gets sold is to listen to your real estate agent when they tell you that you are pricing to high. This does not give them the right to swindle you out of a good price though, get a second opinion. Another thing to remember is that the real estate agents are also suffering in this market, so try to negotiate less commission. If they really want to assist in selling your house, they will be willing to negotiate.
Please do not try and cut corners in this market. Always use a professional to help you sell your property so you don’t end up losing the deal because you don’t know what to do after your property is sold. It might seem a waste of money to use a real estate agent and attorney, but in the end it is the best, and safest, way to sell your property.
Well I hope this was helpful and remember, the market will turn just stay positive.