Feature
Article
How to Prepare to Speak to a Bank
to Get Finance
In your pursuit to obtain a mortgage loan for your property investment,
there are several aspects that you have to take into account before
approaching a bank or lending institution.
Assess your needs. Determine first your
overall financial situation.
Ask yourself if you have enough savings to push through with your
investment plan, if you have a good credit score and payment history.
Consider your finances. Decide whether you
will use part of your
personal funds for your investment venture or will you rely
totally on
a mortgage loan? Figure out the amount of loan you want as well as your
financial capability. As well as thinking about the loan
amount you can borrow, you need to consider your ability to
repay the loan.
Fixed versus variable loan. Consider the type
of loan you want - is it going to be a fixed rate or
variable rate loan? A fixed rate loan
involves a locked in rate for the duration of your loan but it can
protect you against interest rate fluctuations due to market
conditions. Variable rate loans are preferred by some as it
allows
them to avail of low interest rates when the market is performing well.
Credit rating. Having a good credit history is
vital.
Your ability to maintain a favorable credit standing will show in your
credit rating.
Do some research. Shopping for loans from
different banks and lenders
will help you compare and guide you in making your final decision.
This is where a good finance broker can save you time and money.
Let them do the leg work for you.
By Wendy Moore
Copyright 2009 Affluencia Pty Ltd
WANT TO
USE THIS ARTICLE?
You
can, as long as you include the following:
Wendy Moore is founder of www.affluencia.com and creator of
the Get Started in Property Mentoring Program - the step-by-step, hold
your hand program that gives you the tools and confidence to take your
first step on the property investing ladder so you can live a life you
love. To receive your F.R.E.E. Special Report and weekly how-to
articles to expand your property investing toolkit, visit www.affluencia.com.
Five
Minutes with...
Sue Papadoulis of Home Biz Chicks
Question
1
What
has been your biggest challenge in business and how did you overcome it?
Before I even started out with my first business, I let the
fear
of the unknown stop me. I really wanted to get out of the 9 to 5 (or
7am 'til 6pm!) corporate routine but the thought of having to
deal with
taxation, insurance, licenses, BAS statements etc, prevent me from
making the move.
It took the birth of my first daughter and the desire
not to put her into daycare at an early age to finally push me into
starting out on my own. So, I began my first business when my daughter
was just six months old. Less than a year later I achieved a six figure
turnover - and I only wish I'd had the courage, and
support from other
women, to make the leap into home business before I had children!
Question
2
If
you had to start your business again from scratch, what would you do
differently?
I probably would
have done a bit more research into what was required of a membership
web site. I started with a web designer and then ended up letting her
go because we weren't moving ahead fast enough. I then signed
up with
another company and launched within six weeks. Fortunately I
didn't
lose much money out of it, but it did delay things. My recommendation
to anyone starting out is to seek advice and support from other
business people in the same field, before you start.
Question
3
Who
do you admire and why?
I admire other women running their business from home and
those who support them. People like Lyndsey Baigent from Essentially for
Women, who's so open with telling her story about
being in debt and
having all sorts of personal problems, and then being able to overcome
the challenges, rebuild her life, and is now helping others to do the
same. I admire anyone who's able to take massive action to
completion -
people who don't just wish they could do something, but take
the
necessary action to achieve it.
Question
4
It
takes a lot of determination and dedication to succeed in
business. What keeps you motivated?
I'm motivated by the desire to live life according to my
dreams and
goals, rather than working for someone else. I love being at home and
having that daily contact with my family which wouldn't be
possible if
I worked in a job. The desire to never go back to the corporate world
is a major motivator. My husband also works from home and
we've built
this incredible lifestyle that gives us the flexibility to do what we
want, when we want. If we have to go into the city for a meeting,
we're
always desperate to get home and away from the hectic pace and stress!
I'm also really motivated to help women realise they can be
successful
working from home. I want women who've had children to know
that there
are other options beyond putting your child into care and going back to
a job you don't enjoy. At the moment, I also have a big
deadline which
motivates me to grow Home Biz Chicks - and that's
the due date of my
second child in September!
Question
5
What
are your 3 biggest success tips?
1. Do something you're
passionate about
and you will be successful and satisfied on every level. Work
isn't
work when you do something you love.
2. Know your customers - know
exactly
what they want, what they're looking for and what problems
you can
solve. Then simply and effectively communicate the solutions you offer.
3. Manage yourself, not your time. We
each have 24 hours in a day and some succeed while others
don't. It
comes down to determining your specific business goals and then
allocating time each day to work on achieving your business goals.
Don't get caught up spending all your time working
"in" the business
leaving no time to work "on" the business.
Tell us
about Sue...
Home Biz Chicks is the ultimate resource for women working from
home. Home Biz Chicks brings together a range of
experts in a number of fields including finance, marketing, public
relations, technology, organisation, mindset and relationships to
provide advice and support to women working from home.
Online entrepreneur and founder of Home Biz Chicks, Sue Papadoulis is
committed to empowering women who work from home with the means and
know-how to live a life of abundance.
For more about
Sue
visit www.homebizchicks.com
Are
you a Successful Sister?
Each
week, we'll spend five minutes with a successful sister. Like
to be considered to share your story? Let us know by emailingcontact@affluencia.com
Need
A Speaker
Would
You Like Wendy To Speak Live at Your Next Event or Be a Teleseminar
Guest?
Her presentations and
workshops are ideal for anyone looking to get started investing in real
estate or discover the tools and techniques to successfully invest in
property.
Send an email to contact@affluencia.com if you'd
like to book her.
Where
is Wendy Speaking Next?
Melbourne
Productivity Coaching Club - Tuesday 9th June - teleseminar
Infusion
Networking - Sunday 14th June - half day internet workshop
The Winners Circle - Monday 15th
June - Essentially for Women
The
Red Tent Woman - Wednesday 15 July -
Understanding Social Media
Sydney
Infusion
Networking - Wednesday 3rd June
Accelerate
in Business - Friday
14th - Sunday 16th August
Quick
Links
Visit the Affluencia
Blog
Post (it's f.r.e.e!)
on the Get Started in
Property Forum
Register for our F.R.E.E. monthly teleseminar
Attend the next
Affluencia Event
About
Wendy
Wendy
Moore is founder of www.affluencia.com
and committed to showing women everywhere how to get started in
property.
If you liked today's issue, you'll love Wendy's products and coaching
programs to help you build confidence and add the necessary tools and
techniques to your property investing toolkit so you too can live a
life you love.
Wendy made it to the very top of the corporate IT world, managing
multi-million dollar budgets, before gut-wrenching stress demanded she
reappraise her life and follow her true passion: property
investing.
Wendy now educates,
empowers and inspires others and says, "It's all about education and
gaining from other's experiences. I'm passionate about helping women
become financially independent through investing in property."
You can learn more about Wendy and her courses, programs and products
at her website, www.affluencia.com
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copyright information. Thanks and enjoy!
Affluencia Newsletter is written by Wendy Moore. If you have
any questions or comments, please send them to: contact@affluencia.com
Affluencia.com,
GPO Box 2000, Melbourne Vic Australia 3001
Tel: 61 (3) 9686 2288 Fax: 61 (3) 9682 4010
Email: info@affluencia.com
Copyright 2009
Affluencia Pty Ltd. All rights reserved.
Disclaimer:
This newsletter is not intended to be a substitute for investment or
professional advice. It is a broad discussion to provide a
general understanding. Before acting, you should seek specific
professional advice for your unique situation.
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