Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is the key to keeping the approval time short.

The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usually received between two days to two weeks, depending on a range of factors.

For a reasonably straightforward application, it’s around 48 hours to a final approval. But, depending on how complex the circumstances are, it can take longer than that.

Before offering conditional approval, your potential lender will need to make an assessment of your application and conduct a valuation of the property. Of course, having a valuation that is acceptable to the lender done in advance will expedite the process.

With valuations, the intention is to support an application rather than to make or break it.  There are a few things that can result in an application not being approved based on valuation, like zoning, property size, or if the condition of the property is poor enough that major repairs would be required before it could realise its market value.

The lender will also assess your capacity to repay the loan amount you have requested. This is where all of the information about your salary and liabilities come into consideration, and where accurate and complete information is essential.

The credit review by the lender can include a bit of to-and-fro between the customer, the broker and the lender due to the lender’s request for further information as that credit review takes place.

Your potential lender makes an overall judgement of you as a borrower and the complexity of your financial history will affect how long this takes.

It’s best to be full and frank in disclosure from a borrower’s perspective. The biggest red flag is non-disclosure of liabilities or adverse information on a credit history, whether it is included in documentation or not.

The complexity of the application process is a great reason why you would sit down with a reputable broker, as they can just explain all of that to you.

Following the submission of an application, you can expect your finance broker to be in touch with you to update you on progress, and to notify you of the outcome. If your application is approved, your broker will also advise you of when to expect a formal letter of approval from your lender.

Integrity One’s Mortgage & Finance Association of Australia accredited Finance Brokers Nic Berry and Tom Bailey are  happy to speak to you about how they can simplify the home loan application and approval process, and create the strongest application for you.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

Nicholas Berry Credit Representative Number 472439 and Thomas Bailey Credit Representative Number 472440 are Credit Representatives of Integrity Finance (Aust) Pty Ltd – Australian Credit Licence 392184.

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Are you at an age where you find it difficult to complete certain tasks around the home but want to stay living in your home? Or do you need help to support someone else who lives in your home with a disability, dementia or other care needs?

Your preference may be to live in the comfort and familiar surroundings of your own home for as long as possible and delay any move into a residential care facility. The government also encourages independence in the home through subsidised home care services.

If you have been approved by an Aged Care Assessment Team/Service (ACAT/ACAS) for a home care package, the most important decision you will need to make is to choose a home care provider who can deliver the services you want in the way that you want. This can be a stressful and time-consuming task.

This article should help to demystify the key issues for choosing a home care provider to help you receive the care services that you need in a way that represents value for money.

The key steps are shown below.

Making your choice – a checklist

Once you have been allocated a home care package you will need to choose and engage a home care provider to manage your home care package.

You should start by researching providers in your local area and consider what type of care services you need and what would be important in how they are delivered. You should also compare the fees charged by providers.

Some of the key questions to consider include:

• What kind of tasks do you need help with to continue living in your home?
• Which tasks are most important to you?
• What support do you have around you in terms of family and friends?
• How involved are these people in your daily life and what capacity do they have to help with your care needs?
• What package level have you been approved for and what is the allocated budget?
• Can you afford to pay for extra support if the home care package will not be enough?
• Do you have any cultural, religious, lifestyle needs or preferences that need to be considered when choosing a provider?
• What fees do the providers charge?
• How will the care provider provide the services and how much control can you have?

This checklist provides a list of questions to ask home care providers when making your choice.

Find out about the home care provider:

• What is their complaints process and history?
• What services do they offer?
• Are these services in line with your care needs?
• Does the provider align with your personal values?
• If you have religious, cultural or sexuality issues that need to be considered, how does the provider cater for these needs?
• If you have any specific disabilities or physical impairments (e.g. blind, deafness) how can the home care provider cater for these needs?
• Can the provider cater for any language barriers?
• What feedback or testimonials can they provide on the quality of their services?
• Who does the care provider employ to provide the care services? Are they employees or contractors?
• What screening checks are conducted for the care workers?
• Can you choose the people who will provide the care services? Can you choose when the services are provided?

Determine the range of fees the provider would charge:

• What administration fees would the provider charge?
• Is there a case management fee, and how much?
• Are you and/or your family able to take on some of the case management work to reduce any fees? What are the requirements and or restrictions?
• What is the hourly rate for services? Does it vary depending on the type of service?
• Are there any other fees or costs that the provider charges, for example, travel time?
• Can the provider provide additional services if needed? What would be the fees?
• What is the exit fee if you transfer to another provider?

Determine how urgent your needs are and investigate the capacity of the provider to meet your needs:

• Does the provider have a waiting list?
• How long would you need to wait and what would be the impact of this wait on you and your personal support networks (ie family and friends)?

Help to make the choice

You can do your own research to choose a provider, but this can be time consuming, so you may want to engage a professional to help with your search and selection.  Integrity One Financial Planners has accredited aged care specialists available to help you with this.

You should start the search as soon as you receive the ACAT/ACAS approval and not wait until a package is actually allocated. If you are approved for a home care package you will be added to the National Queue to wait for a package to become available. You will then be notified when a package becomes available. From that point, you have 56 days to select a provider and sign a home care agreement. If you miss the deadline your package is cancelled and you go back into the Queue.

Some resources to help with your search include:

Myagedcare.gov.au – Use the ‘find and set up services’ function to search for providers in your area

Financial advisers – Some financial advisers who specialise in aged care may be able to connect you with providers.  Integrity One has very experiences & accredited Aged Care Advisors.

Friends & relatives – Ask for referrals and recommendations – you may know people who have already done the research.

Placement services – Aged care placement services may be able to help you to identify available providers and make a choice

Signing a home care agreement

Once you choose a home care provider you will need to arrange a budget and care plan to design what services will be provided and how the package money will be spent. This will also include the costs that you need to contribute.

The last step is to sign a home care agreement outlining the services to be provided (as agreed in your care plan) and the terms and conditions of engagement. You may wish to get legal advice to review this contract before signing.

Managing complaints

If you experience any problems with the services you are receiving or the staff providing services, you should first speak to the home care provider. The aim is to resolve the issues without compromising or interrupting the services you are receiving.

If the matter cannot be resolved, you can refer the matter to the Aged Care Complaints Commissioner:

• 1800 550 552
• www.agedcarecomplaints.gov.au
• Aged Care Complaints Commissioner, GPO Box 9848, (Your capital city and state/territory)

Integrity One has qualified accredited aged care specialists available to assist you, or your loved ones, with this process.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

In your retirement years, retirement villages may provide you with a lifestyle choice that allows you to reduce the time and effort required to maintain your home.

Some villages provide basic levels of supervision and nursing assistance and there is a trend for newer villages to offer serviced apartment living or home care services. But retirement villages are generally more suitable if you are still able to live independently.

Even though the decision to move into a retirement village may largely be driven by lifestyle considerations don’t ignore the commercial aspects. Always read the contract carefully and seek legal advice to ensure it is fully understood.

Click here for a Checklist of issues that you may wish to consider before deciding to move into a retirement village.

If you would like to find out more about moving into an aged care home, check out the My Aged Care website or contact us. Integrity One has qualified accredited aged care specialists available to assist you with your, or your loved ones, aged care needs.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

For those getting ready to stride into the world of home ownership, the uncertainties of pre-approval can cast a shadow of doubt over an otherwise exciting time. When is it necessary? How long does it last? And what does it involve, exactly?

Pre-approval is a lender’s assessment of your likelihood of being approved for an otherwise suitable loan. The appraisal is made on the basis of your ability to service a loan by looking into your living expenses and liabilities, your credit history, your employment circumstances and how often you have moved home or employment in the recent past.

As it is performed prior to a property being found and chosen, it does not take into account the particulars of a specific property and valuation, which is why uncertainties can arise.

Pre-approval is helpful for those who want to know how much they can borrow before attending open homes and can be reassuring for new borrowers.

When someone gets pre-approval they can start looking at properties knowing how much they can borrow. They know what their price range is and can take comfort in knowing that a lender has looked at their application to make sure it meets policy.

Pre-approvals are usually valid for up to 90 days but, depending on the lender, may be renewed to allow more time to find a property.

It is very important to note that a pre-approval is not a guaranteed loan. It is your potential lender’s way of signalling how much they expect to lend you. This may change on your official application.

Lending policies are changing day-to-day, week-to-week at the moment so anyone with a conditional approval, it’s a good idea to speak to your broker to find out if any policies have changed.

Another thing that may cause a lender to decline your loan application after pre-approval is a change to your pre-approval circumstances. So, things like obtaining another credit card or car lease, or any other debt may affect your ability to service the loan.

Your pre-approval will also usually be conditional on a property valuation. If your lender does not deem the property a marketable asset, they may not approve a loan.

Pre-approval is not a guarantee but is a very useful tool for anyone looking for a property.

Integrity One’s Mortgage & Finance Association of Australia accredited Finance Brokers Nic Berry and Tom Bailey are  happy to help you with your pre-approval before you lock in your Saturday open home schedule.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

Nicholas Berry Credit Representative Number 472439 and Thomas Bailey Credit Representative Number 472440 are Credit Representatives of Integrity Finance (Aust) Pty Ltd – Australian Credit Licence 392184.

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. These articles are not owned by Integrity One Planning Services. Please consult your adviser before making decisions using this information.

Even the best budget can unravel if the right tools are not in place. Here we talk about how to stick to your spending plan.

It’s easy to underestimate what we spend – by day, by week, by month.

It’s also common to put off budgeting until you have some money. And how easy it is to let things slide?

But when we finally get around to working out a decent, detailed spending plan the job’s not done. Now the hard work begins. Here are five tips to help you stick to your plan.

Stocktake. Spending more than you earn?

Subtract your total weekly expenses from your total weekly income. How’s it looking? Hopefully—ideally—you’ll have more coming in than going out. Over time you’ll be able to save—and build up your reserves.

First, you’ll want a buffer in case things go wrong. Financial advisers used to suggest having six month’s spare cash in the bank. When this seemed out of reach for most, they talked instead of having three months in reserve—but many people struggle to even have one.

Living month to month is stressful enough; living week to week even more so. Getting your finances into a stable and sustainable place is the goal. Properly accounting for income and outgoings is the first step.

Cut costs

You may be able to increase your income, either through taking on a second job or cranking out a genius invention. More realistically, the quickest way to improve your personal bottom line is to cut costs. Curb unnecessary spending.

Go through your expenditure. You’ll find there are fixed costs (e.g. rent or mortgage payments) you can do little about, and other areas where you could cut but it may be unwise to do so (e.g. insurance). Unfortunately, the areas where you can make greatest savings—your discretionary spending—are often the things that are most fun. Going to the movies, big Friday nights ou, or that annual Bali break with the girls.

Once more, the crucial consideration is ‘balance’. You can draft an extreme austerity plan, but you’d be unlikely to stick to it. Be realistic. Don’t introduce cuts across the board or take $20 off food without knowing what you can (and will) give up or change.

Have a goal

It’s easier to keep to a plan if you have a goal you’re working towards. It might be something humble like a pair of shoes, a cast-iron wok, or a new cricket bat. Or it could be bigger ticket items like a car, an overseas trip or your first home deposit. Or perhaps you’ve got debts you want to pay off.

Having a plan keeps you focused and makes spend-ups and blow-outs less likely.

Sort your day-to-day money management

Set up a system that makes saving automatic—and limits your ability to spend more than you’ve budgeted. It’s a good idea to consider setting up several bank accounts, with direct debits into (or out) of each.

For instance, you might have a general account where your wages are paid into. Each week, money is diverted from here into a designated ‘House’ account (for your home deposit). Don’t touch this. You might have another couple of accounts—a smaller one where you trickle money in for that trip-of-a-lifetime to New Zealand, another for a fund for big, occasional bills (vehicle maintenance etc.).

Your goal? Each month your overall financial position should be stronger than the month before.

Track your progress

Check your finances each month to see if your savings and spending plans are on track. If you’re extra organised—you may want to fill out your own Statement of Financial Position in Excel.

Don’t just look at the bottom line. Where are you over? Where are you under? What little fixes could bring things back into line?

Are your targets realistic? Remember the best spending plans are regularly reviewed and refined. They evolve over time.

We’re here to help

A financial adviser can provide you with advice to help you manage your debts efficiently. To find out more, contact us today.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.

None of us like paying late payment fees on our credit cards. The good news is there are simple ways to avoid late or missed payments that we can share with you. Here are our tips to help you avoid missing a credit card payment and being charged a late payment fee.

Check your credit card statement

To avoid a late payment fee you need to pay your ‘Total minimum monthly payment’ by the statement ‘Due date’. Just remember, making the minimum payment by the due date is not enough to avoid paying interest.

You can find your ‘Total minimum monthly payment’ and ’Due date’ information on your monthly credit card statement.

Online credit card statements

Waiting for your statement to arrive in the mail only reduces the amount of time to pay. You can generally register to receive your credit card statements online through internet banking. Then you’ll receive a reminder when they’re ready to view. You are then usually able to access your statements anytime and from anywhere you have internet access.

Pay during your statement payment ‘window’

Find out how many days make up your payment ‘window’ – which will vary by type of credit card. To avoid a late payment fee you must pay at least the minimum monthly payment on your statement, during this period.

Keep in mind that BPAY payments, cheque payments and transfers from different bank accounts can take several days to receive and process and your payment must be received by the payment due date.

Early payments

You can make payments before your statement period ends to help reduce your credit card balance and stay under your credit card limit. But, you’ll still need to make the minimum monthly payment shown on your statement to avoid a late payment fee.

Set up reminders and automatic payments

We recommend you either set up an email or SMS payment reminder (where this is available) or a direct debit through internet banking to avoid missing a payment, especially if you’re going on holidays.

If you’re in financial difficulty

If you’re struggling to make your credit card repayments because of financial difficulty, contact your bank to talk about your options.

If you are charged at late payment fee.

In the event that are charged a late payment fee it is worthwhile contacting your bank and try and get the fee waived particularly if you have a good history of on time payment.

We’re here to help

A financial adviser can provide you with advice to help you manage your debts efficiently. To find out more, contact us today.

Please contact Integrity One if we can assist you with this or any other financial matter.

Phone: (03) 9723 0522

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Integrity One Facebook

This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser before making decisions using this information.