Frequently Asked Questions
Diva Advocacy
How do I know where to start if I am overwhelmed with my situation?
It begins with a conversation similar to catching up with an old friend; one step at a time. Every story is unique but there is always a solution.
What can I do if I can‘t afford a Lawyer and need to deal with a debt that isn’t mine?
Our fees are negotiated with you and depend on your circumstances, which means that your situation may involve a recourse action that entitles you to compensative resolve relating to Advocacy work. All divisions have set rates and packages to suit your needs.
We have a team of lawyers we work with, we are your support.
Do you deal with financial divisions relating to divorce?
We definitely do! As women we provide experienced based knowledge on how to understand ‘split’ financial procedures. Preparing you for the unknowns you face.
Can you help me with Tax and when my partner has used my details?
Yes, confidential and practical guidance is provided in this situation. We will support you to clear up the matter and regain your identity. We are starting by removing the fear of talking to authorities to protect your assets.
Do you provide guidance about mortgages as well?
Yes, we do! We educate you about the best home loans, mortgages and the process of securing them. We also give credible refinancing advice to pay out your current home loan and take out a new loan through either your existing lender or through a different lender.
How do you educate students and the general public about basic legislation and finance?
At Diva Financial, we have developed various programs, including workshops and seminars, aimed at providing legislative and financial education to youth. Students, school kids, mothers, and daughters can clarify concepts in these workshops.
Do you provide legislative and financial guidance as well?
Yes, we do! We begin by counseling you on resolving your issues in the most convenient way possible. We believe in guiding you through the entire process to enhance your learning.
What is the L.I.F.E Blueprint?
The Diva L.I.F.E Blueprint is a series of coaching sessions that enables you to look at life from a progressive perspective. It focuses on the four major pillars of life: Love, Identity, Finances, and Emotions.
What do your wealth management services cover?
We help you build a stronger financial plan to protect and grow your assets. We also provide knowledge about products and services that can help you take control of your superannuation, insurance, personal finances, budgets, and succession plans.
Do you provide guidance about mortgages as well?
Yes, we do! We educate you about the best home loans, mortgages, and the process of securing them. We also offer credible refinancing advice to pay out your current home loan and take out a new loan through either your existing or a different lender.
Buying or Renovating
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Contact us today, we can help with calculations based on your circumstances
How much do I need for a deposit?
Usually between 5% – 10% of the value of a property. Speak with us to discuss your options for a deposit.
How do I choose a loan that’s right for me?
Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.
How often do I make home loan repayments — weekly, fortnightly, or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. If you aim to make weekly or fortnightly repayments, instead of monthly, you will make more payments in a year, which can potentially shave dollars and time off your loan.
What is the First Home Owner Grant and can I get one?
This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. Contact us directly to find out more about eligibility requirements in your state and how much grant money you could receive.
What fees/costs should I budget for?
There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:
- Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To estimate your possible stamp duty charge, visit our Stamp Duty Calculator.
- Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
- Building inspection — This should be carried out by a qualified expert, such as a structural engineer before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
- Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance.
- Ongoing costs — If you buy a strata title, regular strata fees are payable. You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.
Investing in Property
Why invest in property?
Australians are among the most active property investors in the world, with an average of one in every three new mortgages each month arranged for investors. Most of these investors are ordinary people with ordinary jobs earning ordinary incomes. So, why is property investment so popular?
Capital growth. Capital growth is the increase in value of property over time and the long term average growth rate for Australian residential property is about 9% a year. Importantly, because property markets move in cycles, property values go through periods of stagnation as well as decline. This is why taking an investment view of at least 10 years is important. Note: if your investment property increases by 7.5% a year, over a 10 year period it will double in value.
Rental income. Rental income, also known as yield, is the rent an investment property generates. You can calculate this by dividing the annual rent by the price paid for the property and multiplying it by 100 to produce a percentage figure. As a general rule, more expensive properties generate lower yields than more moderately priced properties. There is also usually a direct, inverse relationship between capital growth and rental income. Those properties producing a lower rental yield will often deliver greater capital growth over the long term.
Tax benefits. The Federal Government allows you to offset against your taxable income any losses you incur from owning an investment property. For example, if the amount you receive in rent from tenants is $5,000 less than the cost of servicing the mortgage, and paying rates, water and other fees associated with the property, at the end of the year you can add that $5,000 to the amount of income on which you don’t have to pay tax. If you work as an employee, with income tax automatically deducted from your pay, this means you’ll receive a refund from the Australian Taxation Office (ATO) after the end of the financial year.
Low volatility. Property values generally fluctuate less than the stock market. Many investors say they experience greater peace of mind for this reason.
Leverage. Property enables far greater leverage than many other investments. For example, if you have $100,000 in savings, you could invest it in a portfolio of shares, or use it to buy a property worth $500,000 by taking out a mortgage for $400,000. If shares go up by 10% during the year, your share portfolio would be worth $110,000 and you would have gained $10,000. If property goes up by 10% during that same year, your property would be worth $550,000 and you would have gained $50,000.
You don’t need a big salary to invest. If you are buying to invest, lenders will take rental income as well as your own income into their assessment. If you already own your own home and have some equity in it, you may be able to use this as a deposit, meaning that you can buy an investment property without having to find any additional cash. If you don’t own your own home and feel you may never be able to afford one, buying an investment property may be a good stepping stone to one day being able to afford your own home.
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our Home Loan Quote in 30 seconds. Or contact us today, we can help with calculations based on your circumstances.
How do I choose the loan that’s right for me?
Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.
How much do I need for a deposit?
Usually between 5% – 10% of the value of a property. Speak with us to discuss your options for a deposit. You may be able to borrow against the equity in your existing home or investment property.
How often do I make home loan repayments — weekly, fortnightly, or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. If you aim for weekly or fortnightly repayments, instead of monthly, you will make more payments in a year, which can potentially shave dollars and time off your loan.
What fees/costs should I budget for?
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:
- Stamp Duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
- Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal rigour around your property purchase, including title searches.
- Building inspection — This should be carried out by a qualified expert, such as a structural engineer before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
- Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance.
- Ongoing costs — If you buy a strata title, regular strata fees are payable. You will need to include council and water rates along with regular loan repayments. It is important to also take out building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan, but make sure you actually take out enough building insurance to cover what it would cost if you had to rebuild. Likewise, make sure you have enough contents cover should you need to replace everything if the worst happens.
Refinancing
Can I get a mortgage where I pay less than I’m paying now?
Now is always a great time to shop around or check that you have the right loan for your needs. We’re a great starting point. It will depend on what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit), and what features you want in your loan. We can quickly explain your options.
Can I consolidate credit card or other debts into a home loan?
This is one of the reasons some people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans, etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments of the debt that you consolidate at their current level, or you could easily end up paying more over a longer period of time. Speak with us today to discuss your personal needs.
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you may be able to borrow (subject to satisfying legal and lender requirements) with our clever loan options tool. Chat with us when you’re ready, we can help with calculations based on your circumstances.
How do I choose a loan that’s right for me?
Our guides to loan types and features (links) will help you learn about the main options available. There are hundreds of different home loans available so talk to us today.
What fees/costs are involved in switching mortgages?
Depending on your loan, penalty fees could apply if you’re paying off your current mortgage early. But these may be offset by repayment savings when you switch home loans. We’ll walk you through any fees that could apply to your circumstances.
Got a question?
We understand you may have several questions when consulting us about your social, financial, and legislative issues. We’ve addressed a few common concerns, but feel free to inquire about anything by dropping us a message. We’ll be happy to get back to you promptly!