Whether you are looking to obtain a fixed rate home loan or a home loan with flexible interest rates, a bad credit score can put a damper on your mortgage application. And no matter how impressive your employment history may be, you may not be able to escape a bad home loan if your credit history has too many red marks. As far as your lender is concerned, the lower your credit score, the greater a risk as a homeowner you are.

By the same token, the higher your credit score, the lower your interest rate will be and the more attractive a candidate for a home loan you’ll be. Here are some tips and tricks to escaping a bad home loan and finding one with a lower interest rate:

1. First of All, Don’t Despair!

You are not the first person to be stuck with a bad home loan. There are thousands upon thousands of people in a similar situation. So the first, and most important, step you need to take is to stay positive and think of solutions. Sinking into a depression will not solve your financial woes.

2. Talk with Your Lender and Explore Your Options

If your bad home loan has such a high interest rate that you’re unable to continue making repayments, consider sitting down with your lender and try to renegotiate the terms of your loan agreement. Who knows, you might get lucky and find out that your lender is more than willing to lend you a helping hand.

3. Improve Your Credit Score

If you work hard at improving your credit history – by reducing the amount of debt you owe, for example –some lenders will consider renegotiating the terms of your loan. So cut up all of those credit cards and start to live frugally; no more dining in fancy restaurants or new handbags. Stick to your budget, and in a few years, you will be in a much better financial position.

4. Sell Your Home

If you simply cannot improve your credit score and your lender isn’t budging, consider selling your home and moving into a cheaper home instead – one that has a farsmaller mortgage to pay off. This is not an ideal solution by any means, but it is the best option if there is simply no way out of your bad home loan.

5. Rent Out Your Home

Some homeowners find that the best way to escape a bad home loan is to rent out their home and charge a competitive price to an interested party. In the meantime, you can move into a smaller home while you slowly chip away at your mortgage. Eventually, you will be in a much better financial position, and you might be able to renegotiate the terms of your loan.

No matter how high your interest rate may be, and how strict your mortgage lender is, there are options available to you. Consider renting your home, or talk to your lender about possible solutions for a bad loan.

Apartments

Possibly the main advantage of an apartment over a house is the reduced maintenance that is required as a result. Many of the key decisions will be made by the strata committee within the building, including major repairs and renovations. This reduces the responsibility (both financial and otherwise) that can come with home ownership.

Apartments can sometimes (though not always) be substantially cheaper than a house, which can provide people who are less well-financed with an entry into the market. With mortgage rates at a current low in Australia, a well-priced apartment can be paid off relatively quickly and then used to build an investment property portfolio.

However, there are disadvantages as well. Apartment living can sometimes lack in privacy, and if there are disagreements amidst the strata committee it can make life within the complex quite difficult.

Likewise, strata fees may prove burdensome for some. While additional amenities within the complex (e.g. a gym, pool, etc.) can make the apartment an attractive prospect for potential renters, they will also mean increased strata fees for owners.

Houses

Houses are often seen as a more overtly attractive investment option. Many people dislike living in apartments (due to some of the disadvantages outlined above) and feel that a house would be the preferred option for others as well.

While this can certainly be the case, houses do not always offer such immediate return. Apartments are often located in more “desirable” areas (e.g. close to the CBD), whereas houses tend to be further away from such amenities. The appropriateness of either will be dependent on your own wants and/or the likely wants of prospective renters.

Additionally, the maintenance of a house will be all on you—dealing with utility providers, repairs and any other issues that arise will likely need some level of personal involvement.

A positive aspect of investing in a house is that the land will usually be more valuable than a building. This does require a willingness on your part to look at a house as a more long-term investment, but can yield dividends in the long run.

The purchase of a home also offers greater freedom for children and pets, whether for yourself or potential tenants. Apartments may offer some level of freedom in this regard, but pets in particular are the exception rather than the rule.

Location, location, location

Of course, there’s one key factor that will impact heavily on your choice: location!

This factor is going to come into play whether you are looking to buy for a place to live in or to invest in. The preferred location of your apartment or house is going to have a substantial impact on the cost involved, as well as its potential resale or rental value in the future. There is no clear “winner” between an apartment and a house, and choosing between them will ultimately come down to the preference of individual owners. Whichever way you decide to go, make sure that you choose something that is right for your needs. If it doesn’t suit the needs that you have for it, then don’t buy it!

Considerations When Building Your Own Home

Building your own home (or having a professional do it for you) can be incredibly exciting. You may have been involved in every decision about the structure and appearance of your home and feel a keen sense of anticipation (and impatience) for the project to be finished!
Before you turn your attention to the stylish furniture and fittings that will be featured in your property and the level of home insurance cover you will need, you should focus on the safety of the building site. No matter whether you are building a kit home or a complex and bespoke, architecturally-designed home, all the people on the building site need to know and comply with the safety rules. These safety requirements can range from quite basic rules that employ common sense to very intricate rules pertaining to the use of specialised tools.

What About Visitors?

Visitors to a home building site similarly need to be made aware of the rules and that – in order to guarantee and protect safety – adherence to these rules, expectations and obligations is not negotiable. A more lenient approach to safety is simply not acceptable, as even a tiny slip in the standards of safe working habits can culminate in death, serious injury and/or property damage.

What Safety Rules Can Be Expected on a Home Building Site?

The following list of safety rules is certainly not exhaustive, but it does provide an overview of safety concerns and practices:

• When using tools, safety glasses must be worn.
• When creating dust or using chemicals, a mask should be worn over the face.
• On a building site, workers must not only follow the rules, but also watch out for others and be aware of everything that is happening around them. This means that while the actions a person carries out may be simple and safe enough for them, there may be some impact for other people on-site, and all workers should be aware of how their actions might affect others.
• People working who use unsafe work behaviours need to be reminded of the safety rules.
• Workers should be well hydrated and be aware of the signs and symptoms of heat- related illnesses, particularly in the hot summer months.
• Whenever possible, do not work alone. It is infinitely more dangerous if you are hurt or injured when on-site alone and there is no one there to help you with treatment, support or access to medical attention.
• Children and animals need to be effectively supervised and kept well away from hazards on building sites.
• Safety training must be provided for individuals who are new to the building site and whenever any new worker arrives at a job site.
• Prior to operating power tools and heavy equipment, a worker should receive instructions on how to use them safely.
• Specialised jobs require specialised safety equipment. For example, jobs that see people climb to great heights require safety harnesses. Such safety equipment must always be provided and checked prior to the commencement of the job activity.

It may be that some safety precautions and rules bring about discomfort and inconvenience and increases the amount of time required to do a job. Many safety rules can be interpreted as common sense, but the many dangers that exist on a home building site mean that all workers and visitors must protect their own and others’ safety and wellbeing, by knowing, understanding and following all the safety rules.

Choosing the Size

Solar panels come in various different sizes and the model you choose will make a lot of difference. A larger solar panel will be more expensive to install and if it gets damaged then it will also be more expensive to replace. A larger panel will also be more visible on the roof of your home and this can harm the look of your property. Getting a commercial electrician to install smaller panels has many benefits, however. Installing smaller panels means a lower initial investment and there is always an opportunity to expand the system at a later date. Also, if you live in a hail-prone area then there is a risk of solar panels getting damaged and replacing the protective cover of a smaller panel is far cheaper than on a larger panel.

Choosing the Manufacturer

There are also options about the make and model of solar panels that you install. Panels produced by some companies are far superior to the panels produced by others, so you will want to judge the panels on the merits of power output, longevity and customer experiences rather than on what the company tells you. Choosing the right make and model of solar panels will make a huge difference to your return from the investment.

Choosing the Type

Solar panels can also have different purposes that can benefit you in different ways. If you already have panels to produce electricity, then installing some water heating panels is a great way to further decrease your reliance on electricity providers. Heating water is one of the most energy demanding processes that we carry out each day and it is a large contributor to large electricity bills. Making the move to expand your solar system to include a water heating system will greatly reduce your utility bills.

Selling Energy

Thanks to government policy it is possible in many states to sell any surplus energy back to the grid. Electricity suppliers are encouraged to buy electricity produced by households because this is a cleaner source of energy, but the best part is that they have to buy at the same rate at which they sell. This can mean that you can actually make a significant profit by installing solar panels and expanding your system to create a surplus. It is important to note that this policy is unlikely to continue forever, but for now it can be a great way to speed the rate of return from your investment and make your property a far cheaper place to live.

How it Works

Income protection works on the basis of protecting your income in the case of job loss or an injury that stops you from working. Income protection quotes vary depending upon the amount of money you want to protect each month.

You can opt to protect any percentage of your income through a monthly fee, and the costs of doing so will differ depending on how much is protected every month. With protection, you will be able to benefit from a ‘wage’ being paid to you by the insurance company each month.

Determining the Insurance Level

When looking to get income protection insurance, it is vitally important that you choose the right level of cover. If you save money from your income every month, then protecting this portion is probably unnecessary, since you would not be relying on it if you lost your job anyway.

Determining how much you do need, however, is very important because you will have to meet obligations. Having enough to feed your family, pay for your mortgage, and maintain your house and contents insurance policy payments is crucial. You will need to weigh the costs against the level of protection that you require.

Controlling Spending

When you are relying on income insurance payouts, you will be receiving less than you normally would, and this means that you will have to control your spending. When the payment comes through, it is firstly important to ring-fence the cash that you really need to meet your obligations.

The large financial expenditures that you will be facing are the most crucial things to prepare for. You will then need to prioritise for living costs, and this may mean cutting back on the luxuries that you normally enjoy.

Improving Your Situation

Whilst living on income protection payouts is a perfectly fine way to manage your situation, it is extremely important that you make efforts to improve your situation by getting another job or getting fit to return to work.

Income insurance payouts will only last for a certain prearranged period of time, so recovering and getting back to work is imperative. Having time off work may be nice at first, but it is important not to dawdle and to make active efforts to return to work. Only by returning to your former position can you get back to the comfort that you enjoyed.

Planning Ahead

The vitally important aspect discussed in this article is that of preparation. Preparing for the future and the troubles that it may bring will help you to be ready if it does happen. No one wants to be left unable to work, but being ready for this eventuality will set you in a far better position if it does. Being prepared can make the difference between financial hardship and having the ability to maintain your home loan repayments comfortably.

1. Go Solar

Introducing solar power into your household is a great way to improve your home’s sustainability, as well as decrease your energy bills.

Solar power in Victoria is easily obtained and can be immediately offset against your regular electricity costs. It can be used to both power your home and provide hot water heating.

Utilising solar power from your main electricity grid can be done by simply contacting your energy provider or local solar power provider. If you live in a remote area or an area where grid solar power is not available, you can, instead, install solar panels on the roof of your home and obtain solar power off the grid.

As a Victorian citizen, you may also be able to take advantage of various tariffs and rebates, but you’ll need to be quick, as these are being phased out quickly.

2. Buy Energy-Efficient Products

Energy-efficient products are not only beneficial in saving you money on your energy costs, they also have less of an impact on the environment. Energy-efficient products can include fridges, dishwashers, stoves, ovens, dryers, washing machines and electronics.

When shopping for energy-efficient products, utilise the star rating stickers; the more stars an appliance has, the more energy efficient it is. According to Resource Victoria, an extra star will give you savings of:

• 30% on dishwashers.
• 25% on dryers and washing machines.
• 20% on fridges and electronics like televisions.

3. Sun-Proof or Insulate Your Home

Are you blasting the air conditioner non-stop during summer and your heater in winter? Victoria is known to have sweltering hot days during summer and very cold days in winter, so sun-proofing or insulating your home can mean less reliance on electrical cooling and heating methods. Common and easy solutions include:

• Double-glazing or tinting your windows.
• Installing sunscreen blinds and awnings to reduce sunlight and heat.
• Surrounding your home with trees for shade.
• Ensuring the insulation in your roof is adequate and not worn out.
• Sticking to a temperature of 24 degrees or more, if you do need to use the air conditioner.
• Choosing a gas ducted heater if you need one, and only use heaters when it is extremely cold.
• Draft-proofing your home by sealing up cracks or gaps in doors and windows.

4. Recycle

Recycling can make a huge difference to how your household interacts with the environment. You should:

• Use council-issued recycling bins to recycle the right products; many Victorian councils will have waste and recycling programs.
• Reuse products like plastic bags and buy durable items instead of disposable ones.
• Dispose of any non-recyclable goods in the correct ways (e.g. goods drop-off).
• Start a compost garden.

5. Day-to-Day

On a daily basis, you can help your home in becoming more energy efficient by:

• Turning off lights and appliances when not in use.
• Closing doors to keep certain rooms cool or warm.
• Making your lighting more energy efficient by switching your incandescent light bulbs for fluorescent ones.
• Hanging dry your clothes instead of using the dryer.

However, if you do choose to print some of your own documents at home, it’s crucial that your printing efforts don’t have an amateur effect on your finished products. This article looks at how you can print like a professional in the comfort of your own home!

Paper Stock

Always use quality paper stock for your business materials to ensure a presentable printing job. You may want to invest in glossy or matte paper, paper with a higher GSM, or even paper that’s a colour other than white.

While using recycled paper might be great for printing emails and colouring-in pictures for the kids, try to steer away from any recycled paper stock that looks cheap, and that will also detract from your brand.

Printer Settings

You’ll no doubt understand that there are a variety of printer settings when you hit “print” on your computer. These can often involve settings like black and white, greyscale, colour, draft, best quality, etc. You will need to adjust these printer settings to ensure you get the maximum quality from your printing job. For example, if you are printing a flyer for your latest sale, you’ll have to print in colour, using the most optimum setting available (e.g. don’t choose “black and white” and “draft”, as this will produce something amateur).

Start Small

One of the biggest mistakes you can make when printing at home is to set your printer to print 500 copies up front. If something goes wrong, you’ll end up with wasted paper and a mess to sort out. Instead, start small by printing only one, two or three copies to begin with. You should monitor this, so that the printing is accurate and professional before continuing with the rest.

Printing Mechanics and Alignment

Running off a large print job at home can be a hugetask and you’ll need to monitor your printer’s mechanics to make sure it is performing properly,and to ensure that nothing goes wrong.

Remember that paper jams, as well as other jams, can be common, so be sure tooversee your printing project in person (i.e. don’t duck out to lunch).

Also, don’t forget to check your toner cartridges to make sure there is enough colour and black ink to last your entire print run. If you find your printer is causing blurred lines, you may need to calibrate your cartridges or check your ink supply.

Often, you may find that the documents you are printing are slightly off-centre or “crooked” when you hold up the entire page. This is due to the paper feeding into the printer on an angle. To fix this, you will likely need to adjust your paper tray.

If it’s Not Working Out

Sometimes, printing at home can be easy – but at other times, it just doesn’t work out. If you are experiencing a large volume of problems when trying to print at home, it might be more beneficial to head to your local professional printer or to send your materials to a professional printer online. This can often be the case if you are trying to print high-resolution materials and/or a high volume of materials.

Many businesses will also assume that doing their own printing is much more cost-effective, but there are many professional printers these days who will offer competitive printing rates and can save you the time (and cost) of trying to manage the print process at home.

Decorate

Before you move into your new home is the perfect opportunity in which to decorate your property. With nothing in any of the rooms, painting will be much quicker and it will also be far easier to move through swiftly without causing any damage to possessions.

Being able to paint every room quickly and without having to move furniture is an opportunity that you will not get again, so it is sensible to make the most of this opportunity. Aside from it being a good time to do so, this also gives you the perfect chance to put your own stamp on the property.

Change the Fittings

One of the easiest ways to give your new home a new lease of life is to change the fittings. It is prudent to change the locks on the doors anyway, but if you change the fittings too then you will be able to make your home look new and fresh.

Buy Some Furniture

When moving into a new home, you will have the chance to create a new look and a new style. Instead of bringing old furniture from your rental property, discarding this and buying a new set is sensible. By buying a new lounge suite you will be able to ensure that it fits properly with the theme of the home and it will provide you with fresh comfort too.

Getting yourself new bedroom furniture is another good way to make this feel like a truly new home that you can really enjoy.

Make Use of the Space

When you move into a new home, you will also have to decide how best to make use of the space. If there is a patio, for example, them making this a nice place to sit and enjoy will make a big difference.

Making investments to improve the way that you use the space in your property is a worthwhile way to make the best of your home. By installing an outdoor awning, for example, you will be able to enjoy your patio area far more and this will make your overall experience in the home more enjoyable.

Protect It

Once you are a homeowner and have kitted your home out with furniture and your possessions, you are then nearly ready to call this a home. A final and essential step to take is to protect what you have worked hard to create.

Taking out home and contents insurance is an absolute must and your status as a homeowner will certainly be vulnerable until you do. The final step in making a house into a home is to protect it and keep it safe.

Safety

It takes many years to get the skills and knowledge to safely work with electricity, and even then, electrical work can never be considered a risk-free undertaking. So if you want to do your own electrical repairs, get trained as an electrician, otherwise, leave the work to people who know how to get the job done properly. Without the proper training and experience, it is just too dangerous to risk doing your own electrical work, because if something were to go wrong, in the worst-case scenario, you could stand to lose your life.

The Law

When it comes to DIY electrical work in Australia, the rules differ slightly from state to state, but whether you want to run wiring for your office lighting in Brisbane or install a few more outlets for your home computer network in Melbourne, as a whole, the law quite wholeheartedly frowns on DIY electrical work of just about any kind.

Essentially, the only way that you can have any electrical work done in Australia is if a licenced electrician carries it out, and electrical work is considered just about anything beyond the changing of light bulbs. So even if you know exactly what you are doing with electricity, leave it to the pros, because unless you have your electrician’s licence, any work you do will be considered against the law.

Punishment

The punishment for doing your own electrical work without a licence can be quite severe, especially if anyone is injured in any way as a result of your DIY efforts. If you do a safe electrical job and no one gets hurt, you can still face fines of up to $40,000. Also, if your DIY work results in an injury or death, you could face up to $200,000 in fines and/or 3 years in prison.

A further punishment for DIY electrical work is that your insurance policies will be undermined; for instance, if an electrical fire breaks out at your home and it is found that you did some of the electrical work yourself, your home insurance coverage is likely to be voided.

What You Can Do

Apart from changing light bulbs, there are a few electrical-related tasks you can legally do yourself, although battery-operated devices, such as smoke detectors and garden lights, are considered fair game. If your electrician agrees to supervise, you may be permitted to cut holes, dig trenches or move supplies for them. However, even if you’re supervised, it will still be illegal for you to do any of the actual electrical work yourself.

There are all sorts of tasks that you can easily take care of around your home yourself, but electrical work should not be among them. So if you have anything electrical-related needing attention at your place, do not hesitate to call an electrician.

Here are a few practical features and things to consider when overhauling a beach house:

1. Sand and Salt

Sand gets into places you never thought possible. Having a house full of carpet is not a great idea when it comes to a beach house. Having tiles inside and out, concrete wash-off areas, rubber mats, and paved outdoor areas will all help in the prevention of sand being traipsed through the house.

Salt is corrosive. A metal table and chairs won’t last long at the beach, so be careful when considering outdoor furniture. In the same vein, be conscious of your choice in awnings and light fixtures. Also, consider that saltwater is in the air, so insulation must be specific to your location. Wood and concrete will need to be sealed to prevent moisture damage as well.

2. Outdoor Living Areas and Pool Areas

If you or your tenants are living at the beach, it is more than likely you will spend a lot of time outside. Establishing attractive, but practical outdoor areas is essential. This may also include a pool; funnily enough, the ocean may not always be at its best, so if you want to cool off and relax outside, a pool area is ideal.

If you have a pool area, consider the elements. Sea breezes and strong winds will exacerbate evaporation, but pool covers can help minimise this. Be sure to also get the right pool cleaning equipment for your needs. Pool cleaners that are fairly self-sufficient will minimise the time and effort that you or your tenants have to invest in pool maintenance.

3. Energy Costs

Just because a house is near the beach, it doesn’t mean it can’t get very hot or quite cold. Part of your renovations should include installing insulation to assist in regulating the temperature of your beach house, cutting down on energy costs. Ceiling fans are imperative to keep the air moving in summer and to cool the house.

4. Shade and Colour Scheme

Take the time to study the climate surrounding your beach house. If the western sun is hitting the main living area, it may be time to invest in some awnings or shade sails. Review the landscaping and ensure plants are appropriate and easy to maintain. Palm trees, for example, offer good shade, with the added advantage of allowing airflow. Some types are water hogs, though, so do some research.

The overhaul of your beach house may include a repaint. When deciding on a colour scheme, consider the style of the house and its architecture. It is also good to think about light and dark colours; remember that dark colours will absorb heat, while lighter colours reflect it.

5. Keep it Simple

A beach house is traditionally practical and simple. If you are on holidays or living at the beach, the last thing you want to do is spend your time cleaning and worrying about saltwater and sand getting dragged into the house. Keeping the floor plan simple and open and surfaces easy to clean will ensure you can enjoy your time by the beach.

Once the structural and practical components are squared away, renovating a beach house presents its own unique set of opportunities to enjoy.