Home' LOTL : June 2005 Contents 23
Have a set plan that will achieve your personal and
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of cash, fixed interest, shares and property.
Reweight the allocation to each sector annually.
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Delma Newton Ph: (07) 3315 6258
Wildly Wealthy Women
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Join today and receive $750 worth of audio CDs
Yvette Adams (07) 545 26072
Women's Financial Network
services for women: money coaching, investment
advice, superannuation and retirement, mortgages,
insurances and business coaching.
Save 10% of what you earn or think about what
you would have to go without to save $20 per
week. If the Spend Devil rears her evil head keep
her in check by carrying a list of things you need
Purchase Why Saving Is Like Dieting and Budgets
Don't Work and receive The Women's Guide To
Susan Jackson 1300 851 335
Violet Home Loans
will help you stop renting and get your own home,
consolidate debt, or build your property and
investment portfolio. Gay/lesbian owned/operated
Never overcommit yourself financially: market
trends and interest rates fluctuate. Find a loan
consultant that understands your needs. Entering
into a basic rate loan may not give you the
flexibility you require and you may end up out of
pocket in the long run. Demand that good old-
fashioned customer service from your mortgage
broker. Build a long-term relationship with your
broker, it will prove invaluable.
Marija Newbold or Cath McLeod
Ph: (03) 9370 9488
Caroline Mulcahy believes lesbians should invest
in property and recommends a lesbian or gay
mortgage broker. "As a lesbian, I have personally
been through the difficult red tape put up by bank
managers who at times look down at you or just
don't take you seriously. I am independent, strong
minded and passionate about seeing women
succeed in the property market," says Caroline.
Consider property: prices are at an all time low, the
availability of the First Home Owners Grant, the
stamp duty waiver for first home buyers, the new
100% home loans (no deposit needed) makes it a
good time to get a foot in the door. A broker is a
great ally to have when purchasing property,
negotiating loans or consolidating debt, and ensure
your paperwork flows smoothly.
An obligation free assessment of your finance
Caroline Mulcahy 0416 101 554
Anne has to do to 'get the balance right'.
Marilyn agreed it was a challenge. "Being
a lady in my early to mid fifties I am
acutely aware of the limited retirement
income I and many of my contemporaries
have put away for our retirement, and the
undesirability of further borrowings to
continue the lifestyle we have become
accustomed to. How do we generate a new
income stream in the future when all we
have is the family home and a bit of cash
from our superannuation?"
I asked Marilyn what does this hip term
circulating in the finance industry at the
moment -- 'reverse mortgage'--- actually
mean and could it help someone like
"This product allows you to unlock some
of the equity in your house and use these
funds for any worthwhile purpose you
choose. You may wish to invest, go
caravanning or on that holiday you have
always wanted, give the kids a deposit for
their first house or indeed renovate the
home you love so much," explained
"The best part of reverse mortgage is that
you never have to make any repayments
if you so choose, the debt is paid back
when you decide to move out, sell your
house or die. It must be emphasised,
however, that the debt increases until the
reverse mortgage is paid out by either the
sale of the home or in the event of the
surviving applicant's death. The interest
rate charges and fees are added to the
amount borrowed each month until the
reverse mortgage is paid. All facilities
have a no negative equity clause which
means neither you, nor the estate, can
owe more that the value of the home."
There are a few requirements, of course.
Applicants need to be between 60 and
85 years, own their own home or
investment property, obtain independent
financial and legal advice, and contact
Centrelink to see how their benefits may
or may not be affected by a reverse
mortgage. How much you can borrow
depends on your age and the value of the
In Anne's case, there is a happy ending:
As Anne was 67 years of age she could
borrow up to 17% of the property, which
is $85,000. Her mortgage has been paid
in full and Anne elected to receive a
regular payment of $1,000 per quarter for
the next 5 years. This has changed her
life considerably; she does not have a
panic attack every time the bills come in.
These funds have relieved her of the
burden of mortgage repayments as well as
allowing her to pursue her crafts and
hobbies and not be restricted by lack of
money. All this, and no repayments are
necessary at all.
Anne was last seen at her sculpture class
-- and I must say, looking very relaxed!
For more information, call Isobelle on
0411 178 628 or Marilyn on (02) 9560
1811 or 0410 655 807. e
Caroline Mulcahy of X Inc
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