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Choosing the right office space

Posted on June 15, 2016 by admin

Choosing an office space for a business is a big decision; not only do owners have to consider what size space they require, but they also have to factor in things like the budget for rent and office proximity to public transport.

Remaining focused on the essentials is key to finding the perfect office space. Here are three factors to consider:

Travel and access for your workers
A top priority when finding an office space should be proximity to public transportation or roads and parking spaces that will allow your staff to commute to the office. Offices spaces that are too far away from access points makes it difficult for employees to get to work and may even reduce the size of a talent pool when you’re looking to make a new hire because of the difficulty to get to the office.

Time your purchase
Rent and purchase prices always increase and decrease in the real estate industry, so keep an eye on the market to find the prime opportunity to buy an office space. Make a plan based on real estate market fluctuations to sign a lease or mortgage agreement at the right time.

Plan for size
One of the most overlooked aspects of choosing office space is how much space you’ll need. Business owners should visit office spaces for rent or sale with a tape measure and a list of the office furniture that they’ll be using. It is key for owners to be thorough about the exact needs of their office space, rather than using a rough estimate.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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