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Yahoo
a day ago
- Business
- Yahoo
Aussie couple dodge $40,000 fee with $150,000 mortgage move: 'Going to see a lot more'
More Australians are turning to the Bank of Mum and Dad to get a foot on the property ladder as prices continue to skyrocket. But instead of giving cash, some parents are putting up part of their home equity to help their kids get into the market quicker and avoid mortgage insurance fees. Chelsea Anderson and her partner Jaimyn Wiki purchased a four-bedroom townhouse in Brisbane in March using a guarantor home loan. The 27-year-old real estate agent told Yahoo Finance the parental help meant the couple could buy the $925,000 property with a 5 per cent deposit. 'We went down the guarantor route so we wouldn't have to pay LMI [Lenders Mortgage Insurance]. We saved ourselves about $40,000 in cash,' Anderson said. RELATED Bank of Mum and Dad warning over common mortgage issue: 'Seek legal advice immediately' Coles, Woolworths shelves reveal devastating reality for coffee lovers: 'From $49 to $62' Aussie couple making $1,200 a day from job anyone can do: 'Went off like an explosion' Wiki's parents are guaranteeing about $150,000 of the property purchase by putting up their own home as equity. This has given the couple 20 per cent security needed to buy the home without paying LMI. The couple bought the home as an investment property and hope to remove the parents as guarantors from the loan within the next two years. They bought their first property, a two-bedroom unit for $535,000, in August last year and used the first home guarantee to buy with a 5 per cent deposit. 'I would say it's probably gone up about $100,000 in value since then,' Anderson said. Anderson said the couple were keen to expand their portfolio, and Wiki's parents had previously offered to help them. 'We could feel the market is going to increase and keep growing in Brisbane and we had a deposit to be able to buy another property, so we wanted to leverage on the growth before the rates start dropping more and prices keep going up," she said. Mortgage brokers have reported seeing a rise in guarantor loans among first-home buyers, with Loan Market data finding they now make up 66 per cent of loans written in their network. That's up from 50 per cent for the same month last year and 38 per cent four years ago during the pandemic. Loan Market broker Caleb Bax said he expects guarantor loans would continue to increase in popularity. That's partly because more parents will now be in a position to help, as their own home values skyrocket. 'There are a lot more people who are in a position to help,' he told Yahoo Finance. 'Obviously, current house prices seem to keep going up, so it's just making it harder and harder for first-home buyers. 'We are going to see a lot more people relying on parental help and it's a way for a parent to help without having to physically out lay cash, they can temporarily lend or borrow against their home.' Along with helping buyers purchase a home with a small, or no, deposit, Bax said buyers may be able to get a more appealing interest rate on their mortgage as they will be seen as a 'less risky' client. Bax warned there were major risks to be aware of, with the guarantor on the line if their loved one can't meet their repayments. 'If the applicants were in a position where they couldn't make home loan repayments and the property price hadn't increased, the bank has the right and ability to come after the guarantors up to the limit of the loan that they've taken the guarantee for,' Bax said. 'So, say someone had a $150,000 guarantee against their home. The bank can come for that, even if they've paid that down a bit and maybe have $130,000 leftover. 'The bank can go up to the guaranteed limit, so $150,000, to recoup any of the lost money, including legal fees. 'So then the guarantor either has to take on the loan themselves against their home and pay those repayments, or they could be in a position where they have to sell their home.' Along with the financial risks, the arrangement also has the potential to put a strain on the relationship between parents and their kids. If you go down the guarantor route, Bax said it was important to have an exit strategy in place to get the guarantor off the loan as quickly as possible. Bax said this could include purchasing below your means so you can pay off the loan quicker, renovating the property to add value to it, or potentially putting down any lump sum bonuses into the home. 'With the property market the way it is, it's appreciated so quickly that we are seeing they are able to get off quite quickly,' he added. Anderson said she and her partner had a plan in place before they approached the parents and asked them to go guarantor. 'The average growth for that area for the last year was about 12 per cent, so we figured that we'd get them off on growth alone in probably a year and a half,' she said. 'We also thought the unit we bought initially was not a long-term unit, it's our first home. So we thought eventually when we sell that, whatever profit we have from that will go into the other property, and that would remove them, whichever came first.' Bax encouraged Aussie homebuyers to speak to a mortgage broker to understand how having a guarantor could impact them and whether other avenues like LMI waivers or government guarantees are worth exploring first. "It's always worth the guarantors getting independent legal advice as well," he said. "So, seeing a solicitor to understand the risks associated in more detail, so that they are informed enough to make the decision whether to help their kids."Error while retrieving data Sign in to access your portfolio Error while retrieving data
Wales Online
3 days ago
- Wales Online
This stunning beach is a 'bit of a journey' to get to, but it's absolutely worth it
This stunning beach is a 'bit of a journey' to get to, but it's absolutely worth it Porth Ceiriad is one of the most popular beaches in north Wales - but it's not easy to find and is often described as a 'hidden gem' in reviews, and for once, this label is well-deserved The Llŷn Coastal Path runs above Porth Ceiriad beach (Image: Chris Andrew/Wiki ) Porth Ceiriad, nestled on the Llŷn Peninsula in Gwynedd, is a gem of Wales' coastline that you'd expect to be teeming with crowds due to its golden sands and vast views. Despite being voted one of the most scenic beaches on the peninsula, visitors are few, with Tripadvisor reviews praising its beauty despite the lack of facilities, a long walk across fields and steep steps to get there. The seclusion found at Porth Ceiriad is actually a significant part of its charm, offering tranquillity during the week that is perfect for those seeking a peaceful retreat. A recent visitor wrote about the the beach's serene appeal: "One of my favourite places! True mind escape. No mobile connection, no wifi, love it." Even with its popularity among those who know of it, this idyllic spot manages to remain less frequented, a fact that regulars no doubt appreciate. Its deceptive closeness to Abersoch and the enveloping cliffs adds to the mystery of finding this secluded beach, as reported by North Wales Live. The adventure of discovering Porth Ceiriad is well-known locally, earning the moniker of the "Porth Ceiriad Mystery Tour" because of the curious case of disappearing tourists led astray by unreliable satnav directions and confounding maps. One puzzled reviewer from Newcastle upon Tyne confessed, "Don't ask me how we found the beach," while a couple from England shared their own strenuous escapade: "Bit of a journey to find it (even using Ordnance Survey map and satnav! ! ! )," but they later referred to Porth Ceiriad as their "stunning almost secret beach". Porth Ceiriad is repeatedly dubbed a "hidden gem" within reviews, and this time, it's truly earned the accolade. In a recent Millets outdoor retailer survey, Porth Ceiriad was rightly named fifth on the list of "Wales hidden gems". Wondering how to reach this secluded spot? Set off from Abersoch via Lon Sarn Bach and keep going straight over the Sarn Bach crossroads. Then, roughly 0.7 miles beyond, take a left onto Lon Groes, which is marked by a green electricity substation. (Image: Google ) A contactless payment barrier (costing £3) at the once operating Nant Y Big campsite reveals a path that leads towards the beach. Atop the craggy cliffs, there is a car park that dares drivers to feel like they're inches from driving over the brink. For those who choose an earlier turn off towards Bwlchtocyn, another more compact car park awaits on the far side of the village, accessible through cattle grids and equally slender lanes. This alternative parking site only takes coins (£2-£4 for a stay up to four hours, or £5 for the entire day). One holidaymaker remarked, "It's an adventure to get there on single track country roads. Good luck with the tractors coming through in the opposite direction. But, wow, it's worth the trek!". Porth Ceiriad is renowned for offering what many consider being the best surf across the Llŷn Peninsula. It's a delightfully sheltered bay with calm seas in summer, but when winter rolls around, the dynamic changes drastically. The south-facing beach awakens to dramatic life if conditions align, its distinct shape and sudden depth change conjuring up some imposing waves. Unlike the more tempestuous Porth Neigwl nearby (also known as Hell's Mouth), Porth Ceiriad's waves draw in seasoned surfers looking for a hefty challenge. Holidaymakers might dip their toes into these enticing waters, yet they too must respect the potential dangers of rip currents, similar to those found at the much larger beach just next door. A couple enjoying a quiet weekday visit recently noted how they seemed to have the whole place to themselves – by the time they left, only a couple of other souls had appeared. Contrast that with a busy Saturday in summer, and you'd find the bay bustling with watercraft of all sorts, from kayaks to jetskis, and sailboats - a magnet for watersports aficionados. Article continues below While boats often provide the easiest means of arrival, trekkers are equally compensated with stunning views accessible off the well-trodden Llŷn Coastal Path. Visitors enamoured with the charm of Porth Ceiriad have been effusive in their praise, as one remarked: "This beach is incredibly beautiful," and hailed it as "Probably one of the best I've been to in the UK. If you like your beaches secluded, surrounded by a bit more wilderness, then this is for you." In agreement, a family from Manchester described Porth Ceirad as the "best UK beach by miles" adding: "Been coming here for 45 years, and it's our fav beach in the whole world. Dramatic. Off the beaten track and simply stunning."
Wales Online
6 days ago
- Wales Online
Dreamy sandy beach that could be on the Californian coast that has something distinctly Welsh in the background
Dreamy sandy beach that could be on the Californian coast that has something distinctly Welsh in the background This popular North Wales beach has golden sand and strong 'Californian coast vibes' Traeth Llanddwyn at sunset bordered by Newborough Forest (Image: I Love Colour/Wiki ) We are spoiled for choice for dreamy beaches in Wales. One popular North Wales beach, in particular, has golden sand and strong 'Californian coast vibes' and is a magnet for snap-happy tourists. Beautiful Traeth Llanddwyn is a blue-flag beach on historic Ynys Llanddwyn (Llanddwyn Island) that's part of the Newborough Warren National Nature Reserve and home to one of Wales' most photogenic lighthouses. The area is also rich in birds and wildlife, from wild ponies to red squirrels and even leeches. It's located in Anglesey, once the sacred heartland of the Druids and the last bastion of the Celts. This ethereal isle remains a land of ancient power, with standing stones, Iron Age forts, and eerie burial chambers scattered throughout. Here, wildflower-covered fields and Neolithic tombs meet storm-battered cliffs, windswept dunes, and secluded coves waiting to be discovered. Traeth Llanddwyn is a walkers' favourite (Image: John Winder/Wiki ) There are also several gorgeous beaches across the isle where you can stroll along sandy shorelines, feast on seafood or take a cold water dip. Article continues below With its impressive sand dunes, legend-filled Traeth Llanddwyn offers magnificent views of Eryri National Park, Caernarfon, and Llyn Peninsula. This romantic beach is included in 'best beaches' lists and is famed for its enchanting tidal island, which has an irresistible allure. A path leads to the nature reserve at Llanddwyn Island, and the nearby forest has lovely footpaths to traverse. Take a leisurely walk towards the beach, amidst Corsican pines, where red squirrels dart up trees and the sea glints on the horizon, and you might think you've been transported to the west coast of America. On the Isle, you'll also find a lighthouse called Goleudy Tŵr Mawr, a remarkable Celtic stone cross situated at the heart of the island and Dwynwen's well. It's believed the well is home to sacred fish who can predict whether couples' relationships will succeed; if the fish are active when visiting the well, it is seen as a sign of a faithful husband. The photogenic tidal island of Ynys Llanddwyn at sunset (Image: Richard Banton/Wiki ) Besides the well, there is also Crochan Llanddwyn, meaning Llanddwyn's cauldron, a small wishing well that is located in a rabbit warren between Llanddwyn Island and Newborough. According to folklore, if the water of the well boils while visitors are present, love and good luck will follow. Tidy. This magical isle, with its rugged shoreline and crystal-clear waters, is closely tied to the legend of Saint Dwynwen, Wales' patron saint of lovers, which basically makes her the Welsh equivalent of St Valentine. According to the story, Saint Dwynwen sought solace on this island after a heart-wrenching love story, and the island is a place of both romantic and spiritual significance. Llanddwyn Island on Anglesey's west coast is home to the church of St Dwynwen - the Welsh patron saint of lovers (Image: Portia Jones ) Dwynwen lived during the 5th century and fell in love with a prince named Maelon Dafodrill. Unfortunately, her father, who had 24 daughters, had already arranged for her to marry someone else. Our gal, Dwynwen, was so upset that she could not marry Maelon that she begged God to make her forget him. After falling asleep, an angel visited Dwynwen, who appeared carrying a sweet potion designed to erase all memory of Maelon and turn him into a block of ice. Yikes! God, feeling generous, gave Dwynwen three wishes. Her first wish was that frozen bae Maelon be thawed; her second was that God meet the hopes and dreams of true lovers; and her third was that she should never marry. All three were fulfilled, and as a mark of her immense gratuitude, Dwynwen devoted herself to God's service for the rest of her life. With so much history, folklore and picture-perfect panoramas, this spot is unsurprisingly hugely popular (Image: Visit Wales/Welsh Government ) With so much history, folklore and picture-perfect panoramas, this spot is unsurprisingly hugely popular. The car park at Traeth Llanddwyn Beach has space for 300 vehicles and is often full shortly after opening. A viral video of the beach's golden sands racked up more than 1.4 million views on TikTok. It was posted by user Heykeyt, who claimed it was 'hands down the most romantic spot in Wales,' driving a huge number of visitors to the picturesque beach. On clear sunny days, there are often huge lines of cars along the twisty route leading from Newborough village centre, with jams extending another half-mile on the A4080 towards Pen-lôn. Understandably, frustrating locals. To avoid the crowds and adding to mass tourism, this beach is best visited in the winter, when fewer tourists traverse the whipping winds and salt-sprayed shores. If you are visiting in summer, you could go for a sunrise beach walk and beat the morning crowds. Make sure not to leave any rubbish behind or park anywhere that blocks in residents. Need to know Location: Llanddwyn, Newborough, Isle of Anglesey, LL61 6SG Parking: New charges for the main car parks came into force on Friday, 23 May. It will now cost £5 to park for up to two hours, and 70p for each additional 20 minutes up to a maximum daily charge of £15. Tides: Ynys Llanddwyn can be cut off in high tides. Check tide times before starting this route. Environment: Do not leave rubbish or light fires or BBQs during long spells of dry weather. Article continues below
Wales Online
25-05-2025
- Automotive
- Wales Online
Warning over parking at busy beach as locals demand 'tow them away'
Warning over parking at busy beach as locals demand 'tow them away' Enforcement officers are due to be out and about over the bank holiday weekend Parking like this on verges close to Llanddwyn and Newborough Forest will see you getting fined (Image: Anglesey council ) Images of vehicles parked on grass verges near a famed Welsh beach are being circulated, accompanied by a cautionary message. As the bank holiday is anticipated to draw large crowds to the area, local businesses are poised to benefit, but the influx of visitors may exasperate residents. Llanddwyn beach and Newborough Forest have long been cherished destinations on bank holiday weekends, but their popularity has surged in recent years, leading to local discontent and environmental concerns. Parking has emerged as a significant challenge. Beach car parks filling up rapidly most mornings, prompting drivers to seek alternative spots nearby. This has led to vehicles being parked along the A4080 between Newborough and Malltraeth, despite the presence of double yellow lines. The car park for Traeth Llanddwyn often fills up fast on summer weekends (Image: Steve Fareham/Wiki ) In anticipation of this weekend, the council has announced that enforcement officers will be issuing fines to drivers parking along this stretch. Article continues below However, many in the area have urged the council to take stronger action, pointing out that vehicles causing road safety concerns in Eryri National Park are often towed away. North Wales Live reports the council has appealed to visitors, stating: "If you're visiting Llanddwyn this weekend - the County Council urges you to park responsibly. "Residents have highlighted road safety concerns due to inconsiderate parking along the A4080 between Newborough and Malltraeth." "Parking Enforcement Officers will be active in the area throughout the Bank Holiday weekend. Any vehicles found parked on the grass verge by the A4080 (as highlighted) will be issued with a fine (fixed penalty notice). "Thank you for your co-operation." One local's reaction to this was forthright, suggesting: "Don't bother with fines, just tow them away!" Another local proposed a more permanent measure: "put big boulders on the grass Echoing the sentiment for more drastic measures, someone commented: "If they can remove cars illegally parked at Eryri then surely this can also be done here" and another opined "Tow away like Snowdonia. For some the fixed penalty notice is nothing!". However, the views weren't all one-sided; another individual questioned the issue with the parked vehicles in question. Article continues below This person argued: "I don't know why they have a problem with the cars in the photo. They are well off the road not interfering with the pavement. They aren't dangerous or in anyone's way."
Wales Online
24-05-2025
- Automotive
- Wales Online
'Tow them away' say locals as parking issue near iconic Anglesey beach leads to warning
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A council has issued an image of vehicles parked on grass verges near an iconic beach - with an attached warning. The bank holiday is expected to see hordes of visitors descend on the region - which is good news for businesses but can lead to frustration for many locals. Llanddwyn beach and Newborough forest have always been popular destinations but in recent years they have been overrun by visitors, causing issues for local residents and posing an environmental threat. Parking has been a major problem with the paid for car park near the beach quickly filled up most mornings - leaving people scrambling to find a nearby spot. This has included on the edge of the A4080 between Newborough and Malltraeth, where double yellows often don't deter drivers. Ahead of this weekend, the council warned enforcement officers would be out issuing fines for those who parked along this stretch. In response many in the area demanded they do more, with it pointed out that over at the hotspots of Eryri National Park vehicles are often towed away if they are causing road safety issues. Join the North Wales Live Whatsapp community now The council said: "If you're visiting Llanddwyn this weekend - the County Council urges you to park responsibly. Residents have highlighted road safety concerns due to inconsiderate parking along the A4080 between Newborough and Malltraeth. "Parking Enforcement Officers will be in the area over the Bank Holiday weekend. Any vehicles parked on the grass verge alongside the A4080 (as shown) will receive a fine (fixed penalty notice). (Image: Steve Fareham/Wiki) "Thank you for your co-operation." In response, one local said: "Don't bother with fines, just tow them away!" while another had the alternative solution to "put big boulders on the grass The first idea was repeated with a person adding: "If they can remove cars illegally parked at Eryri then surely this can also be done here" and another saying "Tow away like Snowdonia. For some the fixed penalty notice is nothing!" But it wasn't one way traffic - with one respondent asking what the vehicles in the image were doing wrong. He said: "I don't know why they have a problem with the cars in the photo. They are well off the road not interfering with the pavement. They aren't dangerous or in anyone's way." Sign up for the North Wales Live newsletter sent twice daily to your inbox Find out what's happening near you
