To help you get ahead financially, The Mortgage Gallery has provided these handy tools.

1) Budget Planner (Excel) - Click to view or download

Doing a detailed household budget can help you manage your money better. If you want to take out a loan, it's essential for planning how much you can afford to borrow and repay.

2) Statement of Assets (Excel) - Click to view or download

A Statement of Assets and Liabilities is a list of your personal assets and their value (what you own) and your liabilities (what you owe). The difference between the two is a measure of your financial health. If you're applying for a loan, you'll need a Statement of Assets and Liabilities. 

Are you finding it hard to get finance through a mainstream lender?

"Non-conforming lenders" have recently entered the Australian market. And no, they're not lenders with funny haircuts and facial piercing! They cater for borrowers who fall outside the standard requirements set by major lenders. You could be lacking income records because you've just started a business or become self-employed, or you could have a source of income that doesn't fall into the usual 9-5 employee category. Or perhaps you have a less than perfect credit history. If so, your best chance of a home loan or investment loan may be through a non-conforming lender. Interest rates and fees are generally higher than with standard loans, but you can use this loan as a stepping stone to re-financing with a mainstream lender in the future. To find out more, talk to your mortgage broker.

Do you know there's one simple trick that can reduce your home loan by years and thousands of dollars?

If you'd like to pay off your loan sooner, think about this strategy.  To reduce a loan term, it is not a matter of simply paying a loan weekly or fortnightly. To get a benefit you must halve your monthly payment and pay it fortnightly. Alternatively, you can divide your monthly repayment by 4 and pay that figure weekly. You will be surprised at how much quicker you'll pay off your loan. Remember this proven mortgage trick: make your adjusted payments weekly or fortnightly instead of the minimum monthly repayment and take years and thousands of dollars off your loan. It really is that easy!

Are you keen to start building a nest egg for retirement, but just don't seem to have enough surplus cash to invest?

Start by looking at your spending.  It's best to break it down into three categories. First, list all your fixed expenses like your mortgage, car payments, insurance, school fees and rates. Second, your variable expenses such as the weekly groceries, petrol, car repairs, electricity, telephone and so on. And last of all, list all your discretionary spending – outings, entertainment, clothing, cigarettes, fast foods, restaurants, magazines and other incidentals. You'll be surprised how much you can save by cutting back just a little on your discretionary spending. A few less cappuccinos and restaurant meals now can add up to big dollars over a year

Top Tips - Sunday Times 01.04.07
Ryan Dhue, Executive Director

Here are some tips to consider when applying for a home loan:

Study your choices: There are several hundred home loan options and securing an interest rate reduction of just 0.25 per cent on an average mortgage can save thousands of dollars over the life of the loan.

Financial documents: make sure you have all financial documents to support your loan application.

Interest rate rises: Take into account any future interest rate rises.  Make sure you allow a margin in your budget.

The costs: Don't always select the lowest advertised interest rate.  Application and monthly management fees, for example, can add considerably to the overall cost of a loan that may be advertised at a very low interest rate.  Look at the comparison rate which takes into account these costs.

Check the fine print: Low introductory home loans may revert to a high interest rate, making this kind of home loan a more expensive option.

Ownership period:  Determine how long you plan to hold the property.  For example, if it is for a short time, then a home loan that offers very flexible conditions may be an attractive option.

Debt reduction: Select a home loan option that allows you to quickly reduce your debt commitments.  For example, with offset accounts, a borrower may significantly reduce the term of the home loan and save thousands of dollars.

Mortgage Insurance: Make sure you consider unexpected costs, such as mortgage insurance, when applying for a home loan.

New debt: Do not take on any additional financial burdens, such as buying a car on credit, during the home loan application process.  New debt could complicate the home loan application.

Settlement: Allow enough time for finance approval and settlement.  Generally, you should allow at least three weeks for finance approval and four weeks for settlement.