With some of the major lenders recently lifting interest rates on variable home loans, we’ve had a number of enquiries this week as to whether now is a good time to lock in an interest rate.
When one bank hikes its interest rates, the rest usually follow one after the other like dominos. Here’s the latest information on recent home loan rate rises & how to avoid getting caught up in the chain reaction.
It’s one thing to be ready to pay off a mortgage. It’s entirely another to convince lenders that you’re ready to do so, especially in the current environment of tighter lending standards. Here’s how to climb your way through the process.
Changes to debt repayment reporting that will affect your credit file in 2018
In 2018, new legislation will come into place about the information a lender is required to provide regarding your credit facilities and your ongoing debt repayments. This detailed information will be recorded on your credit file and can greatly affect your finances in the future.
No deposit home loan with a parental guarantee
With the average property price of a Sydney home being over one million dollars, saving a deposit large enough to purchase your first home is becoming near impossible. As a result, home loans with a parental guarantee are on the rise.
Consolidating debt with a home loan refinance
Consolidating debt with a home loan refinance can substantially reduce your monthly commitments and help you get your finances back on track. By refinancing to a low rate home loan and combining multiple small debts like credit cards, car loans and personal loans which come with high interest rates you can save thousands on monthly repayments.
ATO Business Tax Debts to be Reported to Credit Agencies from 1 July 2017
First Home Buyers Back In The Game
Great news for first home buyers comes in the way of a comprehensive package announced by NSW Premier Gladys Berejiklian on Thursday 1st June. The package focuses on additional stamp duty relief for first home buyers, an increase in housing supply to improve affordability and reduced competition from investors.
Interest rate cuts May 2016
Interest rate cuts are welcome news to Australian home owners as banks respond to this months RBA decision. Yesterday, 3rd May, the Reserve Bank of Australia cut the cash rate by 25 basis points to 1.75% which is an all-time low in Australia.
Pay off your mortgage faster with very small changes
You can easily pay off your mortgage faster with very small changes that won’t have an affect on your day to day finances. Many people think that the only way to save money on a home loan is to pay large amounts of additional repayments that they just can’t afford – this is not the case. There are many small changes that you can make that will dramatically reduce both the amount of interest you pay over the life of your loan and the years it takes to pay off.