Australian’s looking to purchase a home or refinance existing loans will now have their home loan borrowing capacity increased due to changes from the Australian banking regulator, APRA.
Which banks have reduced interest rates in response to the Reserve Bank of Australia cutting the cash rate to the record low of 1.25%?
A home loan redraw facility allows you to redraw any additional repayments you have made on your loan. Making additional repayments on your loan reduces the loan balance, meaning you save money on the amount of interest your paying.
Higher interest rates, increased fees, less flexibility, more loans declined and fewer options. That’s how borrowers will lose out if the banking Royal Commission’s recommendations around how mortgage brokers are paid are implemented.
Seven in 10 Australian mortgage holders have not stress tested their home loan. But don’t stress, it’s much easier to do than you think.
Reduce your home loan and pay less interest with very small changes
You can easily reduce your home loan and pay less interest with a variety of very small changes that won’t have a big 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.
The housing market in Australia has been highly variable this year, and we’ve seen some highs as well as lows. We look ahead at what’s expected for the remainder of 2018 and beyond.
Using a Mortgage Broker costs you nothing, but it could save you thousands of dollars on your home loan repayments as well as hours of research and a great deal of unnecessary stress.
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.