In Your Interest

Simple tips to take years off your mortgage

Record low interest rates means you've got the opportunity to pay your home loan sooner by making some extra or additional payments. If you're on an interest rate of 3.5 per cent, paying an extra $520 per month would allow your $400,000 mortgage to be paid off 10 years earlier. Getting into the right loan can also make it easier to get you debt free sooner. For example, shifting from your variable rate of 3.50 percent, to a 5 year fixed rate of 2.99 percent will save $112 a month on your $400,000 loan. When you move to that lower rate, keep making the old 3.5 per cent repayment, you won’t notice the difference, but it can take 3 years off the life of your loan. Use this strategy and contribu

How to improve your chances of getting a home loan approved

Gone are the days of routinely approving home loan applications without the scrutiny of expenses. Now, banks are required to know, with some certainty, what it is that you actually spend your money on. With this in mind, here's 6 tips to improve your chances of getting your home loan approved. Watch your expenses Lenders are required to make a calculated assessment based on your past and current spending behaviour. While it is a reasonable assumption that you may change your spending habits once you get into your loan, there's no data at present that proves this. The greatest predictor of future behaviour, is current behaviour. The lesson here is that if you want a home loan, you should be m

Slash your mortgage with these six simple steps

Falling interest rates are turning many people's minds to their mortgages, and are creating a big opportunity to pay off their home loans much faster. While the Reserve Bank left its official interest rate on hold at a record low 1 per cent last week, there are forecasts of at least two more rate cuts to come. With this in mind, now is an ideal time to attack your mortgage. However, millions of borrowers have no idea what interest rate they are paying, when their mortgage rate last changed, or the best ways to get rid of their largest debt. But you can start with a few small steps. RULE NUMBER ONE This is imperative and It’s simple. Just pay extra. Any money paid off the principal of your lo

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interest rates

The comparison rate provided is based on a loan amount of $250,000, term of 25 years, principal & interest repayments. It only applies to the examples given. Different amounts and terms will result in different Comparison Rates. 

Owner Occupied 2 year fixed rate

Starting from

2.19

%

p.a

Comparison Rate *

2.39

%

p.a

Investment 2 year fixed

Starting from

%

p.a

2.49

Comparison Rate *

2.74

%

p.a

*

T 0402 684 199

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