As interest rates rise and fall, we are seeing more people buy homes then ever before – though every action has a reaction and some people are failing to keep up with the raising requirements of their repayments.
Most people try just about anything to ensure they do not lose their home, though usually it involves finding ways to work harder to earn more money – in turn being able to keep up with the increasing repayments. Read more
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You will remember Aussie home loans from their clever advertising slogan of “At Aussie, we’ll save you” but do you know all the facts about Aussie home loans?
Today we are doing an Australian home loan lender spotlight, showcasing all the information on Aussie home loans – who they are and where they came from – to help you make better decisions by understanding more about your potential lender (if you are looking at them!). Read more
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Today I read something very interesting that I wish more people with home loans would consider.
It was about the merits of having a P&I or principle and interest home loan instead of an interest only home loan. It was rather eye opening to learn just how easy it can be to own your own home sooner. Read more
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Recently I have been reading up on strategies to reduce your mortgage as quick as possible.
It has been fascinating learning some of the easy to follow strategies and ideas that people use for putting a solid dent into their home mortgage without eating away at their lifestyle.
Here are a few quick take away points on how to reduce your mortgage. Read more
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A redraw facility is a common home loan feature that allows you to pay extra money towards your mortgage when times are good while also letting you redraw that money when your situation calls for it – without penalty.
This means you have the flexibility to pay extra towards your mortgage, reducing your interest payable at any given time while still having the security to know you can withdraw it when you need to.
Redraw facilities give you two solid benefits.
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Refinancing your mortgage can be a great way to save money, though many people just don’t understand home loans and what all the jargon means, leading them to fall victim to common mortgage refinancing traps.
Here are a few tips to help you successfully refinance your home loan:
This means the biggest danger for someone wanting to refinance their mortgage is that they will enter into an agreement that on face value appears to save them money but truly does nothing but increase their debt and put them at substantial future risk. Read more
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Known as ‘LMI’ this stands for lenders mortgage insurance.
Lenders mortgage insurance protects your home loan lender in the event you are unable to meet your repayment requirements. It is normally only required for home loans where by the amount on the loan is more than 80% of the value of the property.
Example:
If you borrowed $85,000 for your home loan and the property was worth $100,000. This means you have borrowed 85% of the total property amount and would need to pay for mortgage lenders insurance.
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Something you will quite often hear when talking with home loan lenders is the word ‘LVR’.
LVR stands for ‘loan to valuation ratio’. This is displayed as a percentage of the value of your house.
This is calculated by dividing your home loan amount by the value of the property. Read more
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Quite simply, a low doc home loan is a ‘low documentation’ home loan. This means that the company giving you the home loan will require much less paper work than other home loan providers.
They will still ask you to state your income, assets and liabilities though will not require documentation such as pay slips and tax returns to provide evidence that backs this up. Read more
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Homestar Finance is a non bank lender, offering low rate home loans and giving consumers (us) the chance to deal with an institution that isn’t governed by one of the big Australian banks.
Recently I have had the pleasure of dealing with them and thought it would be worth while sharing with you my experience and a little bit more about them. Read more
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