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Have your income paid directly into your home loan

August 29, 2012/Tip of the week/0 Comments

Manage your day-to-day expenses on a credit card with an interest-free period. Provided you are careful to keep track of your expenses, this may be one of the best ways to use your existing financial resources to reduce the cost of your loan. Linking income and expenses to your home…

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Save Interest With Offset Accounts

August 23, 2012/Tip of the week/0 Comments

Offset accounts not only save you home loan interest, they help beat the taxman as well. Savings in offset accounts are subtracted from the outstanding loan amount each month so interest is charged only on the net amount. Interest paid in cash to your savings account is taxable, but the…

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Be careful of ‘honeymoon’ intro rates

August 15, 2012/Tip of the week/0 Comments

Home lenders entice borrowers to their home loans with attractive low introductory rates. These rates may be up to 2 percentage points below the standard rates for home loans and look therefore look very attractive. But analysis shows otherwise. “Honeymoon rates” only last for six months to a year before…

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Fixed Rates

July 12, 2012/Tip of the week/0 Comments

Attractive when interest rates are rising, fixed-rate loans also lock you in for a fixed term and as such are less flexible than variable-rate loans. You may not be able to make additional repayments or pay the loan out early without facing high penalty charges. For all your lending needs…

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Pay Your Loan Off Quicker With Fortnightly Or Weekly Repayments

July 4, 2012/Tip of the week/0 Comments

Dividing your minimum monthly repayment into two fortnightly or four weekly payments can reduce the term of your loan in two ways: 1. Because there are more than two fortnights or four weeks in every month, dividing your original monthly repayment into two or four means you actually pay more…

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Check If There Are Ongoing Fees

June 27, 2012/Tip of the week/0 Comments

Many banks now charge monthly or annual administration fees on home loans. When comparing the cost of different loans, don’t just look at the interest rate, look at the ‘total cost of borrowing’. For all your lending needs please don’t hesitate to contact me. Regards, Daniel Hustwaite 0408 985 611

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Ensure Your Mortgage Broker Really Delivers

June 20, 2012/Tip of the week/0 Comments

Getting a broker to arrange your loan can certainly save a lot of time and hassle, but borrowers really must ensure the service they expect is the one that’s delivered. For all your lending needs please don’t hesitate to contact me. Regards, Daniel Hustwaite 0408 985 611

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Make Your Surplus Cash Work Harder

June 6, 2012/Tip of the week/0 Comments

Use cash savings to help pay off your loan quicker. Remember the old saying ‘a dollar saved is a dollar earned’? If you have a home loan at 7 per cent, every extra dollar you pay off the principal is another dollar you are not paying 7 per cent on…

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Look For Flexibility

May 30, 2012/Tip of the week/0 Comments

When taking out a loan make sure it offers the flexibility to meet the changing circumstances you will undoubtedly experience over the 10 to 30 years of your loan. The ability to make extra repayments, redraw extra repayments, fix the rate on a portion of the loan, or refinance to…

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Make the most of rate falls

May 17, 2012/Tip of the week/0 Comments

If monthly repayments drop because interest rates have fallen, try to maintain the old repayment levels. This means you will pay off more of the principal with each repayment, reduce the term of your loan and the total amount of interest paid.

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