AUSTRALIA S TOP 30 HOME LOAN MYTHS BUSTED

Size: px
Start display at page:

Download "AUSTRALIA S TOP 30 HOME LOAN MYTHS BUSTED"

Transcription

1 AUSTRALIA S TOP 30 HOME LOAN MYTHS BUSTED Australia s Top 30 Home Loan Myths BUSTED!

2 Fairer home loans for Australians Hi, I m Mark Bouris from Yellow Brick Road. Australia, it s time for a fairer deal so we ve busted Australia s Top 30 home loan myths. Inside we ve revealed what some lenders bury deep in the fine print and don t want you to know about. Isn t it time you deserve a fairer deal on your home loan? Read on for the truth, then chat to one of our Wealth Managers. They ll help show you the way ahead to smash your home loan. To get in touch, visit ybr.com.au/myths and register with your details. Cheers Mark Australia s Top 30 Home Loan Myths BUSTED! 2

3 #01 Refinancing is too expensive, and with exit costs it s not really worth it. Exit fees on variable rate loans were banned in 2011, so most Australians can refinance without getting hit with a hefty penalty. However break costs on fixed rate home loans are still applicable. Most mortgage brokers can analyse the life of loan savings versus the break costs for you. #02 You can judge how competitive a home loan is from its interest rate. Not all costs of a home loan are captured in the interest rate. There are often ongoing fees and set-up and exit costs that need to be taken into account. When comparing loans to refinance, always take a look at the comparison rate which takes all fees, costs and introductory or short-term special rates into account. #03 It s not worth refinancing for a rate only 0.5% lower than your current rate. Depending on your loan size, refinancing can be very worthwhile. For example, if you have a $400,000, 30 year loan and your rate is 5.5%, switching to a 5.0% rate could save you nearly $125 per month or nearly $45,000 over the life of the loan! #04 You ll save money by consolidating personal loan debt into your home loan. It s true that the home loan interest rate may be lower, but if a personal loan with a five-year term is consolidated into a 30-year home loan, you may end up paying more interest in the long run. The key to loan consolidation is to maintain the same repayment levels to ensure you re paying less interest but not extending the life of your personal loan. #05 There s no difference in paying monthly or fortnightly loan repayments. There are often more than four weeks in a month, which means that fortnightly payments could allow you to pay off your loan faster. Using a 30-year, $400,000 loan on a 5% interest rate, monthly payments would equal $2, If half of this payment were made fortnightly, you d be looking at a loan term reduction of almost five years and over $68,000 in total interest saved. #06 If the bank you ve been with for years won t give you a loan, then no other bank will. Banks have different policies and different lenders focus on different criteria. Often a mortgage broker can help you find a loan that suits your individual needs. Australia s Top 30 Home Loan Myths BUSTED! 3

4 #07 It s better to have cash for emergencies than use it to make extra loan payments. Just about all variable rate home loans have redraw access which allows access to those additional funds. Many variable loan accounts also offer an offset account which helps reduce home loan interest where the balance in the offset account is subtracted from the loan balance for the purposes of calculating home loan interest. #08 You can t use the equity in your home to help fund an investment. Most home loans allow you to set up separate accounts under the one mortgage. This allows you to keep your investment and home loan debt separate. However, you should always seek independent financial and tax advice. #09 You re too old to get a 30 year loan to refinance your mortgage. It s illegal to discriminate against someone based on their age. Shorter loan terms or other exit strategies need to be considered, but you can t be turned away just because of your age. #10 Refinancing to a Line of Credit is more expensive and dangerous. Some lenders don t charge a premium for a Line of Credit facility. It s true that a Line of Credit is not suited to all borrowers, especially ones who are having difficulty budgeting or lacking financial experience. It s worth speaking to an expert who will match you with a loan to suit your needs. #11 The Reserve Bank controls home loan rates. The RBA adjusts the cash rate from time to time based on a number of domestic and global economic factors. While these changes influence mortgage rates, lenders also consider other factors ie deposit rates and other funding costs. Essentially, each individual lender has the ability to change their rates how and when they see fit. #12 Once I find a good rate, I m sorted for the life of my loan. Lenders can move their variable rates at any time and how they compare to other lenders can vary. Therefore a loan that s competitive today might not be as competitive in a couple of years time. It s ideal to review your loan every year or two to ensure that your rate is still competitive. #13 All home loans are the same. While all loans share common features, the details of how they work can differ greatly. The right type of loan can save a borrower a huge amount of money, which is why matching the borrower with the right type of loan is so important. Australia s Top 30 Home Loan Myths BUSTED! 4

5 #14 The best home loan rates are from online lenders. Online lenders can have very competitive rates, but don t assume this will always be the case! Borrowers need to ensure they get the personalised service they require, which means that an online lender might not be the best option. There are plenty of lenders that offer both competitive rates with features and service to match; you just have to shop around. #15 You ll be better off with a bank s special introductory interest rate. Lenders often use discounted, introductory or honeymoon offers to get customers in the door. Once the special rate is over, the revert rate is often much higher. So you don t get caught out, take a look at the comparison rate. It ll give you a better idea of what you ll be paying over the long term, not just the introductory period. #16 It s not wise to borrow outside the safety of the big four banks. Many smaller lenders have more competitive rates and flexible terms than the major banks. With the Federal Government banning exit fees, it provides consumers with greater power and choice to refinance to a better deal. During the Global Financial Crisis, the Government guarantee of bank deposits prompted this myth, however, the guarantee only extends to deposits not loans. #17 I have a fixed loan so I can t refinance. Anyone can refinance their fixed rate loan, although they may incur break costs. However, these costs should always be compared with the potential savings of moving your loan, or simply switching to a variable rate with your current lender. It s important to note that lenders are obliged to provide you with indicative break costs should you request them. Talk to an expert and do the comparisons. #18 You can save on your loan by trying to time the market with fixed rate loans. If we could all predict the way interest rates would move, economists would be out of a job! Variable rate loans generally perform better over time. However, fixed rate loans provide certainty for both the borrower and the banks and they could be a good option for people looking for security. It s best to look at all your options, including a part fixed and part variable loan and decide what s best for you. #19 It costs more to deal with a mortgage broker than a bank. Getting a loan through a broker generally costs the same as dealing directly with a bank because any commission that a broker receives comes directly from the bank, not the borrower. Australia s Top 30 Home Loan Myths BUSTED! 5

6 #20 I need a 20% deposit to buy a property. If you ve got less than a 20% deposit, you can still buy a property. In fact, many lenders will allow you to buy a property with as little as a 5% deposit. However, if you re borrowing with less than 20% deposit or equity, Lenders Mortgage Insurance (LMI) may be required. This insurance is arranged by the lender, but the premium is paid by you. The insurance protects the lender in the event that you can t repay your loan. Sometimes the cost of LMI can be included in the loan amount. #21 Lenders Mortgage Insurance covers your repayments if you become sick or die. Lenders Mortgage Insurance covers you for nothing, it is actually insurance for the lender in the event you default on your loan and the property is sold at a loss. In fact it s what you have to pay as an added cost if you borrow more than 80% of the value of the new property. #22 Banks don t like lending to single people. Quite simply, if a person can afford a loan on one income, and if all other usual credit criteria are met, then a loan is just as likely to be approved for a single person as it is for a couple with two incomes. #23 Everyone who has a variable rate loan is paying around the same interest. If you do a quick review of the market, it reveals over a 2% difference in variable rate mortgages. Using a 30-year, $400,000 loan as an example, the difference between 5% and 7% is over $500 per month! So it s best to do your homework even when refinancing. #24 Self-employed people automatically have to pay a higher interest rate. If you re self-employed and don t have your tax returns available, you may be placed into a low documentation (or low-doc) loan. These can come with higher interest rates. If your financials and tax returns are available for assessment, you can qualify for the same rate as a PAYG employee. #25 You can t refinance because of credit card debt, even though you ve got equity in your property. Lenders will focus on your ability to repay a loan and will take all debts into consideration. They will also look at your repayment history. If you are struggling with cash flow, it might be a good idea to talk to an expert about the options available to you. Australia s Top 30 Home Loan Myths BUSTED! 6

7 #26 On a fixed rate loan you can only afford to pay the minimum and nothing more. An increasing number of lenders now allow repayment flexibility on fixed rate loan accounts. Usually it s a set percentage or dollar amount each year that can be repaid over and above the scheduled repayment without penalty. Of course, make sure you check with your lender to see if this is possible for you. #27 You have to pay a broker to lodge and handle loan applications for purchases or refinances. The majority of brokers don t charge any fees because they are compensated by the lender. This doesn t affect your interest rate or fees and can sometimes allow you to find a more competitive loan. #28 Anyone with credit defaults or bankruptcy history wont qualify for a home loan. There are specialised home loan options available to assist people with adverse credit history. It s best to be upfront with your broker and see what s available for you. #29 The loan that has the lowest interest rate is the best loan for you. The best loan is one that best suits the borrower s specific financial goals and circumstances. You need to consider not just the rate, but the loan features, such as total fees or comparison rate over the loan term, and break costs for fixed rate loans, lenders criteria and if there are any limitations to the loan. #30 Repaying principal and interest on an investment loan is better than paying interest only. Not necessarily. Paying interest only with property investment allows you to free up your cash-flow, but depending on how you use the additional cash will influence the benefit. There are a number of factors to consider (including tax deductability) when making this decision. Get in touch with one of our Wealth Managers to see how we can help you. Visit ybr.com.au/myths or call Australia s Top 30 Home Loan Myths BUSTED! 7

Home Loan Refinancing Guide

Home Loan Refinancing Guide Home Loan Refinancing Guide Contents How refinancing works... 3 Steps to refinancing... 4 Choose the home loan that s right for you... 4 Give your loan a regular 'health check'... 9 Aussie is a trade mark

More information

Home loans. How do home loans work? TIP Work out how much you can afford to borrow. Factsheet. August 2011

Home loans. How do home loans work? TIP Work out how much you can afford to borrow. Factsheet. August 2011 Factsheet August 2011 Buying your own home may be one of the biggest financial decisions you ll ever make. While a few fortunate people may already have enough money to buy a home outright, most will find

More information

What types of home loans are available?

What types of home loans are available? What types of home loans are available? There are many types of loans to choose from. Here s a guide to the most common loans available. Variable Rate (Principal and Interest) Home Loan This is the most

More information

WHICH IS FOR ME? HOME LOANS MADE EASY

WHICH IS FOR ME? HOME LOANS MADE EASY WHICH IS FOR ME? HOME LOANS MADE EASY About this booklet At ING DIRECT, we try to make finding the right home loan as easy as possible. That s what this booklet is all about. All our home loans are described

More information

WHAT IS REFINANCING? WHY REFINANCE?

WHAT IS REFINANCING? WHY REFINANCE? REFINANCING This fact sheet is for information only. It is recommended that you get legal advice about your situation. WHAT IS REFINANCING? Refinancing is simply replacing a loan you already have with

More information

Introduction 4. What is Refinancing? 5. Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6

Introduction 4. What is Refinancing? 5. Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6 Contents Introduction 4 What is Refinancing? 5 Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6 What are the Advantages of Refinancing? 7 1. Consolidating

More information

Financing your Home Purchase

Financing your Home Purchase Financing your Home Purchase page 1 Disclaimer This booklet is for information purposes only, and must not be relied on as a substitute for legal advice. page 2 Contents How Much Can You Afford? 1 Other

More information

Your Guide to Adelaide Bank

Your Guide to Adelaide Bank Your Guide to Adelaide Bank Why Adelaide Bank? Because we understand that your customer s home loan is more than just another mortgage. It s your hard work, your time, and your reputation. But it s also

More information

Seeing you through refinancing

Seeing you through refinancing REFINANCING GUIDE Seeing you through refinancing hether you re moving home, renovating, or simply looking for a different home loan, refinancing doesn t need to be complicated. At QuickSelect we are interested

More information

debt Managing debt Easy to get into, harder to get out Inside... Think before you borrow Know your options Make a debt repayment plan

debt Managing debt Easy to get into, harder to get out Inside... Think before you borrow Know your options Make a debt repayment plan debt Managing debt Easy to get into, harder to get out Inside... Think before you borrow Know your options Make a debt repayment plan Think before you borrow Borrowing money is called getting into debt.

More information

lending Lending Advice.much more than just a Mortgage Broker

lending Lending Advice.much more than just a Mortgage Broker lending Lending Advice.much more than just a Mortgage Broker living a life well planned We rebate trail commissions it s our gift to you. We are very well known for our pioneering rebating of trail commission

More information

Get an expert on your side

Get an expert on your side Busting the jargon At Australian Mortgage Brokers we will explain how everything works in plain English so that you can make an informed choice about what is appropriate for your needs. Get an expert on

More information

HOME LOAN OPTIMISER. Call 6234 6400. Email info@lendme.net.au. Visit www.lendme.net.au HOW TO GET THE BEST OUT OF YOUR HOME LOAN

HOME LOAN OPTIMISER. Call 6234 6400. Email info@lendme.net.au. Visit www.lendme.net.au HOW TO GET THE BEST OUT OF YOUR HOME LOAN HOME LOAN OPTIMISER HOW TO GET THE BEST OUT OF YOUR HOME LOAN Visit www.lendme.net.au 2 3 CONTENTS Choose the right loan 3 Seek a mortgage broker to stay informed with competitive products 8 Maximize the

More information

Refinancer Guide. Everything you need to know about refinancing your home loan

Refinancer Guide. Everything you need to know about refinancing your home loan Refinancer Guide Everything you need to know about refinancing your home loan If there s one financial product that has a key impact on our lives it s our home loan... It s good to know that today s home

More information

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps

Partnering with you to buy your home or investment property. Finding the right loan, how much to borrow and approval steps Partnering with you to buy your home or investment property Finding the right loan, how much to borrow and approval steps Contents 04 Finding the right loan 08 Saving and borrowing for your home 12 Five

More information

Low Doc Home Loan Product Specification

Low Doc Home Loan Product Specification Low Doc Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It is for the use

More information

HOME LOANS AND LINES OF CREDIT

HOME LOANS AND LINES OF CREDIT HOME LOANS AND LINES OF CREDIT GENUINE LOANS FOR REAL PEOPLE Product Information Brochure Effective from 1 November 2014 At Queensland Country we offer genuine home loans for real people. We understand

More information

Home and Investment Loans

Home and Investment Loans Head Office 117 Camberwell Road Hawthorn East VIC 3123 PO Box 338 Camberwell VIC 3124 Branch Office 687 Mt Alexander Road Moonee Ponds VIC 3039 PO Box 210 Moonee Ponds VIC 3039 victeach.com.au 1300 654

More information

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender A simple guide to getting more from your future with Aviva Equity Release Best Equity Release Lender J4602_PF011120_1015.indd 1 09/10/15 8:06 pm Contents An introduction to Aviva Equity Release What is

More information

Refinancing Your Home Loan

Refinancing Your Home Loan Refinancing Your Home Loan Part 1: Should You Refinance? Reasons and Strategies Related Topics Part 2: Refinancing Costs Part 3: Reconveyance A Final Step When You Pay Off a Loan Quick summary: If you

More information

Home and Investment Loans. Be ready to make your move.

Home and Investment Loans. Be ready to make your move. Home and Investment Loans Be ready to make your move. We ve got what you need to make things happen. Whether you re thinking of buying your first home, your next home, an investment property, switching

More information

Renewing and Renegotiating Your Mortgage

Renewing and Renegotiating Your Mortgage ABCs of Mortgages Series Renewing and Renegotiating Your Mortgage Smart mortgage decisions start here Table of Contents Overview 1 The renewal process 2 Renegotiating your mortgage agreement: breaking

More information

Managing debt. It s easy to get into, harder to get out. Inside... debt. Think before you borrow. Know your options. Make a debt repayment plan

Managing debt. It s easy to get into, harder to get out. Inside... debt. Think before you borrow. Know your options. Make a debt repayment plan debt Managing debt It s easy to get into, harder to get out. Inside... Think before you borrow Know your options Make a debt repayment plan brought to you by the retirement commission Think before you

More information

Fees we charge for consumer mortgage lending products

Fees we charge for consumer mortgage lending products s we charge for consumer mortgage lending products Effective February 2016 Section 1: Understanding fees and charges When we may charge fees The Commonwealth Bank charges fees for administering your account

More information

Mortgages and Loans. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967

Mortgages and Loans. Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Mortgages and Loans Huonville: 8/16 Main St, Huonville 7109 DX 70754, Huonville PO Box 239, Huonville 7109 Ph: 03 6264 2967 Hobart: Level 1, 18 Elizabeth St, Hobart 7000 DX 231, Hobart GPO Box 16, Hobart

More information

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a

The Mortgage Guide. Helping you find the right mortgage for you. Brought to you by. V0050713a The Mortgage Guide Helping you find the right mortgage for you Brought to you by Hello. Contents We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever

More information

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you

Mortgage Advisers. The Mortgage Guide Helping you find the right mortgage for you Mortgage Advisers The Mortgage Guide Helping you find the right mortgage for you Hello. We re the Which? Mortgage Advisers team. Buying a house is the biggest financial commitment most of us ever make.

More information

Fees we charge for consumer mortgage lending products

Fees we charge for consumer mortgage lending products s we charge for consumer mortgage lending products Effective July 2015 Section 1: Understanding fees and charges When we may charge fees The Commonwealth Bank charges fees for administering your account

More information

Smart strategies for using debt 2012/13

Smart strategies for using debt 2012/13 Smart strategies for using debt 2012/13 Appreciating the value of debt William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly.

More information

Using debt effectively Smart strategies for 2015 2016

Using debt effectively Smart strategies for 2015 2016 Using debt effectively Smart strategies for 2015 2016 William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly. Contents The value

More information

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan.

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan. A Additional Payment The method of significantly reducing your home loan with extra payments to your mortgage. Even paying fortnightly rather than monthly can have a big impact. Amortisation Another way

More information

lending Lending Advice.much more than just a Mortgage Broker

lending Lending Advice.much more than just a Mortgage Broker lending Lending Advice.much more than just a Mortgage Broker Notes: living a life well planned General Advice Warning: Any advice in this publication is of a general nature only and has not been tailored

More information

The Home Loan Process

The Home Loan Process The Home Loan Process Step 1: Find out how much you can borrow Our mortgage consultants will work with you to find your borrowing capacity with our full range of lenders. Many banks and mortgage lenders

More information

START EXPLORING WAYS TO BETTER ORGANISE YOUR FINANCES

START EXPLORING WAYS TO BETTER ORGANISE YOUR FINANCES WAYS TO WEALTH - IN YOUR 30's & 40's START EXPLORING WAYS TO BETTER ORGANISE YOUR FINANCES Find ideas for getting your family's financial situation into better shape with strategies for dealing with debt,

More information

Everything You Need to Know About Mortgage Refinancing

Everything You Need to Know About Mortgage Refinancing Everything You Need to Know About Mortgage Refinancing 1 Table of Contents Content Page Overview 3 Chapter 1: Types of Mortgages 4-8 Chapter 2: Types of Mortgage Interest 9-10 Chapter 3: Types of Lenders

More information

Your Mortgage Your Options. A home owners guide to refinancing a home loan

Your Mortgage Your Options. A home owners guide to refinancing a home loan Your Mortgage Your Options A home owners guide to refinancing a home loan CONTENTS Making the most of your mortgage 1 Refinancing to invest 3 Creating a better finance structure 5 Goal setting and key

More information

Home loan check up. Reviewing the health of your home loan

Home loan check up. Reviewing the health of your home loan Home loan check up Reviewing the health of your home loan 2 3 Contents Debt consolidation & refinancing 3 Considering refinancing? 4 Benefits of refinancing 6 Know the costs of refinancing 12 It s natural

More information

Understanding debt management

Understanding debt management Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

Your Home Buying Guide

Your Home Buying Guide Your Home Buying Guide What s involved in buying a home? The steps in the buying process. How do I apply for a loan and what do I need to provide? Stephen Cornes T. 0411 391 954 W. www.genr8wealth.com.au

More information

HOME LOAN GUIDE. Call 1300 17 87 87 1ststreet.com.au

HOME LOAN GUIDE. Call 1300 17 87 87 1ststreet.com.au HOME LOAN GUIDE Call 1300 17 87 87 1ststreet.com.au CONTENTS FIND ALL YOU NEED TO KNOW 4 6 8 10 12 16 18 19 22 24 26 1st Street The Story Your 1st Street Mortgage Broker Lender Options The Plan Lenders

More information

Which home loan is for me?

Which home loan is for me? Which home loan is for me? Home loans made easy Home Loans About this booklet At ING DIRECT, we try to make finding the right home loan as easy as possible. That s what this booklet is all about. All our

More information

HOME LOAN HOUSE. Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help.

HOME LOAN HOUSE. Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help. 1 Home loans + uk, house loan HOME LOAN HOUSE Are you a homeowner looking for a loan? If so, and you live in the UK, Home Loan House can help. We specialise in providing home loans for the things you desire

More information

Debt Management Options

Debt Management Options Get and Stay on Track Debt Management Options Where should you start? The first step to determine which debt management tool is best for you is to review your financial situation and your financial goals.

More information

Home and Investment Loans. Be ready to make your move.

Home and Investment Loans. Be ready to make your move. Home and Investment Loans Be ready to make your move. We ve got what you need to make things happen. Whether you re thinking of buying your first home, your next home, an investment property, switching

More information

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works Home Ownership Fact Sheet What does it mean? A Glossary of terms There are many words that are specific to property buyers, sellers and lenders. This list is designed to explain some of these words which

More information

How do I get good credit?

How do I get good credit? Slide 1 Credit The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular needs,

More information

A fresh alternative for Home Loan Help

A fresh alternative for Home Loan Help A fresh alternative for Home Loan Help Where the big lenders stop, Pepper begins. Pepper takes a personal approach to home loans. Whatever your circumstances, we ll work with your Pepper accredited mortgage

More information

YOUR GUIDE TO BUYING A NEW HOME.

YOUR GUIDE TO BUYING A NEW HOME. YOUR GUIDE TO BUYING A NEW HOME. THE ROAD TO YOUR NEW HOME STARTS HERE. Buying a new home is exciting, but there s a lot to think about. We re here to help, with practical tips and online tools that make

More information

Outstanding mortgage balance

Outstanding mortgage balance Using Home Equity There are numerous benefits to owning your own home. Not only does it provide a place to live, where you can decorate as you want, but it also provides a source of wealth. Over time,

More information

MORTGAGE ADVICE YOU CAN DEPEND ON

MORTGAGE ADVICE YOU CAN DEPEND ON MORTGAGE ADVICE YOU CAN DEPEND ON INTRODUCTION Whether you re buying your first home, remortgaging, or purchasing an investment property, there are lots of processes to go through, issues to tackle and

More information

home loan basics Find the home loan that s perfect for you

home loan basics Find the home loan that s perfect for you home loan basics Find the home loan that s perfect for you 2 3 Contents Your mortgage broker 3 Using the services of a mortgage broker 4 Types of home loans 6 Home loans Features and options 12 Borrowing

More information

Which Home Loan? ACN 122896477 Australian Credit Licence Number 385888

Which Home Loan? ACN 122896477 Australian Credit Licence Number 385888 Which Home Loan? Finconnect (Australia) Pty Ltd Level 19, 1 Alfred Street, Sydney NSW 2001 T: 1300 650 431 F: (02) 9241 7342 E: lending@finconnect.com.au www.finconnect.com.au ACN 122896477 Australian

More information

FIND FINANCE FAST RESIDENTIAL BRIDGING GUIDE

FIND FINANCE FAST RESIDENTIAL BRIDGING GUIDE BRIDGING & FINANCE BROKERS FIND FINANCE FAST RESIDENTIAL BRIDGING GUIDE Bridging loans inside 48 hours Call us anytime 0800 699 0555 www.rapid-bridging.co.uk Introduction If you need short-term finance,

More information

Your home loan what the banks don't tell you

Your home loan what the banks don't tell you Your home loan what the banks don't tell you Our homes are the biggest purchases we make, and the home loan you choose can make a significant difference to your ongoing mortgage costs. Mortgage brokers

More information

We ll help make buying your first home easier

We ll help make buying your first home easier First Home Buyers We ll help make buying your first home easier First Home Buyer Award recognised in 2008 by CANNEX. 02 Buying your first home doesn t have to be complicated. We ll take the hassle out

More information

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way

Additional borrowing guide 1. Additional borrowing. We re with you every step of the way Additional borrowing guide 1 Additional borrowing We re with you every step of the way Additional borrowing guide 2 What is additional borrowing? Sometimes you may be able to borrow extra money from your

More information

Personal Loans 101: Understanding Personal Loans

Personal Loans 101: Understanding Personal Loans Personal Loans 101: Understanding Personal Loans When it comes to borrowing money, consumers have a variety of choices, ranging from credit cards to home equity loans. Personal loans are used for various

More information

Switching your mortgage deal

Switching your mortgage deal Switching guide 1 Switching your mortgage deal We re with you every step of the way Switching guide 2 Why switch? If you re thinking about switching your mortgage, you might not have to shop around. You

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH 1

LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH 1 LOAN APPROVALS, REPAYMENTS AND HOUSING CREDIT GROWTH Introduction The majority of household borrowing is for the purchase of existing or new housing. Developments in borrowing for housing are important

More information

Home Loans made easy

Home Loans made easy Home Loans made easy Finding the information you need in this brochure 03 Your own Home Loan Specialist 04 Why Suncorp Bank 06 Home loan options explained 6 Variable Rate 8 Fixed Rate 8 Line of Credit

More information

New Mortgage Rules 2012

New Mortgage Rules 2012 Contents Who do they apply to?... 2 What are the changes?... 2 Amortization... 2 What Happens When I Renew My Mortgage?... 3 Debt Servicing Requirements:... 4 Restriction on Million-Dollar Mortgages...

More information

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1

How to Avoid The Five Biggest First-time Homebuyer Mistakes. Mistake #1 How to Avoid The Five Biggest First-time Homebuyer Mistakes Mistake #1 Failure To Examine And Repair Any Credit Problems Prior To Applying For Your Loan Many potential new home buyers have no idea what

More information

Introductory Fixed Rate Home Loan Product Specification

Introductory Fixed Rate Home Loan Product Specification Introductory Fixed Rate Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank.

More information

WAYS TO WEALTH - IN YOUR 20's TIME TO GET SMART WITH YOUR MONEY

WAYS TO WEALTH - IN YOUR 20's TIME TO GET SMART WITH YOUR MONEY WAYS TO WEALTH - IN YOUR 20's TIME TO GET SMART WITH YOUR MONEY Whether you're studying, working or travelling, living at home or with friends, saving to buy your own place or you have a mortgage, now

More information

Refinancing Your Home Guide

Refinancing Your Home Guide Refinancing Your Home Guide 2015 Edition Get the extra edge and find a better deal, with our Refinancing Your Home Guide Contents Introduction 4 What is Refinancing? 5 Changing Home Loans 5 Changing Needs

More information

Mortgage advice you can depend on

Mortgage advice you can depend on Our Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging, this guide tackles the main considerations. If you want to learn more and receive advice tailored to

More information

Is now a good time to refinance?

Is now a good time to refinance? Is now a good time to refinance? Our Business Is The American Dream At Fannie Mae, we are in the American Dream business. Our Mission is to tear down barriers, lower costs, and increase the opportunities

More information

Client Needs Analysis

Client Needs Analysis Date: YOUR DETAILS: Client Needs Analysis Full name (Client 1): Full name (Client 2): If Company and/or Trust: Company/Trust name: ABN/ACN: Registered address: Business address (if different from above):

More information

Mixed messages over interest rates

Mixed messages over interest rates Mixed messages over interest rates In February, the Reserve Bank of Australia cut interest rates to 60-year lows, and economists remain divided over whether rates will fall further still. The trouble is,

More information

What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM

What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM What You Should Know About Home Equity Lines of Credit and Important Terms of FlexEquity SM Effective March 1, 2008 The Housing Financial Discrimination Act of 1977 Fair Lending Notice It is illegal to

More information

How the Fannie Mae Foundation can help.

How the Fannie Mae Foundation can help. How the Fannie Mae Foundation can help. If you re like most Americans, homeownership is a major part of the American dream. The Fannie Mae Foundation can help you understand the steps you will need to

More information

AUSTRALIAN MORTGAGE PRODUCT REPORT NOV 2004 - BORROWER'S GUIDE

AUSTRALIAN MORTGAGE PRODUCT REPORT NOV 2004 - BORROWER'S GUIDE AUSTRALIAN MORTGAGE PRODUCT REPORT NOV 2004 - BORROWER'S GUIDE INTRODUCTION Huge variations between lenders on interest rates, together with wildly different approaches to fee charging, means Australian

More information

Renewing and Renegotiating Your Mortgage

Renewing and Renegotiating Your Mortgage ABCs of Mortgages Series Renewing and Renegotiating Your Mortgage Smart mortgage decisions start here table of contents overview 1 the renewal process 2 renegotiating your mortgage agreement: breaking

More information

Personal Loans. Everything you need to get you moving.

Personal Loans. Everything you need to get you moving. Personal Loans Everything you need to get you moving. Start with Suncorp Bank If you ve found something you love, and you just can t wait to make it yours, a Suncorp Bank Personal Loan can help. Whether

More information

Borrowing on Home Equity

Borrowing on Home Equity ABCs of Mortgages Series Borrowing on Home Equity Smart mortgage decisions start here Table of Contents Overview 1 What are the different options? 2 1. Refinancing 3 2. Borrowing amounts you prepaid 4

More information

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions

Home Loan. This document sets out your loan s terms and conditions. Some key information about your loan. Terms and Conditions Home Loan Terms and Conditions This document sets out your loan s terms and conditions In this document we ve explained the terms and conditions applying to your ANZ Home Loan. It includes key information

More information

Dealing with your mortgage shortfall

Dealing with your mortgage shortfall Dealing with your mortgage shortfall The options available Things to consider Helping you stay on track The Money Advice Service is independent and set up by government to help people make the most of

More information

Your guide to ANZ Home Loans. Be certain about your choice

Your guide to ANZ Home Loans. Be certain about your choice Your guide to ANZ Home Loans Be certain about your choice C O N T E N T S 3 The more you know, the easier it is 4 What do you need the loan for? 5 How much can I borrow? 7 Home loan choices for everyone

More information

Your Step-by-Step Mortgage Guide. From Application to Closing

Your Step-by-Step Mortgage Guide. From Application to Closing Your Step-by-Step Mortgage Guide From Application to Closing Table of Contents In this guide, you will learn about one of the most important steps in the homebuying process obtaining a mortgage. The materials

More information

K.4 Using Credit Wisely After Bankruptcy

K.4 Using Credit Wisely After Bankruptcy Appx. K.4 K.4 Using Credit Wisely After Bankruptcy Beware of Credit Offers Aimed at Recent Bankruptcy Filers Disguised Reaffirmation Agreement Carefully read any credit card or other credit offer from

More information

Smart strategies for using debt

Smart strategies for using debt Smart strategies for using debt 2010 Appreciating the value of debt William Shakespeare wrote, Neither a borrower nor a lender be, but the fact is debt can be a very useful tool when used properly. Using

More information

1 Identify your goal. What is it that you want to buy. 2 Gather information. What are the terms of the credit

1 Identify your goal. What is it that you want to buy. 2 Gather information. What are the terms of the credit Be a Savvy Credit User About 40% of credit card holders carry individual balances of less than $1,000, while about 15% individually carry total card balances of more than $10,000. Forty-eight percent of

More information

Client Needs Analysis

Client Needs Analysis Date: YOUR DETAILS: Client Needs Analysis Full name (Client 1): Full name (Client 2): If Company and/or Trust: Company/Trust name: ABN/ACN: Registered address: Business address (if different from above):

More information

Which Home Loan? ACN 122896477 Australian Credit Licence Number 385888

Which Home Loan? ACN 122896477 Australian Credit Licence Number 385888 Which Home Loan? Finconnect (Australia) Pty Ltd Level 19, 1 Alfred Street, Sydney NSW 2001 T: 1300 650 431 F: (02) 9241 7342 E: lending@finconnect.com.au www.finconnect.com.au ACN 122896477 Australian

More information

YOUR GUIDE to everything about borrowing money in Australia to finance a home loan or property investment.

YOUR GUIDE to everything about borrowing money in Australia to finance a home loan or property investment. YOUR GUIDE to everything about borrowing money in Australia to finance a home loan or property investment. October 2012 Copyright 2012 All rights reserved No part of this work covered by copyright may

More information

USING CREDIT WISELY AFTER BANKRUPTCY

USING CREDIT WISELY AFTER BANKRUPTCY USING CREDIT WISELY AFTER BANKRUPTCY Copyright April 2011, Legal Aid Society of Hawai`i All rights reserved. These materials may be reproduced. However, under no circumstances are persons receiving these

More information

Home Loans. Talk to us today.

Home Loans. Talk to us today. Home Loans Talk to us today. Since 1875 we ve helped more than half a million people buy their dream home. It s what we do best. With 140 years of home loan know-how, you won t find a more experienced

More information

Tips, Tricks, & Bank Negotiations!

Tips, Tricks, & Bank Negotiations! FINANCIAL SUCCESS CAN BE YOURS! Money Flow Tips, Tricks, & Bank Negotiations! Tracey Munns B.Comm Cloud-based financial tools you can access 24/7, to achieve your financial goals faster. ABOUT MONEY By

More information

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES June 2015 Cat. No.: FC5-22/3-2015E-PDF ISBN: 978-0-660-02848-4 Her Majesty the Queen in Right of Canada (Financial Consumer

More information

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About:

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About: Loan Lessons Course Objectives Learn About: Different Types of Loans How to Qualify for a Loan Different Types of Interest The Low-Down on Loans, Interest and Keeping Your Head Above Water usbank.com/financialeducation

More information

Mortgage Broking Services

Mortgage Broking Services Mortgage Broking Services Page 2 2014 Buying property is not just about the dollars and cents, it is often a very emotional and exciting experience. There is no reason why your mortgage experience should

More information