Offset accounts and redraw facilities work in similar ways; they both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the… Read more about Explainer: how redraw and offset accounts can save you money
For those getting ready to stride into the world of home ownership, the uncertainties of pre-approval can cast a shadow of doubt over an otherwise exciting time. When is it necessary? How long does it last? And what does it involve, exactly? Pre-approval is a lender’s assessment of your likelihood of being approved for an… Read more about Explainer: Home loan pre-approval
Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch, ensure the savings you could make outweigh the fees involved. Here… Read more about Exit costs when refinancing
With interest rates at an all-time low, taking the option of locking in an interest rate on your home loan to guard against possible future fluctuation may be attractive. However, it pays to know the ins and outs of fixed-rate loans before committing to one. When purchasing a property, borrowers can decide between fixed-interest loans… Read more about Explainer: fixed-rate loans
Reducing the life of your loan isn’t difficult; there are many simple things you can do to cut years off your mortgage. Here are some tips that will help you be mortgage-free sooner than planned. Small extra repayments One of the most obvious ways to pay off your home loan quicker is to make extra… Read more about How to pay off your home loan faster and save big bucks
It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on both the property and the loan. Looking for a property to purchase is an exciting time. Choices regarding location, size, number… Read more about What comes first: the property or the loan?
Asking how long it takes to get a loan approved is like asking how long a piece of string is. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application… Read more about How to speed up your home loan approval
Is the key to saving a home deposit as simple as giving up smashed avo toast for breakfast? Well not quite, but spending less does make a difference. On top of a budget, a savings plan and strategies such as a high-interest savings account, an effective way to save is to reduce or eliminate expenses. … Read more about Top ways to cut your expenses and increase your savings
Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is the key to keeping… Read more about The home loan approval process
With the RBA setting the official cash rate at all-time lows, it’s a good time to work out how this impacts the interest rate on your home loan and whether you are getting a good deal or not. When the interest rate on your home loan fluctuates, it can feel as though you don’t have… Read more about Explainer: how RBA rate changes affect your interest rate
With so many products offered by various lenders, it can be quite perplexing trying to figure out whether or not you’ve scored yourself a good deal on your home loan. While doing your research and comparing what’s out there in the market is one of the most obvious ways to find out whether you’re sitting… Read more about How do I know I’m getting a good deal from my lender?
When you’re looking for a home loan, you could go to a finance broker or to a bank. While a bank will only offer you its own products, a credit adviser is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs. It’s understandable that… Read more about Finance Broker or bank?