Loan Basics

34. more than meets the eye white label loans are more than a good price

More than meets the eye – white-label loans are more than a good price

For those unfamiliar, a white-label loan is essentially a home-branded loan. Just like your favourite home-branded products you see in supermarket aisles there is more than meets the eye – the white-label loan is more than its competitive price tag. White-label products are high quality and are developed by leading lenders – they are just packaged differently and therefore available at a sharper rate. White-label loans are exclusively available through mortgage brokers and have rapidly grown in popularity over the past few years. So much so that over 85% of brokers now have a white-label offering for their clients. And, as brokers and customers both demand more from white-label, the products have evolved to be about much more than price, to also focus on
33. How redraw works and why its a handy loan feature

How redraw works and why it’s a handy loan feature

It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why: The redraw facility explained A redraw facility lets you make additional repayments to reduce your variable rate home loan balance and save on interest. If you pay more than your minimum scheduled repayments, then you’ll have money available to redraw from your home loan. The redraw facility is a common feature of many home loans. It’s not available, though, on construction loans and only some lenders allow it for fixed rate loans. You can redraw funds if, and when, they are needed, or you can keep the funds in your home loan to pay off your principal faster. The amount available for redraw is the
30. home loans 101

Home Loans 101

There are a range of home loans available in Australia, so it can be hard to understand their features and whether they are right for you. This guide explains all you need to know. Variable loans Variable loans are loans that are subject to interest rate fluctuations. Whenever your bank increases or decreases interest rates, you will end up either paying more or less for your loan, depending on what the bank has decided to do. A typical owner-occupied mortgage is taken out over 25 or 30 years, although you can reduce the overall term by making higher or more frequent payments. Mortgages are either based on principal (the amount you borrowed from the bank) and interest (the amount you pay back for having
29 smart tips for paying off your home loan sooner

Smart tips for paying off your home loan sooner

Wondering how to pay off your home loan sooner? We look at some things you could do. Australian home loan interest rates remain at historic lows, and the opportunities for paying off a mortgage early are better than ever. Used in conjunction with low rates, here are some extra steps that can speed up loan repayments and reduce your loan balance. Make higher repayments One of the easiest ways to quickly reduce the balance of your mortgage is to make larger loan repayments. The minimum repayments required on a loan are calculated on the amount owing and the prevailing home loan interest rate. Repaying more than the minimum can cut the overall term of the loan and save you thousands of dollars in interest.
25. understanding which home loan features are right for you

Understanding which home loan features are right for you

Loans are by no means ‘one size fits all.’  Different loan types suit different age groups, different living situations and even different attitudes to money. A common trap some home-owners fall into is to consider a mortgage ‘set and forget’. You did your research, shopped around, found the right option and now you’re reluctant to revisit the process – even if your personal circumstances have dramatically changed. Before you start shopping around for a new loan, or an upgrade to your old loan, it’s worth knowing a little bit about the options available. The three most common differentiators are variable rates, fixed rates and combo rate loans: A variable rate loan offers greater flexibility than a fixed rate loan and will appeal to you
20. a simple guide to small business loans

A simple guide to small business loans

Small business loans can be great when you need to get your brand up and running or cover unexpected expenses. However, it’s useful to understand the difference between the available options before committing to one. To help you make the right choice, here’s what you need to know about some of the more commonly used business loans.   Line of credit/overdraft A line of credit involves overdrawing on your business’s bank account up to an amount approved by your financial institution. This is commonly used for short-term capital, or as a source of cash flow to keep operations running smoothly. Pros: Flexible – use funds as needed and repay at your own pace. Allows you to establish a good credit history for future borrowing.
19. how an offset account could cut years off your home loan

How an offset account could cut years off your home loan

Looking for ways to pay off your mortgage in record time? Whether you’re a seasoned investor or buying your first home, an offset loan can help you reduce interest payments, save on tax and pay your mortgage off years ahead of schedule. What is an offset loan? With an offset loan (also called an offset account, interest offset account, mortgage offset account or offset home loan) the borrower takes out a home loan and opens a linked savings or transaction account. The balance in the savings account is then ‘offset’ daily against the home loan. How an offset loan works With an offset loan, instead of receiving interest on your savings account each month, the account balance is offset against your home loan, reducing the amount
17. buying property with other people

Buying property with other people: Mine, yours or ours?

When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both people’s names – especially if they’re going to live in the property. But other arrangements are possible, several friends might opt to own individual shares in a property, for example, or a couple might choose to have only one of their names on an investment property title. The following information provides you with a good starting point to help you on your way.  Also tax legislation and other Australian laws governing property ownership and investment are complex, so seek proper legal and financial advice before entering into any arrangement. Joint-ownership titles The two main types of joint-ownership titles in Australia are joint tenancy and
6. 5 things first home buyer-min

5 things first-home buyers need to know

If you are thinking of purchasing your first property, there are a number of things to consider, including your financial status and personal circumstances. (1) Think about why you want to buy a home Are you buying a place to live in or will it be an investment property? The answer to this question can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.  (2) Research potential properties and loans Knowing the market is crucial, so sure you conduct some research on the areas you are looking at, check out price trends, as well as auction clearance rates and recent sales. Once you are aware of what you are looking for and the
what-type-of-loan-is-right-for-you

What type of loan is right for you?

The array of mortgages available helps a good credit adviser to tailor a package to suit your needs. Here are just some of the options. Fixed-rate mortgages With a fixed-rate loan, you know exactly how much you’ll pay per fortnight or month for the fixed period of the loan (usually one to five years). Variable rate mortgages Repayments can change during the life of a variable-rate loan, so you may pay more or less as interest rates rise or fall. If you’re fairly sure that rates are set to fall, this is a good option. Principal and interest mortgages In this mortgage, you are paying the amount lent to you plus the interest. Interest-only mortgages With interest-only, you are paying just the interest on

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