Refinancing

37. fixed variable split find the right fit for you

Fixed, variable, split – find the right fit for you

In Australia, there are a number of ways to structure your home loan repayments. Finding the best option may save you time and money on your mortgage. Here is some information to help you choose the repayment structure that works best for you. Variable rate loans Variable interest rate loans are all about flexibility. Essentially, with a variable rate loan, the interest rate moves up or down as the market moves. This means your loan repayments may also change month-to-month. If the interest rate drops, then your repayments may drop as well. However, in the event of an interest rate rise, your repayments could also increase. Many variable rate loans come with additional features, which can reduce the amount of interest paid over the
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
32. what can you borrower vs what should you borrow

What you can borrow or what you should borrow?

The amount you can borrow and the amount you should borrow are sometimes two very different things. Before you apply for a home loan, it makes sense to realistically assess your financial situation. Here’s how to do it. Understand your borrowing capacity Generally speaking, your borrowing capacity – what you can borrow – depends on a number of factors, including: your income your monthly expenses your existing debts how much deposit you have saved current interest rate type of loan whether it’s a principal, or principal and interest loan the term of the loan estimated repayments. However, knowing the difference between what you can borrow and what you should borrow is very important. As a general rule, it’s not a good idea to allocate
31. did you know.... about non bank lenders

Did you know….. about non-bank lenders?

Deciding where to go for your home loan is one of the most important decisions you’ll make. While many prospective property owners will choose to use a mainstream lender, non-bank lenders also have their advantages. What are non-bank lenders? Essentially, a non-bank lender is a lender that’s not a bank, credit union or building society. It has its own source of funds, which it lends out with a margin for profit. A non-bank lender may also be a company or individual who borrows money from a bank at wholesale rates and then lends the money with a profit margin added. At Conquer Finance, we work with both banks and non-bank lenders. Potential benefits of a non-bank lender There are several benefits associated with taking
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
28. borrowing money for renovations

Borrowing money for renovations: What you need to know.

You’ve been dreaming of that new kitchen and dining room for as long as you can remember, and now the time has come to put your plans in motion. But do you really have the budget to afford the works? Here are a few things to think about before making the leap from Pinterest board to blueprints. Work out your budget Before you look at borrowing any money, you first need to work out how much your renovation will cost. Get Ask An Architect to send you their comprehensive guide to costing a renovation. Before you finalise your plans, you can arrange for a building inspector to help identify any structural work that might be needed. Major work could significantly increase your budget, so
24. three questoins to ask before you refinance

Three questions to ask before you refinance

The home loan market is constantly changing, with new and attractive deals coming up all the time. Refinancing can help you secure a more competitive interest rate, access the equity in your home, add features (such as an offset account) or consolidate your debts, but there are some important questions to consider before you get the ball rolling.   1. Has my financial situation changed since I first applied for a home loan? A refinance is effectively a brand new loan application. All of the personal financial data you had to gather the first time around will need to be produced again. The stability of your income stream, your assets, and your credit card debts and other debts and expenses will all be reviewed,
21. how to get the most out of refinancing

How to get the most out of refinancing

Everyone wants to pay less on their mortgage, and refinancing is one strategy to help lower your interest rates – but is it worth it? We take a look at how you can get the most out of refinancing. Why refinance? Generally, people refinance to negotiate a better deal on their home loan and pay it off sooner. Depending on your situation, you should be able to save money by taking advantage of lower interest rates, or new products that weren’t available when you first negotiated your home loan. To help put it in perspective, let’s say you previously took out a $300,000 loan at 7.5% over 30 years with monthly repayments of $2,098. If you refinanced to a new loan at 4%, you
14. how do i know im getting a good deal from my lender

How do I know I’m getting a good deal from my lender?

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 on a good deal, it can be a time consuming practice and an overwhelming experience for those without specialist knowledge of the mortgage sector. It’s good to shop around, and yes you can use comparison websites, but because lenders call like products different names, it can get very difficult comparing apples with apples. Brokers know the special names and pricing, so it’s worthwhile working with one as not only
13. easy refinancing for a better deal on your home loan

Easy refinancing for a better deal on your home loan

While refinancing your home loan may seem overwhelming at first, it’s less complicated than you might think. With historically low interest rates and increased competition across the home loan industry, lenders are keen to get your business. When you first took out a home loan, you probably paid very close attention to interest rates. Over time Refinancing your mortgage may therefore be a relatively simple way to save thousands and get a better deal on your home loan. What is refinancing? Refinancing is essentially moving from your existing home loan to a new home loan. The most common reasons people refinance are to get better interest rates, access to more or improved loan features, or to consolidate several debts into one mortgage. When you
11. what you need to know about refinancing

What you need to know about refinancing

A home loan is generally a long-term proposition, but in some situations it can make sense to refinance your mortgage. Read this guide to the refinancing process, and speak to a mortgage broker, before deciding whether it’s right for you. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing so can save money and result in significant financial gains over time.  Why you might refinance You might want a lower interest rate. The lending products market is highly competitive and interest rates can vary significantly between banks. One of the most common reasons people choose to refinance their mortgage is to secure a lower interest rate from another lender. This could assist you to pay

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