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Home Loan Tips! |
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| 5 TIPS THAT REALLY WORK TO PAY YOUR HOME LOAN OFF FASTER !! |
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MAKE YOUR FIRST MORTGAGE REPAYMENT ON SETTLEMENT DATE |
| Here is an excellent example of early payment that everyone should plan to achieve no matter what! This one simple action will cut thirteen months and save you $28,734.53 off your $300,000 home loan (with the professional pack at 8.77% on a 30 year loan)! |
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MAKE 13 REPAYMENTS A YEAR |
| A reasonably painless way to reduce your home loan is to ensure you pay it more frequently than monthly. Many loan products allow you to pay weekly, fortnightly or monthly. You get interest savings by paying more frequently...read more |
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NEGOTIATION AND PLANING IS ESSENTIAL |
Up front negotiation can make a huge difference to the price you pay for "the rental" of your money. In following few examples, you can see how, with a bit of planning, you really can save a huge amount of money on a home loan, even without trying very hard... read more
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ABILITY TO PAY EXTRA FUNDS (AD HOC OR CONSISTENTLY) |
Make sure your home loan gives you the ability to pay extra (regular or ad-hoc). Making additional payments on your loan, big or small, is a real benefit. If your interest is calculated daily, extra funds have the immediate effect of reducing the loan balance and, therefore, the interest payable.Your salary is an excellent example of a regular payment that should go directly into your home loan, even though you draw against it. With the right product (redraw with 100% offset), for the time the extra funds from your salary sit in your loan account, it is effectively earning interest at your home loan rate-which in many cases is pretty much double the savings interest rate, but isn't taxed. If the right loan is set up from the outset, making extra payments should be very easy via direct debit/credit, ATMs or internet and phone banking. If you would like to check out how much difference paying slightly extra can make, check our extra repayments calculator or if you would like to look at ad hoc payments, go to our lump sum repayment calculator.
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THE BIG FOUR BANKS AREN'T THE ONLY LENDERS WITH GOOD PRODUCTS |
| Big advertising budgets and size do not mean that a lender has the best products. Ultimately, it is your choice which you go with, but don't be afraid of smaller lenders and international banks. |
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Home Loan Toolbox
| Dou you feel like something is wrong with your household budget? Something not quite right with your finances? You made more money this year than previous year but somehow you cant feel the that your lifestyle has improved as it should have? Chances are something needs fixing and you might just find the way in Your finances/home loan toolbox. |
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Home Loan Calculators
| For Your Convenience we have enabled access to some of the most popular loan calculators. Whilst these calculators are convenient to access they are only a simplified version of calculators used by professionals so, use them as a guide only.If you are in the market for a home loan or, would like to discuss results from any of these calcualtors in more detail please do not hesitate to contact us for a free professional consultation. |
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