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When was the last time you had a home loan health check? Is your loan in
good condition, or is it old and dragging it’s feet?
Australia is the home to dozens of lenders who have access to hundreds of
home loans. If you have had your home loan for 5-10 years, then chances
are you can do better.
From the first of July, 2011 the Federal Government has introduced
legislation making it illegal for home loan lenders to charge exit fees on
any new home loans.
Why not take the time to research you available finance options to see
just how much you should be able to save on your home loan.
Consolidating Debts
Do you have a mortgage as well as other unsecured debts. Many people are
carrying credit card debt, personal loans, car loans and various other
debts in addition to their mortgage. Consolidating these debts into your
mortgage can significantly reduce your monthly obligations. While you may
choose to pay interest and principal or interest only for your home loan,
you do not have such a choice with your other debts.
We have helped many home owners significantly reduce their monthly
repayments both by switching their current mortgage to a cheaper product
as well as by consolidating the borrower unsecured debts into their
mortgage.
Investment
Have you considered investing for the future? No matter what type of
investment you prefer, your cheapest source of funds for this investment
is likely to be the equity in your home. You are able to access the equity
in your property for the purpose of investing in a business, the
share-market or real estate just to name a few alternatives.
You can also refinance to a mortgage with many loan splits. This will
allow you to maintain track of the funds borrowed for investment purposes
as distinct to the funds borrowed for personal use. This is very important
as it will assist in keeping tack of your tax deductible investment costs.
Access to Funds
You can revalue your current home with the view of accessing the available
equity for any purpose other than debt consolidation and investment.
Home
Loans with a re0draw facility are great for this purpose. Providing you
remember that your newly found equity is ‘borrowed funds’ and spend
responsibly, you can use the money for:
Loan and Life Insurance
Consider the unexpected. If you are about to refinance your mortgage to a
new lender, we suggest that you look into Loan insurance as well as life
insurance or income protection insurance. Should something happen to the borrower(s) that would prevent
them from working, the home loan can be repaid from the insurance
proceeds, giving you an extra peace of mind.
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