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Home Loan Post Settlement Tips
Here are 5 simple tips to help get you set up once your loan settles.
1. Contact your Mortgage Broker prior to the expiry of any fixed interest or interest only period – to research your options.
2. If you used to rent out the property as investment and are moving in, contact your Mortgage Broker. You can get a much cheaper rate for changing to an owner occupied loan product.
3. Ask your Broker for an annual home loan review. See if there’s a better loan product.
4. Check internet banking regularly to ensure loan transactions, notifications and repayments are all OK.
5. Don’t forget to change your mailing address after settlement.
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5 Tips To Reduce Your Home Loan Interest Rate
Here are 5 simple tips to help you get a reduction on your home loan interest rate.
1. Switch to Principle and Interest and pay your loan off faster.
2. Owner Occupiers qualify for lower rates. Have you moved into a property you bought as an investment?
3. Negotiate With Your Current Lender. Lenders would rather give you a discount than see you leave.
4. Switch Loan Products. Newer, better products come out all the time. It’s always well worth looking to see if there’s something more suitable out there.
5. Property Revaluation. An increase in the value of your property may come with a big interest discount.
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Why You Should Look At Your Estate Planning
There are at least 3 documents you should consider as part of your personal estate planning:
1. A will
2. A power of attorney
3. Appointing an enduring guardian
If you pass away without a valid Will in place, your estate will be divided up without regard to your wishes at all.
A badly drafted Will could mean that your intended beneficiaries could be receiving far less from their inheritance than you might hope and paying more tax than is necessary each year after you die.
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Refinancers Caught Out By APRA’s Rule Changes
APPRA’s rules which were toughened in March 2017 are aimed at improving banks’ balance sheets in order to allow them to withstand future financial shocks similar to the Global Financial Crisis 10 years ago.
The tighter rules include limiting new interest only loans to only 30 per cent of the market, at Loan to Value Ratios (LVRs) above 80%. At the same time, borrowers are being assessed on higher interest rates and higher deemed expenses. This will ensure borrowers have a much bigger buffer to service their loans should rates go up. Dramatically!
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Budgeting: Effective Tips To Land That Home Loan
Looking to enter the property market and worried about how you’re going to secure your first home loan? It’s time to start making your money work for you so you can land that loan.
Qualifying for a home loan isn’t always an easy path. Aggressive interest rates, competition in the market and less than rigorous saving habits can often push people out of the property game completely – but it shouldn’t.
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Buying To Rent On Airbnb – Pros and Cons
Are you thinking about buying an investment property? Of have you got an existing investment property?
Are you thinking of making some money from short-term holiday rentals like Airbnb or Stayz rather than renting it out to more traditional long-term tenants?
Here are some of the pros and cons to keep in mind before starting out.
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