Blog
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.
With an offset 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. So instead of receiving interest on your savings account each month, the account balance is offset against your home loan, reducing the amount of interest you pay over the life of the loan. This means you pay more of the loan principal off faster.
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Home Loan Market Update – July 2017
The after effects of the directives handed down by the Australian Prudential Regulatory Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are starting to take effect in the property market.
Lenders are using higher rates and more onerous qualification criteria to reduce the number of Investors in the property market and limiting their effect.
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Home Loan Market Update – April 2017
The Australian Prudential Regulatory Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are doubling their efforts to reduce the growth in property prices. Especially in Sydney and Melbourne.
Once again, they are looking to do this by reducing the number of Investors in the market and reducing their collective capacity to borrow. They are targeting interest only lending hoping to reverse the growth of interest only loans in the market.
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What Happens If Nobody Wins At An Auction?
Selling is not always a certainty at auction. In NSW and VIC for example, around 25% of all auctioned properties are passed in (according to realestate.com.au).
What does this mean for the vendors and prospective buyers if no one wins the auction?
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You’ve Won The Auction – What Happens Next?
Congratulations! You’ve just bought a property at auction. Before you can move in, there are some things you need to do. Remember, it’s always recommended to seek legal advice before purchasing a property.
There’s no cooling-off period when you buy at auction, so you can’t change your mind after you put in the winning bid and the hammer falls.
The next steps are governed by state and territory legislation, but are largely the same nationwide.
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Home Loan Market Update – March 2017
The Australian Prudential Regulatory Authority (APRA) is applying pressure to the major Lenders to reduce the number of investors and in turn slow the growth in property prices in Australia’s capital cities.
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