Many Australians spend more time on budgeting for their next holiday, or analysing the health of their internet plan than giving their biggest debt a regular check up.
But with the current sluggish property market, and the lowest uptake of new home loans in recent years, there is no time like the present for borrowers to perform a home loan health check. Continue reading Tips to get the best out of your biggest debt
The Reserve Bank has left its key interest rate unchanged for another month, ignoring for now the gathering signs of a slowdown in global growth.
The central bank kept its cash rate at 4.75 per cent where it’s sat since Melbourne Cup Day last year.
The RBA’s decision was widely expected as the central bank attempts to weigh the threat of higher inflation from a rekindled mining boom against weaker growth for much of the rest of the economy. Turmoil on financial markets – which has knocked about 15 per cent off local share values in the past three months alone – was also not enough to prompt a rate reduction. Continue reading RBA extends interest rate pause
Lenders have declared war in the home-loan market but for every discount thrown in your direction, beware a fee ambush.
The big banks are gunning for your home-loan business – waiving fees, boosting interest discounts on ”package” loans, promising lower rates for loyalty and even paying for you to leave your existing lender.
Borrowers should certainly make the most of it but mortgage market analysts warn they should also be careful not to let the special deals blow smoke over the true cost of a loan. Continue reading Battle of the Banks
Most people, whether they are owner occupiers or investors, have to borrow money when purchasing property.
When you are in this situation, one of the most commonly asked questions you will ask yourself is:
“Should I take out a principal and interest or interest only loan?” Continue reading What sort of loan grabs your interest?
Imagine being able to use your rental history as evidence of genuine savings when trying to get a home loan…
Well, now you can.
Mortgage broker Loan Market has been lobbying the banks to allow people applying for a home loan to use rental payments as evidence of savings and it has been answered by one of the nation’s major lenders. Continue reading Rent to own: major bank says Yes