Borrowing money against your house can be risky, check all your options.
For cash-strapped retirees whose wealth was decimated by the global financial crisis, a reverse mortgage may seem like an easy solution. But the loan product can balloon over time and wipe out much of the equity in their home. Continue reading Reverse mortgage can be a burden
Tag Archives: loan
Reducing your loan in one simple step
Plenty of borrowers making monthly repayments on their home loans would be better off making fortnightly repayments.
There are plenty of borrowers making monthly repayments on their home loans who would be better suited to making fortnightly repayments, says Mortgage Fair general manager Amber Linzner. Continue reading Reducing your loan in one simple step
Exit fee ban – so when’s the right time to refinance?
The federal government’s announcement on 25 March that home loan exit fees are banned from July 1 onwards is causing confusion with a number of borrowers who are trying to decide whether to switch now or later.
Many are unsure whether it will be more beneficial for them to wait until this expiration date passes before committing to a new loan, says Australia’s largest independently-owned mortgage broker. Continue reading Exit fee ban – so when’s the right time to refinance?