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 →
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? →
Prospective borrowers have been cautioned to get a home loan while they can.
Some may soon find it tougher to borrow, with major banks expected to quietly turn the screws on who qualifies for a home loan.
Steep price rises across a number of key household items, combined with tougher lending rules, are likely to lead banks to take a more cautious view on how much they lend. Continue reading Home loan borrowing may become harder →
Mortgage holders were given a boost today when the Reserve Bank decided to keep interest rates on hold.
While the move is hardly a surprise, it will still be welcome news for people paying off a mortgage.
Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage. Continue reading Interest rates on hold →
Interest rates are on hold for now but economists expect the next move to be up.
Home buyers are turning to fixed-rate mortgages in response to the steady rise in interest rates last year and predictions that rates will go higher this year.
Mortgage broker AFG publishes a monthly mortgage index, which shows that the proportion of fixed-rate mortgages increased from just 2 per cent of its total new lending at the start of last year to 3.4 per cent in July and then 12.6 per cent in December. Continue reading Home loans: to fix or not to fix? →
The Commonwealth Bank is attempting to win back customers by scrapping fees across a range of mortgage and savings accounts after being stung by criticism of its interest rate rise last November.
The move, which includes the temporary removal of mortgage establishment fees, is part of efforts by the banking sector to smooth over relations with customers after a round of large out-of-cycle interest rate rises. Continue reading Commonwealth Bank cuts fees to win back unhappy customers →
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? →
The New Year is a chance at a fresh start for everyone and a time where most Australians declare the one thing they’d like to resolve over the course of the coming 12 months.
Resolutions vary from anything like taking an overseas trip to buying a new car but how does buying a property rate on the revolution scale? Continue reading Aussies make a New Year real estate resolution →
Disgruntled bank customers will be able to switch home loans with impunity from the middle of next year under an overhaul of the banking sector designed to break the dominance of the big banks.
Treasurer Wayne Swan will announce today plans to ban mortgage exit fees – blamed for dampening competition by making it prohibitively expensive for customers to switch to cheaper loans – from July 1 next year. Continue reading Mortgage exit fees banned →