How to tell if it’s time to refinance
Just because your mortgage has a 20-30 year term, it, doesn’t mean you have to stick with it until it is fully repaid. At any stage you have the option to refinance your home loan. This means you can reborrow the money owing from a new lender at a lower interest rate, saving you money […]
How To Manage Your Mortgage More Effectively
Managing your mortgage includes the repayments and understanding your loan conditions. To avoid costly penalties and stay on the path to paying off your home loan here are some tips that will help you manage your mortgage more effectively. 1. Set a budget.Managing your finance starts with managing your budget. Firstly, have a look at how […]
Fixed Rate Home Loan Update
If you are a mortgage holder, you are probably keeping a close eye on Fixed Rate home loans and how these changes will effect your monthly budget. A fixed interest rate home loan has a fixed interest rate period of 1 to 5 years. Before you change over to a fixed rate or review your […]
How To Prepare For A Possible Interest Rate Increase in 2022
The number one talking point in home loans today is whether the variable interest rates will rise in 2022. The Reserve Bank has confirmed they will, however there has been no indication of when in the year this will occur. So, what can you do to prepare for an interest rate rise? Firstly, you should […]
What Happens After the Interest-Only Period Ends?
Borrowers may choose to pay interest-only on their loan for a specified period of time, subject to the lender agreeing to this. When the interest-only period is due to expire, the monthly loan repayment will revert to principal and interest. When this happens, your monthly repayments will be higher because you are now also paying […]