To help you pay off your home loan faster, we recommend you follow the 5 simple tips to repay your mortgage:
1. Make more frequent, regular repayments i.e. divide your monthly repayment by four and pay that amount weekly instead of your monthly amount as interest is generally accrued daily and charged on a monthly basis. Make sure your home loan product allows you to do this without incurring additional fees.
2. Make extra lump sum repayments. Consider saving $30 to $40 a week to repayments will reduce the average $300 000 home loan over 30 years by 5 years, saving $87,000 in interest.
3. Watch your fees as redraw and account keeping fees will add extra to your loan repayment. Some home loan products charges no account keeping fees for the life of the loan.
4. Consider refinancing to a more competitive and cheaper interest rate. While most lenders charge break fees and other costs, such as early repayment fees for switching loans, it pays to do your homework as lenders offering cheaper interest rates.
5. When taking out a new home loan, look out for promotional offers such as no application fees as this can save hundreds of dollars off the application process.
Tuesday, May 31, 2011
Monday, May 30, 2011
Before Buying Property
Before buying property, look at what you are buying.
Before you make a major investment, whether you’re buying a car, a boat or a fridge, it pays to check before committing your cash.
Buying property is no different! Obtaining a pre-purchase property inspection report before you sign anything can help you to avoid problems and unexpected spending down the track. It is highly recommended to get an inspection report before exchanging contracts.
A pre–purchase property inspection report will inform you about any building defects or problems a property has - such as poor ventilation, cracking or perhaps a faulty roof.
Building reports come in handy for numerous reasons. You can use the insights in the report as bargaining chips when negotiating a price for the property.
The report should provide you with a summary of the property’s major faults and its overall condition, given its age and type. It won’t cover everything, though - check your state or territory’s Office of Fair Trading website for a comprehensive list of what the report will describe and to find a qualified building inspector.
The level of detail provided in the report will depend on the type of property you’re buying, its size, age, condition and the reporting format used by the consultant or organization preparing the report.
The inspection should include all accessible parts of the property, including interiors and exteriors, the roof and underfloor spaces. You can also specifically request for a part of the property to be inspected.
In some instances, a recommendation is made that a further inspection or assessment be conducted by an accredited specialist (e.g. pest inspector or electricity supply authority).
If you are not satisfied with the report or with your experience with the consultant? Try and resolve the problem with the building inspector or their company first. If they are members of an industry association, look to the association for guidance.
Before you make a major investment, whether you’re buying a car, a boat or a fridge, it pays to check before committing your cash.
Buying property is no different! Obtaining a pre-purchase property inspection report before you sign anything can help you to avoid problems and unexpected spending down the track. It is highly recommended to get an inspection report before exchanging contracts.
A pre–purchase property inspection report will inform you about any building defects or problems a property has - such as poor ventilation, cracking or perhaps a faulty roof.
Building reports come in handy for numerous reasons. You can use the insights in the report as bargaining chips when negotiating a price for the property.
The report should provide you with a summary of the property’s major faults and its overall condition, given its age and type. It won’t cover everything, though - check your state or territory’s Office of Fair Trading website for a comprehensive list of what the report will describe and to find a qualified building inspector.
The level of detail provided in the report will depend on the type of property you’re buying, its size, age, condition and the reporting format used by the consultant or organization preparing the report.
The inspection should include all accessible parts of the property, including interiors and exteriors, the roof and underfloor spaces. You can also specifically request for a part of the property to be inspected.
In some instances, a recommendation is made that a further inspection or assessment be conducted by an accredited specialist (e.g. pest inspector or electricity supply authority).
If you are not satisfied with the report or with your experience with the consultant? Try and resolve the problem with the building inspector or their company first. If they are members of an industry association, look to the association for guidance.
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