loans

Mortgage Lending Criteria Tightened Leaving Many Borrowers In A Pickle

Post by Sharat on September 21, 2018 · Under loans · Comment 

As variable home loan rate changes have been made, it should come as no surprise that many Australians are rethinking their existing mortgage. Thousands of property owners in the country are set to become so called “mortgage prisoners”. This is when a homeowner cannot obtain refinancing because they no longer meet their mortgage lender’s lending requirement even if they have made every repayment on time.

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Mortgage Borrowers Should Think About Switching To Fixed Rate Home Loans

Post by Sharat on September 7, 2018 · Under loans · Comments Off on Mortgage Borrowers Should Think About Switching To Fixed Rate Home Loans 

Over the last few months mortgage lenders have been raising their variable rates and passing on increased funding costs to borrowers. Many banks have lifted rates already and more are expected to follow. Experts say the cost of obtaining funding pretty much affects every lender in the market, so it is no surprise that rates are rising across the board. This means even if you borrowed from a big bank, you shouldn’t expect they will sit tight whilst every other lender seeks to manage the increased costs. Continue reading

Would Be Property Buyers Need Financial Education

Post by Sharat on August 14, 2018 · Under loans · Comments Off on Would Be Property Buyers Need Financial Education 

The latest research from ME Bank suggests that first time property buyers don’t have the necessary knowledge required to make wise investment decisions. The lender polled 1,000 first time home buyers and found that more than half of those polled failed a basic test on purchasing property. That was despite the fact that 70 per cent of those polled said they felt confident making financial decisions. An ME spokesperson says this kind of overconfidence could end up costing people. Continue reading

Pay Down Debt Through A Consolidation Loan

Post by Sharat on July 14, 2018 · Under loans · Comments Off on Pay Down Debt Through A Consolidation Loan 

According to the latest research, individuals who end up defaulting on a personal loan take an average of 326 days to pay off the outstanding balance. The research also suggests that Australian men are much more likely to default, accounting for 65% of all personal loan defaults. There are a couple of reasons for this, older households typically have bills which are in the man’s name and younger men tend be much more immature. In general, women tend to be better at creating and living within a budget. Continue reading

Call Your Bank And Get A Better Rate On Your Home Loan

Post by Sharat on July 7, 2018 · Under loans · Comments Off on Call Your Bank And Get A Better Rate On Your Home Loan 

It may be a little awkward to have the talk but what you will find that your tears could well end up being one’s of joy instead of sadness. 7 out of 10 Australian mortgage borrowers who negotiate with their lenders over interest rates are likely to be successful in bringing the rate down. Whilst that does sound encouraging, the bad news is not enough Australians are calling their banks to seek a better deal despite the fact that it will save them huge amounts of cash.

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