If you have a 30 year mortgage on your home but you want to pay it off quicker, there are ways that can help you be mortgage free faster-even small steps over time can make a big impact. There are two parts to each mortgage repayment of the principal and the interest. The principal is the remaining balance of what…
4 Ways To Improve Your Chances Of Getting A Personal Loan Whether you’re planning on buying a car, go on a holiday, or making renovate your home. Whatever your goal, getting a personal loan could be the key to it all. Here is a list of things you can do to improve your changes of getting approved for personal loan:…
Variable Rate Loans: A Variable rate loan is a loan with interest rate subject to change and the repayments/interest rate fluctuates when the lender decides to increase or decrease their interest rate. Pros: Benefit from interest rate drop, Redraw facility, Offset account, able to change loan at any time. Cons: Interest rate could go up at any time resulting in…
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Principal & Interest Principal & Interest (P&I) loan repayment method covers the repayments of both Principal(Original Loan Borrowed) as well as the interest accrued. Pros: You build equity You pay off the loan Cons: Repayment is higher P&I May not be suitable for short term investors/developers Interest Only As the name suggests, Interest Only (IO) repayment method is the payment…
Full Doc Loans Full Documentation loan is the standard loan where the borrower’s consistent income verification documents such as Payslips/Tax Return, NOA & Business Activity Statements (BAS) are available at the time of applying for a loan. The benefits of applying with full documentation is that you will have a better loan product with good features and low interest rate.…
Choosing between Fixed rate or Variable rate home loan is a personal preferences. You can choose which ever one suits your financial situation better.