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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Speak to a finance and mortgage professional Speak to your home loan lender for debt consolidation options See if you can withdraw your home loan equity to pay off your car loan entirely More info coming soon, stay tuned The content on this site is for informational and educational purposes only and is not intended as a substitute for professional…
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…
Higher Education Loan Program (HELP) previously known as Higher Education Contribution Scheme (HECS) is an Australian government low interest rate loan offered to Australian citizens, permanent residents and New Zealand Special Category Visa holder who meets the long-term residency requirements who enrol in a Commonwealth supported to study in Universities and TAFE level and are repayable through taxation system. Make…
A credit score is important to the majority of home loan lenders when reviewing your home loan application. A good credit record will be rewarded with better home loan deals, while having a poor credit score can limit your options for choosing from some lenders and the loan products they offer. Here are 10 things that can hurt your credit…