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Loan
Information Categories
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Refinancing
>
Home
Equity >
Debt
Consolidation >
Home
Improvement >
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Experienced
Home Buyers>
Investment
>
No
Deposit Home Loans >
Low Doc >
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All
lenders offer the same rates and conditions! Don't believe it. Mortgage
Wisdom will show you that by re-financing or re-structuring your loan it
is possible to get a better deal. Mortgage Wisdom will find the loan to
suit your needs from our panel of lenders, you choose the one that meets
your requirements.
Why Re-finance?
By re-financing your current mortgage you can utilise a lower interest rate
with another lending institution saving you thousands of dollars and years
off your loan. Interest rates are not the only reason you may choose to
change your mortgage, there are a host of features that may not be available
through your current lender. These may include 100% offset account, line
of credit, a good redraw facility, no monthly fees and an ability to split
the loan.
Need Extra Cash?
Using the equity in your home and by re-financing your current mortgage
you can raise capital for any worthwhile purpose ie. renovating the home,
debt consolidation, new car, stocks and shares or even a holiday around
the world.
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A
line of credit or equity loan. If used correctly with discipline and good
spending habits can save thousands of dollars and years off the term of
your loan.
Step 1. You start your line of credit with a credit limit up to
80% of the value of your property.
Step 2. Have your salary paid directly into the line of credit
(with easy access and control of your money through ATM, EFTPOS, Cheque
etc). This immediately reduces the principle and therefor reduces the interest
on your loan.
Step 3. You need to have a credit card which is 55 days interest
free (preferred) to pay as many of your day-to-day living expenses. This
allows you to leave your salary in your account for as long as possible
and gain the benefit of lower interest cost on your loan.
Step 4. You can choose principal and interest or interest only
repayments depending on the lender selected.
Notes: The benefits of a line of credit is that the credit limit
exists for as long as you require, giving you flexibility and control of
your financial future.
A line of credit is only recommended for people who have the ability to
budget and save money.
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Significant
savings can be achieved by consolidating all your finances under the one
umbrella. Home loan rates are generally lower than those of credit cards,
personal loans, car loans or overdrafts. By combining all of these into
one home loan you are reducing the amount of interest your pay...
Why pay extra interest when it's not necessary? When applying for a personal
loan or similar the Bank staff doesn't suggest consolidating the smaller
loan into you Home Loan.
Why? They are paid to make money for the Bank! Mortgage Wisdom work for
you, the client and not the Bank, our advice is for your benefit.
Example:
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Per
Month
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Credit
Card
$3,000 limit
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16%
interest |
$150.00 |
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Store
Card
$1,500 limits
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23%
interest |
$115.00 |
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Mortgage
$250,000
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7.5%
interest
25 year term
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$1847.00 |
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Car
Loan
$25,000
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8.5%
interest
5 year term
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$513.00 |
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TOTAL
= $2,625 Per/month
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You may create
a saving by consolidating all debts into one loan, and one low interest
rate. The total loan is now $279,500 (@6.5%) over 30 years.
The
repayments are reduced to $1,767.00 per month. This creates a saving of
$858.00 per/month, releasing money for better quality of life.
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you're looking to make an improvement to the appearance of your home by
redecorating and buying new furniture or increase the value by building
an extension or adding the long awaited pool, we have a home improvement
loan to meet your needs.
Interest
rates just now are very low so there could not be a better time to take
advantage of a competitive and easy to arrange home improvement loans.
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You've
been through the process once already and hopefully you have learnt the
does and don'ts. With regulations and loan structures changing daily you
need to be updated. Mortgage Wisdom can assist in finding the right mortgage
that will save you thousands over the term of your loan.
Choosing the right Loan. Mortgage Wisdom will take away the confusion
when choosing a loan or lender. Banks and other financial institutions are
very different in their approach to lending. With our panel of over 20 different
lenders and a variety of loan products to choose from Mortgage Wisdom will
assist you in finding the most suitable home loan tailored to your needs.
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Purchasing
an Investment Property. Many people are not aware that they can use
the equity they have created in their own home to assist in purchasing an
investment property. Investment properties are properties purchased to raise
income and gain capital growth over a period of time. Mortgage Wisdom will
not only show you how to achieve this but also tell you about negative gearing.
Negative gearing is a tax effective investment strategy, where by your rental
income from the property, is more than offset by the interest and other
property expenses. This can give you a net tax loss to offset against your
other income. Traditionally investor's prefer a fixed interest loan where
the whole repayment is tax deductible, which allows for better budgeting.
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The
No Deposit Home Loan allows you to borrow up to 100% of the purchase price
or valuation of your new home whilst providing a full range of home loan
features, including 100% interest offset and redraw.
This innovative new product is available for both new and established housing,
either owner occupied or investment, and is ideal if you have good cash
flow but low equity.
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If
you're self-employed, tax returns not up to date experience uneven cash
flows or have your personal and business income and expense records combined,
then a Lo Doc home loan may suite you!
Low Doc home loans will not require applicants to provide full evidence
of income, but will require applicants to carefully consider their income
and expenses to assist in determining whether they will be able to service
the loan. Each lender has its own qualifying criteria to assess your application.
Low Doc home loans are available for owner occupied & investment purposes
and are generally caped to borrowing up to 80% of the value of the property.
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