Car Loans Australia :: Articles

Car Loans Australia Articles

Mortgages - If you have to have one, then at least get a good one!

Heres a  mortgage shopping list, a good start in the process of selecting a mortgage. 

 

Fees    Nil

 

Ideally the mortgage should have no application, valuation or legal or deferred application fees.  There should be no monthly or yearly account keeping fees.  

 

Rates  focus on features of loan rather than rates

 

The advertised rates and the comparison rate should equal.  Be careful of special rates, honeymoon rates.   Do the calculation of what you actually save on a mortgage in the first year. Then subtract the saving with any fees in the loan.   .

 

Principal reductions and additional payments.  No fees

 

There should be no restriction or fee on any additional deposit you make into you loan. 

 

Redraw from your mortgage   No fees

 

Excluding the value of your minimum payments.  There is no restriction redrawing surplus payments and balances of your mortgage account. Unlimited transactions and unlimited value. There should be no transaction fee.

 

Splitting the loan Yes

 

Split the loan into two or more accounts.   (Gives great flexibility in debt consolidation, buying investment property, setting investment targets for superannuation etc.)   Be prepared to pay $100 per split, when you make the split.

 

Offset accounts.  (Take off your list)

 

Unless given specific professional advice from an accountant of a financial planner. Avoid.   They have lots of traps and generally dont offer any additional features to the basic home loan.

 

Product switching  Yes

 

Switch from a variable rate to a fixed rate or visa versa.  Normally all lenders will charge $200 if you use this feature.

 

Top up and extensions to the loans.

 

Without full applications required


Finance Articles

Buying For The First Time? A Guide For The First Time Buyer!
You have decided to buy a home - but what next? The maze of legal work, negotiations, dealing with surveyors and solicitors, finding a good mortgage deal and worrying about your deal falling through,... read more

Getting Rid of Your Debt Troubles
People borrow for a variety of reasons. But as long as they are able to meet repayment obligations, things are fine. Trouble erupts when commitments go awry and payment defaults occur. read more

Debt Consolidation Pros and Cons
Do you have mounting credit card debts or a number of different loans to pay off? If you do, then debt consolidation is an option you can consider to make the process of debt repayment quicker and easier. read more


Finance News

Personal Loans to help Australians in need: FSO
Oct 29 :: As Australia prepares to clean up following devastating fires and floods, Financial Services Online CEO, Andrew Clark, has announced a package of personal finance solutions designed to help affected Australians... read more

Small business loans to help Aussie businesses through tough times
Nov 27 :: Financial Services Online has today announced a new credit facility for Australian business customers who are seeking loans for amounts of up to $10,000 with minimum security requirements, irrespective... read more

Police issue warning about bank scam
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they cold call customers and tell them they have been overcharged in fees and will... read more


Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.
Loan Amount:
Postcode:
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Personal Loan:
a loan that is granted for personal use, normally unsecured and granted by a lender on the borrower's integrity and capacity to repay