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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

Why Personal Loans up to $5,000 Are No Problem, Even With a Poor Credit Rating
Approval on a personal loan of $5,000 is by no means secured easily, but nor should rejection be expected. So long as the criteria and calculations are okay, there is a strong chance. read more

What makes up a good mortgage? It's all here
Here is a mortgage shopping list, a good start in the process of selecting a mortgage. read more

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Personal Loans to help Australians in need: FSO
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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,... read more

Police issue warning about bank scam
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