Loans
Breaking a fixed loan... yes or no?
With some significant interest rate drops over the last few months there has been a lot of talk
about the costs involved in breaking a fixed rate loans, switching to variable or a lower fixed rate loan.
There seems to be a lot of confusion about the subject so I thought I would put something together which
explains things in simple terms. So here goes!
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Buying a property at auction
If you are considering buying at Auction, it is now more important than ever to speak with The Loan Hound.
A contract signed under Auction conditions will not include a Finance Clause Condition (i.e. purchased subject
to finance approval) to protect you in the event that finance cannot be obtained. This means you need to be
confident you will have finance approved so that you can settle of the property should you be successful at auction.
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Investors, why property?
Property is popular with investors who want to grow their asset base over the long term.
The appeal in property for investment use could be in the tax benefits it may offer, positive cash flow or capital growth.
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Loan features
These are repayments above the minimum required repayment as calculated by your lender. Making additional
repayments means you will reduce the principal of your loan. By making additional repayments you will reduce the term of the loan and save in interest costs.
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Loan types
The interest rate on this loan will vary in response to changing market conditions. It is
often referred to a “no frils loan” as it is the most simple variable rate loan available,
having less features than the standard variable rate loan. Features are usually limited,
however generally there is the ability to make additional loan repayments and also have
access to a redraw facility. This loan is suitable for both owner occupied and investment
purchases.
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Refinancing
Refinancing is the process of changing lenders but the security provided to the new
lender (i.e. your house) does not change. It can often be a practical way to achieve new
goals or to meet your needs as your circumstances change over time. It is important
however that refinancing is done for the right reason as it will incur costs and costs
which you should not incur unnecessarily.
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Relocation loans
Relocation loans enable you to buy your next home and move before your current home
has sold or if it has sold but it won’t settle before you need to move in to your new
home.
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The Hidden Trap in Real Estate Contracts
Recent changes aimed at protecting consumers in South Australia could actually end
up costing you thousands.
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