Credit Cards
Friday, May 14th, 2010
In comparison to income growth, the escalation of household debt over the past 30 years has reached substantial levels. According to the ABS, the last 18 years have seen the total amount of debt owned by Australian households to rise by almost six-fold.
These figures are not aided by the high interest repayments of credit cards of between 15-10 percent and personal loans having an average rate of 10 percent. The burden of struggling to meet interest rate repayments can become overwhelming so the concept of consolidating these debts into your mortgage, where rates are around 7 percent, turns into a favourable option. (more…)
Posted in Buying to Invest, First Time Buyers, Home Loan Tips, Interest Rates, Refinancing | May 14th, 2010 1 Comment » Tags: Credit Cards, Debt Consolidation, Home Loan, Home Loans, Interest Rates, rate rise, Variable loan, variable rate
Friday, March 26th, 2010
First home owners tipped to embark on their home ownership journey this year need to be reminded not to fall into the trap of dropping the financial ball after the initial thrill of the purchase.
There is a common tendency for many first home owners to want many of the things that go with a home, without having the patience to wait until they can comfortably afford to buy them. (more…)
Posted in First Time Buyers, Home Loan Tips, Interest Rates | March 26th, 2010 1 Comment » Tags: affordability, Budget, Credit Cards, First Home Buyers, Home Loan, Home Loans, Interest Rates, Move House, Property, rate rise, Variable loan, variable rate
Tuesday, March 23rd, 2010
2010 has turned into the year where non-bank lenders have escaped the shadow of the big banks! And with interest rates on the rise, competition is getting stronger which means consumers can gain greater value out of their loans if they do their research. (more…)
Posted in Buying to Invest, First Time Buyers, Home Loan Tips, Interest Rates, Refinancing | March 23rd, 2010 No Comments » Tags: affordability, Budget, Credit Cards, Debt Consolidation, Equity, First Home Buyers, Fixed Rate, Home Loan, Home Loans, Interest Rates, Invest, Lender, non-bank lenders, rate rise, Refinance, Variable loan, variable rate
Wednesday, December 30th, 2009
Consumers should lower the limits on their credit cards to improve their ability to borrow for a home. High credit card limit reduces the amount a financier would lend to a borrower.
Lenders evaluate a loan application on a few criteria but a high credit card limit was considered to reduce a borrower’s capacity to repay a mortgage.
(more…)
Posted in Buying to Invest, First Time Buyers, Interest Rates, Moving House, Refinancing | December 30th, 2009 2 Comments » Tags: Budget, Credit Cards, Home Loan, Home Loans
