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Every little bit counts – especially when it comes to saving money on your mortgage when rates are rising.
So now I have your attention, it’s time to look at how changing one standard feature such as the frequency of repayments on your home loan can save you a surprising amount off your mortgage. (more…)
Masterchef…. love it or loathe it – more than one million viewers can’t be wrong as they sit glued to their televisions each weeknight wondering whether they could perfect the art of creating an Adriano Zumbo dessert or a Maggie Beer Terrine.
So regardless of whether you’re into it or not, there’s no doubt Masterchef has done its bit to shift the mindset of many Australians to re-focus on what they can do in the sanctity of their own home.
As has already occurred, the Masterchef phenomenon has already affected some consumer spending patterns. Sponsors of Masterchef (and there are many) are enjoying interest in their products as families and aspiring cooks around the country get inspired to have a more concerted go at entertaining at home by ‘plating up’ to friends and family.
But what exactly does this have to do with the average borrower?
You may have heard the term National Consumer Credit Protection Act mentioned lately. So what exactly is it – and what does it actually mean for borrowers? (more…)
It shouldn’t be a surprise for borrowers if another rate rise is announced, whether it’s tomorrow or sometime in the coming months at another Reserve Bank meeting.
What is a surprise however is that there are still some borrowers ill-prepared for the almost inevitable rise in their mortgage repayments and who are either praying for a miracle – or hoping something, or someone, will come along to save them from financial redress. And that’s no way to manage your finances.
It’s important to have a good savings record. Being able to demonstrate a track record of putting money aside could make all the difference in reaching a number of goals. Check out these tips on SMH Money. http://bit.ly/bidioC
Ever wondered what life is like outside the Big Banks? Ever seen ads for small home loan lenders with crazy low rates and thought it’s just too good to be true?
Check out how much you can save with Resi on the Mozo website. http://bit.ly/cjo5R2
“If you don’t get in now, you never will”. It’s a phrase being repeated a lot these days, especially amongst first home buyers. But the reality is housing affordability is going down with rising house prices. This isn’t helped with all the panic buying that’s going on.
How are first home buyers meant to break into the market when the walls are too high to climb? Is the first home savers account enough of a push to encourage a solid savings base and reduce the affordability gap?
There has also been pressure placed on banks to recognize rent as a form of ‘genuine’ savings. If borrowers could use rental repayments as evidence of genuine savings then more first home buyers would be able to enter the property market.
Currently no lender recognises rent repayments as a component of genuine savings.
Are interest rates the worst enemy for first home buyers or is it the deposit for a first home?
We want to hear your thoughts.
Concerns from first home buyers about the First Home Saver Account scheme have been answered in the recent release of 2010 budget. Treasurer Wayne Swan has announced an introduction of greater flexibility in the scheme which has been the primary reason for first home buyers not investing their time and money into the account. (more…)