Being self-employed means that you’re going to have to put in a little more effort into finding the right refinancing solution for you. That’s exactly why we’ve put together a refinancing guide to help you get a clearer picture of what you should pay attention to, how to choose a loan and most importantly, how […]
Are you planning to refinance your mortgage? If so, here are some important factors to consider before getting a new loan.
What is your purpose for refinancing?
Refinancing is a type of debt you will get. So, it is important to determine the whys and wherefores before securing it.
People often decide to refinance their mortgages because of […]
Refinancing can be a convenient option in many cases, regardless if you are hoping to get a better interest rate or attempting to consolidate your existing debts. However, it can prove to be pretty tricky in the long run, which is why you may want to learn everything about the refinancing pros and cons.
This option […]
People take a home loan refinancing into consideration when they’re no longer satisfied with their actual home loan or when they want to make some house renovations.
Refinancing becomes a choice when your lending needs have changed or when your home loan is starting to pose difficulties.
A refinancing has lower interests rates
This is the main […]
They’re something you can’t avoid. They’re everywhere and for the most part they affect everything we do. No, i’m not talking about the missus, i’m simply referring to the elephant in the room.
Whats happening at the moment ?
After reaching a record low of just 1.5% in August this year, the reserve bank has remained faithful […]
In 2009 more than 30,000 homes in Australia will be repossessed or foreclosed and almost half a million Australians plunged into severe mortgage stress by the end of the year, according to a new industry report.
Repossession Across Australia
Repossession occurs when you can no longer meet your mortgage repayments on your home loan and your bank or lender takes over your home and sells it in what is called a mortgagee sale. In an optimistic property market, this might well leave you with some money, but in a weak market, there’s a chance you will walk away with nothing.
One third of the expected repossessions will be first time home buyers who purchased their property in the last 12 months, the monthly Fujitsu Mortgage Stress report predicts.
As some of the big banks have raised their interest rates higher than the Reserve Bank, many Australians are looking for a way to defuse their mortgage stress.
By refusing to pass on all interest-rate reductions, inflating the Reserve Bank’s increases or adding hikes of their own, the banks have widened the gap between the cash rate and their key interest rates by as much as 1%.
If you’re struggling with home loan repayments you may want to consider refinancing your home loan. Refinancing can allow you to access cheaper interest rates or even unlock the equity in your home to renovate, buy an investment property or consolidate debt. The Australian Lending Centre has years of experience helping people to refinance to achieve these goals.
After the RBA’s decision this week not to increase interest rates at present – home owners should consider refinancing right now.
Refinancing your home loan can allow you to access cheaper interest rates or even unlock the equity in your home to renovate, buy an investment property or consolidate debt.
Some of the advantages of refinancing a loan include:
Lower monthly repayments when you refinance
The ability to pay off multiple debts through refinancing schemes
Reduced risk by changing from a variable rate to a fixed rate when you refinance
Access to cash to cover major expenses when you refinance
December 2009 was the largest monthly spend by Australians in history, increasing the average credit card balance to $3,250. The majority of Australians are well aware of the risks involved in leaving credit card debt unpaid. A popular solution to credit card debt is to consolidate your debts into one loan. Aussies in debt is a growing concern, if you are struggling with debt try consolidation.
Over the recent holiday period, Australians demonstrated their confidence that we are coming out of the Global Financial Crisis (GFC) fairly unscathed. This was evident by the December spending peak of $22.02 billion, which was a vast jump of $2 billion from November.
On the average debt of $3,250, credit card spenders making minimum repayments of $100 will take years to repay their balance. However, Australians can save themselves on interest repayments by comparing rates to get the best deal. Another popular credit card debt solution is a consolidation loan. They are perfect for those who need to consolidate multiple credit cards, store card debt and personal loans and can drastically reduce the amount of interest you pay. […]
Australian home owners are predicted to spend the remainder of 2010 forking out 50% of their income on debt repayments.
A recent study shows that more than 40% of Aussies spend about half of their monthly income on repaying home loans, credit cards and/or personal loans. This survey also indicates that many Australians have little cash left over to play with at the end of the month – which only goes to show that every time the Reserve Bank of Australian (RBA) and major banks increase interest rates, a majority of home owners struggle further.
A recent industry study has shown that 38% of all mortgages arranged in May were for refinancing purposes, while only 15.4% of all mortgages were sold to ‘upgraders’.
Investors accounted for 36.7% of all activity, while 9.9% of all mortgages arranged in May were for first home buyers.
If you want a better interest rate or to reduce your monthly repayments, now is the time to consider refinancing. Even if you simply want to tap into your home’s equity and free up some money to invest, renovate or even consolidate debt, a new home loan can meet your changing needs.
It is estimated that 30-40% of home loan applications are people interested in refinancing their mortgage.
More than two-thirds of people who refinanced their home loans recently were able to secure a lower interest rate, a mortgage broker’s survey shows.
Australian home owners are falling into increasing despair as interest rates continue to rise. Mortgage stress is hitting hardest even in what are deemed the more affordable parts of state areas.
As home owners struggle under the climbing mortgage repayments nation wide, more and more Australians are falling into debt. New figures released by debt collector […]
In the financial market today, competition among banks and lenders tends to run high to try and land clients. As the consumers are first pulled in by flashy mortgage offers and promises, once the initial honeymoon stage phases the consumers find something they are unhappy with.
In a recent report released by a professional in the […]
The amount of people downsizing to smaller homes is adding even greater pressure to property prices as empty-nesters and households under financial stress compete with younger families and investors for homes in the popular middle-price ranges.
Job losses, family separations, the global financial crisis and lifestyle changes are some of the main reasons people are downsizing. […]
These days we hear a lot about the mortgage term ‘refinancing’ but what actually is it and what are the reasons people do it?
To refinance your mortgage (or home loan) refers to the replacement of an existing home loan with a new home loan, with different terms and usually increased savings.
Top Reasons People Refinance […]
With interest rates broadening between loan providers and some borrowers feeling frustrated with a lack of customer sympathy from their lender, now is the perfect time of year to decide whether you can work within the features of your current mortgage to improve your cash-flow, or if you’re better off opting to refinance to a […]
Refinancing is a term we hear more and more these days, but what does it actually mean? Below is refinancing explained
Basically refinancing is where you take out a loan, in order to repay an existing loan. Refinancing allows you to modify your mortgage, to better suit your changing needs.
Many people choose to refinance when their […]
Refinancing refers to the process of paying off your current loan with a second loan. If the timing is right for you, refinancing can be a very beneficial exercise and may ultimately save you thousands.
When is the best time to refinance your mortgage?
Refinancing your mortgage works best when the interest rates are low. If they […]
A recent research project has revealed that two-thirds of Generation Y (16 to 29 year olds) expect their parents to help them out by paying their rent, assisting in purchasing a home, paying for their wedding and purchasing a car.
The research uncovered a concerning disconnect between what Gen Y expect from their parents in terms […]