Stephen Lemm
Mob: 0414 242 924

Shop 2, 211 Ben Boyd Road
NEUTRAL BAY NSW 2089
Tel: 02 9908 7800
Fax: 02 9908 7822

Local Home Loan Advice in Neutral Bay

With the emergence of a complex number of ways to secure a property loan - via your local bank, through your financial planner or accountant, or even online, and the advent of hundreds - even thousands - of home loan choices, it's no wonder mortgage brokers are becoming invaluable resources for Australians.

With over 10 years experience your local Mortgage Choice at Neutral Bay have helped thousands of clients steer clear of complex home loan choices including:

  • Refinancing
  • First Home Buyer loans
  • Investment loans
  • We do the legwork for you, and it doesn't cost you a cent.

    We focus on helping our clients, providing a range of products to suit their lifestyle needs, not the banks' bottom lines. Using sophisticated computer software programs which help our client tailor a loan for their individual needs in only minutes!

    Customers with existing loans can also take advantage of an obligation-free home loan health check, which helps determine whether your current loan is the most suitable to your lifestyle and financial needs.

    You can be rest assured that our ethical, professional and knowledgeable loan consultants will find the most suitable loan for you. They can even provide you with detailed information about your home loan choice, for greater peace of mind.

    If you'd prefer not to spend your time wading through hundreds of home loan products, make an appointment via the website or give us a call.

Set resolutions to repay your home loan sooner

This year's tips for budgeting, spending and managing your mortgage

 

Becoming a better budgeter, wising up on spending and making the most of any savings can help borrowers master their mortgage and own their home outright sooner, according to Australia's largest independently-operated mortgage broker, Mortgage Choice.

Company spokesperson, Belinda Williamson said, "If your goal is to pay off your home loan sooner, the beginning of the year is a great time to set new financial resolutions."

"Challenge yourself to ramp up your home loan repayments by readjusting your budget and finding ways to make extra contributions to your mortgage.

"Well thought-out saving, spending and loan repayment strategy decisions can help put you months or even years closer to living mortgage free. Keep in mind even small financial changes can have a big impact on how much interest you pay over the life of your loan and the length of your loan term."

Mortgage Choice offers these financial resolutions to help borrowers own their home outright sooner:

Resolution 1. Become best buddies with your budget
If you don't already have a budget, the New Year is the ideal time to start one. Ensure it factors in all your regular spending - home and/or other loans, utility bills, medical expenses, memberships, grocery bills, insurance costs, etc. Don't forget to include funds for socialising treats. Be honest with your budget and refer to it each time you contemplate a new expense.

Resolution 2. Slash your cash limit
Consider ways to cut your daily spend. For instance, a daily caffeine hit at $4 per weekday equates to $80 per month. Did you know by making a coffee an every-second-day spend and contributing $40 extra per month to your mortgage from day one (based on a $300,000 loan over 30 years at 7%) could reduce the total interest owed by around $31,000 and the loan term by almost 2 years?

Resolution 3. Review your home loan with a fine-toothed comb
There could be underutilised loan features costing you money or features worth refinancing for. Get to know your loan's features. Your mortgage broker can help review your current loan and its features and identify any opportunities to shop around for something better suited to your goals.

Resolution 4. When rates fall, keep repaying more
If your home loan's interest rate has recently fallen, consider keeping your repayments at the higher, pre-fall rate. For example, take a home loan of $300,000 at 7% over 30 years. If your rate reduces to 6.5% and you keep repaying your loan as if the interest rate was still 7%, you could shave approximately 4 years off your loan term and save around $60,000 in interest owed.

Resolution 5. Make the move from monthly to fortnightly
Switching your monthly repayment to fortnightly may make a significant difference to your loan term and the interest owed. There are 12 months and 26 fortnights in one calendar year; by paying fortnightly, you make the equivalent of 13 monthly repayments. The savings, based on a $300,000 loan at 7% equates to around $103,000 in interest and about 6 years and 6 months off the loan term.

Email this page to a friend