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Your Mortgage Magazine
Your Mortgage magazine is Australia's leading magazine dedicated to residential and investment property finance. Published monthly, it is an essential resource for homebuyers and investors covering all aspects from:
:. Information for first time buyers, re-financiers, investors and mortgage industry professionals.
:. The latest information and strategies for purchasing property.
:. Quality editorial from independent sources.
:. Featuring three major sections - the Home Buyers Guide, Home Price Guide tables and property investment features.
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Mortgage Professional Australia Magazine
Published monthly, Mortgage Professional Australia (MPA) is the leading monthly magazine dedicated to the latest news, developments and changes that effect the mortgage broking industry. With over 7,800 copies distributed directly to the industry every month, MPA is the most effective way to reach professionals throughout Australia’s mortgage industry. |
Saving Money on Credit
With all the downsides to the hard economic times there is one bright spot: if you need credit, you can now save big time. Interest rates are at all time lows and are likely to stay there for quite a while. Be careful of the level of debt you go into, especially at a time when many others are drowning in debt. But for those with the ability to repay the loan, interest rate costs are as low as they're ever likely to be.
Do not let yourself get into trouble by charging up those credit cards, which are by far the most expensive form of debt. Also, home equity loans as a substitute for financing purchases that you used to pay by credit card are not as viable an option for many as they were over the past few years.
No is the time to take advantage of the fact that there are fewer buyers and borrowers and aim to get a great deal on credit.
Suppose you're in the market for a new car. Sales are down and that helps you. Visit more than one car dealer, and look at those online too. Use the information you have gathered to bargain for a better deal. Dealers are often willing to offer a better price if their company or partner network also gets the financing.
Similar ideas apply for those who are shopping for a house or investment property. It's true that loan criteria have tightened up in recent years, and they needed to. Qualified buyers will still find it easy to get a loan. In fact, since so many others have gotten into trouble by taking on more debt than they could service, it may be even easier now. That puts you in a good bargaining position.
The difference of a half-point in interest percentage will amount to big savings. Over the average 30-year life of a home loan, and on an amount of $300,000, the difference in this case is about $33,500 total or $100 per month, so shop around and be smart about where you finance it. It pays to bargain and the banks are looking for new business from credit-worthy customers.
The key to getting big savings on credit is delaying your own gratification. If you are willing to walk way, or hold out for a better deal, which will surely be just around the next corner, you can save a lot on credit today. |