Get the insider's edge with these loan facts
When people casually mention the financial stress of upcoming holidays, starting a family or awful credit card debts, they’re often surprised when I tell them I can help. But as a mortgage broker I can do more than get you a great home loan. Here are some less obvious ways I might be able to support you to achieve your goals.
I can help you pay off your bad debts faster
There are good debts and bad debts. While a mortgage can provide long term capital growth, credit card, car and personal loan debts often have high interest rates and should be paid off as a priority. On top of the high interest you’re paying, multiple debts can be stressful to manage.
If you’re juggling various repayments each month get it touch so we can see if loan consolidation is an option for you. By consolidating debts with your mortgage you will have just one simple repayment each month and will likely secure a more competitive interest rate which could save you money and pay off your debt faster.
Are you sitting on funds you could be investing?
The strong property market can benefit you now even if you’re not thinking of selling. Do you know how much equity is in your home or investment property? If you’ve been paying off your mortgage for years you might be able to use the equity to invest.
Many of my clients don’t realise that investing in property is an option for them. Purchasing your first property usually requires saving a significant deposit but a second property won’t always need one. This is because the difference between your loan amount and property value increases over time creating equity. This equity provides a source of funds that you can use to invest in another property or to upgrade your home, buy a new car, or investment in shares, a business or superannuation.
Do you want consistency? Locking in fixed rates doesn’t need to be tricky.
There are some really competitive fixed rates available at the moment so if you’re looking for repayment consistency get in touch. Most lenders will fix your existing home loan rate very easily and fixing will take the worry out of your monthly repayments changing over time. Best of all I’ll do the legwork for you.
Need a mortgage holiday?
Sometimes we need a break from our mortgage repayments. If you’re thinking about starting a family or are in between jobs we can look at changing your repayments to interest only to minimise your monthly outgoings. Whilst interest will still be payable, the portion of your repayments going towards the principal loan can then be freed up for a period of time. Yes this will increase the interest you pay over the life of your loan but it can help take the pressure off when you’re depending on only one income for a period of time.