Home Loan Line Of Credit, use your equity and reduce interest.

 Home Improvement, Online Business  No Responses »
May 072008
 

A home line line of credit offers you an easy credit facility using the equity in your home as collateral. You can use your line of credit just like a regular credit card but without the higher rates of credit card interest. The interest you pay is at the same rate as your home mortgage.

You can also save interest on your home loan at the same time by paying extra cash into your account. If you need it, you can easily redraw the cash at any time, up to your credit limit. However while you aren’t using it, any extra payments are saving you interest on the daily balance of your home loan.

If your bank or finance company has the facility, you can even combine your line of credit with your home loan into what is called a home accelerator loan. With this type of loan package, your entire paycheck is deposited into your home loan. You can draw funds as you need them but while your idle cash is sitting in your account, it is saving you interest.

Discuss these options with your bank or broker and find out what will work best for you. It’s your money, make it work for you.

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Home Loan Accelerator, own your home sooner

 Home Improvement, Online Business  No Responses »
May 072008
 

Mortgage accelerator loans are relatively new to the USA but have been common in other countries for several years. In Australia over one third of all home mortgages are actually mortgage accelerator programs. As long as you have a positive cash flow, you too can benefit from this new type of home mortgage.

Simply by changing the way you use your cash, you can save thousands of dollars in interest payments which results in you owning your home much earlier. Rather than having your pay check just sitting in a check or savings account, you can have every dollar of your earnings working to save you interest. Your money is still available to spend as you need it, but until you use it, it is saving you interest every single day.

Most savings or check accounts pay very little interest. By using your idle funds against your daily mortgage balance, you are actually putting these funds to work. Instead earning almost no interest, they are actually saving you you the 5-7% percent rate of your mortgae. Your money is now working for you and will help you to own your home sooner.

Take a look at the video for more information.

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Reader’s Comments: Which bank gouges you? | News.com.au

 News of the day  No Responses »
Feb 062008
 

Reader’s Comments: Which bank gouges you? | News.com.au

I’ve been reading (and had to contribute) the comments posted on this news story. It’s amazing how many people offer comments that have no basis in reality. Some are blaming the current government which has been in power for less than 2 months, some are blaming the previous government.

In reality, the world economy is in a bit of a mess at the moment and I personally don’t believe any Australian government has that much influence on international business.

Banks are a business and they will endeavour to make a profit. It’s a simple fact. If their costs increase, they will pass those costs on to consumers. It’s unfortunate for those who have large loans and although I do sympathise, I think those that borrowed need to accept the consequences of their own decision. They made the decision to take out a loan. They agreed to the terms of a variable loan. It’s too to late complain about now.

Well, that’s my opinion anyway, it’s the only only one I have. ;)

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