Borrowing Capacity vs Budget Capacity A phrase I heard many years ago has stuck in my mind and encapsulates the title of this article. “Just because the bank says you can borrow a certain amount of money doesn’t mean you can afford to.” It neatly sums up the difference between your theoretical borrowing capacity i.e. […]
Fortnightly Loan Payments
Fortnightly loan payments pay off loan faster? A question I am often asked is whether fortnightly loan payments will help pay off your home loan faster. The answer is…it depends. It depends on how your bank or lender calculates your fortnightly loan payments. Yes there are two ways of calculating the payment. One will accelerate the repayment […]
Smarter Finance
Increasing Your Wealth with Smarter Finance Wealth = What you own –What you Owe. In a lending sense, any ideas we can implement that reduce the amount of your money being used to pay interest on your home or investment loans increases your wealth. This can take two forms; You retain more money in your bank […]
The Back Book Effect
Is your Home Loan suffering the “Back Book” effect? In bank language, a Back Book is a lenders existing portfolio of home and investment property loans. If you have an existing home or investment loan then by default it forms part of your bank or lenders Back Book. So what you might ask, doesn’t everyone’s? Well yes they […]
Your Home Loan Interest Rate
In todays complicated home loan lending world there are six keys to your home loan interest rate . They are; Whether the purpose of the loan is for owner occupier or investment property. With most lenders, borrowers with an investment loan will pay a higher rate that an owner occupier loan. The size of the loan, or […]
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