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Home Loan Redraw
A Home Loan Redraw feature is available on most of the home loans that are offered today (but not all). If you have a professional package home loan, then a redraw feature is a standard inclusion. It is also available on standard loans where you are paying the “standard variable” interest rate. But what is it. A redraw feature enables you to make additional deposits to your loan account in excess of the regular repayments, and to get them back if you need them. So if you receive a healthy tax return or some other unexpected funds, these can be applied to your home loan. In the future if you…
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Finding the right home loan
Finding the right home loan in today’s mortgage market can be very time consuming. It can als be stressful for people that are seeking the right deal for themselves. There are many lenders, hundreds of loans, thousands of products with a range of interest rates. Finding the most suitable home loan that suits you can quickly become an overload of information. In addition, the search can be confusing as there are not only big banks that can offer a great deal, but small banks, building societies and credit unions. They can all have products that may suit you at first glance, but which will best suit your individual circumstances. A…
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Equipment Finance
Equipment Finance Paradime was established in 2002 to arrange investment property loans and home loans, initially for clients in the NSW South Coast and Southern Highlands region. However home loan finance is not the only area that Paradime is involved with. Paradime handles commercial finance and equipment finance ie: industrial equipment, heavy machinery including earth moving equipment for clients Australia Wide. Paradime can provide information to clients on the options available to ensure that they can make informed decisions on the most suitable lending product. Secured Loan It is also known as an Equipment Loan. From the beginning of the agreement, you own the asset. However, you are required to…
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Benefits of Refinancing your Home Loan
Benefits of Refinancing your Home Loan The benefits of refinancing a home loan will vary with individual circumstances, as finance needs are often changing, so it makes sense to review your home loan from time to time. This makes sure that it still suits your current circumstances. As your circumstances are changing, so are Home Loan products, rates and features that lenders offer. If you haven’t reviewed your loan for a few years, now is the perfect time to check out the best offers available today with an experienced Credit Adviser. There are number of different reasons to consider refinance, but the most common are: Obtain a lower interest rate…
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Commercial finance 80 percent LVR
Obtaining Commercial finance with an 80% LVR (Loan to Valuation Ratio) can be very difficult if you don’t want to add extra security. Commercial lenders seem to be a lot more conservative than those lending for home purchases. Typically a home loan can borrow up to 95% of the value or purchase price (hopefully the same figure) whereas with a commercial property you are generally limited to around 65% maybe 70% in some cases. Security for Commercial loans can be a wide range of different types of properties from small industrial units to broad acre farms, and there is a different set of rules for each one. Recently one of…
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No deposit home loans
No Deposit Home Loans Many years ago before the GFC, if you had no deposit, it was possible to borrow 100 percent of the cost of a new house. In some cases you could borrow 110 percent to cover the stamp duty and legal costs as well. This was all done using just the house being bought as security. Times have certainly changed since then. The first home owner grant was available on all homes being bought and life was generally good. Since the GFC, lenders don’t offer such loans. However if you want to buy a home and have no deposit then there is still one option that might…
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Credit history default – Forestry Investment
I was recently approached by an accountant who was doing the tax returns for a new client. The client wanted a home loan to purchase a new house in the Hunter Valley. But, they were aware that they had received a credit history default since they had bought their Wollongong home. Lending policies have changed recently but a default is not something that too many lenders will accept when applying for a home loan. The default came about because they had received advice from a solicitor. The advise was to cease making the repayments on the loan they had for a series of forestry investments they had made. This advice…
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Reserve Bank Sets New Record for Low Interest Rates
Reserve Bank Interest Rates Today the Reserve Bank announced a target “cash rate” of 2.50 percent, the lowest ever recorded in Australia. On a $300,000 home loan, this interest rate reduction will reduce repayments by nearly $60 a month For those looking to purchase a new home, these lower rates are going to encourage buyers however you should use caution as interest rates aren’t always going to be this low. If the volatility of interest rates makes you unsure about what future Reserve bank decisions might mean, now might be a good time to consider a fixed rate loan. Future changes in interest rates could effect your living standards, to…