Want to Save on Your Mortgage?

The other night making dinner at home on comes “Today Tonight” with ‘The broker that the banks want to gag’. Oh and guess what? He has a new book he is hocking, and to be honest there is nothing new in what he says.

There are a few things to remember when looking for a home loan or refinancing:-

1/ A Broker You Can Trust

A broker who works for you, not choosing lenders on what commission they receive, but what the “best deal” is for the customer. At Fraser’s we have been in business over 13 years and have many satisfied customers, that is why we are still in business.

2/ The Best Deal

What is the best deal? That all depends on the customer and their needs. The best deal at the time may the “loan you can get” because of special circumstances you are in. Then as time goes on and circumstances change you can work with your broker to maybe refinance or update your loan with your changes. That is why at Fraser’s we have over 40 lenders and hundreds of products that suit everyone’s wants and needs. Low and Lite Document products, even products where you can have a default against your name. The product has to suit the customer, and finding that match is our most important job here at Fraser Financial Services.

3/ Service

We can come to you, at your work at your home, or customers can come to our office at 12/43 Tallebugera Creek Road, West Burleigh, just off exit 85 on the M1. The service doesn’t end after the loan settles; the follow up service is just as important. Such as following up on draw-down payments during the construction of a home; home loan health checks to see if you can improve your situation.

Making your transition to another lender or the purchase of a home as smooth as possible is all in a days work here at Fraser Financial Services. We can help you out with the First Home Owners Grant, The Queensland Government Builders Boost, and also have access to a service that can help remove credit defaults.

Service is the name of the game here at Fraser’s.

HOW TO SAVE ON YOUR HOME LOAN

Here are just a few simple ways that you can save on your home loan and pay it out sooner….

1/ When Interest Rates Drop, and If You Can Afford it, Keep Your Repayments at the Same Level.

Keep you repayments at the same level when interest rates drop, and that $50 or whatever the difference is will come off what you owe on your home loan This means you will paying that little bit extra, and as you have budgeted on this amount it is a painless way of paying more off your home.

2/ Offset Accounts

An offset account is like any other account, but every dollar in that account is taken off what is owed on your home loan when interest is calculated. So instead of getting say 3-4% on your savings you save 7% on the amount in your account off your home loan. You do not get paid interest, but you save interest so you do not have to pay the taxman for the amount interest you have saved in your offset a/c. Use your offset a/c as your savings account, and/or everyday operating account, and watch how much you save on interest!!

3/ Take Your Monthly Repayment, Divide it by 2 and Pay Fortnightly

All you are doing is paying more off your loan, an extra month a year. 12 months a year, but there are 26 fortnights, so by taking your monthly repayment, dividing it by 2 and paying fortnightly that is an extra month’s repayment that comes off your loan. Painless, and easy to do. You are paying extra on your loan and you do not even notice it!

4/ Use Your Redraw to Your Advantage

Do you find if the money is in your account, you tend to spend it? Well if you have a redraw facility on your home loan, and the redraw has no charge, put extra on your home loan and use it like an offset account. It will cut down on the amount of interest you are paying, and you do not have as easy access to your money, so therefore forced savings. This is only good for big ticket items, as most lenders have a minimum amount that you can redraw, but check with your lender for details, or if you are a customer here at Fraser’s, ask me! That is what I am here for!

5/ Get Regular Home Loan Health Checks

Things change regularly and rapidly in the mortgage market, so it is always advisable to be in-touch with your broker, and to have a home loan health check done. Give me a call here at Fraser Financial Services, and I can check out what your loan is now and the features it has, and then I can shop through our 40 lenders to see if we can find a better deal for you!!

That is just a few easy ways you can save on your mortgage, now for a bit of a laugh from a couple of larrikins on the ABC, John Clarke and Brian Dawe….

Dealing with the Sovereign Debt Crisis

Weather looks great for the weekend, enjoy it wherever you are, and what ever you are doing!!