Sydney, Australia (PRWEB) August 20, 2007 -- The Reserve Bank in Australia has recently lifted the cash rate by one-quarter of a percentage point to 6.25 per cent.
This is despite Primie Minister John Howard promising to keep interest rates low at the last federal election. This rise will translate to a rise of nearly $40 a month for Australians holding a $250,000 mortgage.
Paul Neary's Tip sheet:
Paul Neary from The Mortgage Bureau recommends that mortgage loans and reverse mortgages (http://www.mortgagehq.com.au) are best to get once rates are seen to be at their peak. Then when they go down they are a lot more affordable, and when the rise again, they aren't a heavy strain on the finances.
Is now the right time to borrow money for a home loan? The answer is to do your homework. Always allow for higher interest rates of up to 1 percentage point when budgeting for repayments and try to maximise your deposits.
Ensure personal debts like credit cards and car loans are under control before committing to a property loan. Realise that when buying for the long term, short-term speculation is more risky now than ever before.
Every year we receive a renewal notice for our car and home insurance and many of us take the opportunity to 'shop around' to make sure we're getting the best deal.
We think nothing of switching to another Telephone carrier or Electricity supplier to save $15 a month on our bill.
Every year the average household pays out $15,000 to $20,000 towards their home loan yet very few people actually spend just 1 hour to make sure they are getting the deal they deserve.
How often should home loans be reviewed?
Just like insurance and other services that are utilised, The Mortgage Bureau recommends that home loans should be reviewed annually. The good news is that The Mortgage Bureau will automatically review
loans every 12 months at absolutely no cost to you.
Paul Neary is a Mortage Broker for The Mortgage Bureau, one of the largest mortage broker firms in Australia & for the past 2 years for the Broker of the year award presented by The Australian Finance and Banking Council.
Paul has always had an interest in Real Estate and Finance and in 2003 started The Mortgage Bureau in Baulkham Hills.
Phone Baulkham Hills: 02 9629 1888
Fax: 02 9836 4058
Email: info @ tmbhills.com.au
The Mortgage Bureau
PO Box 3726
Rouse Hill NSW 2155
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