Savings tips:
1) bigger deposit
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2) extra repayments at the outset of your mortgage arrangement rather than later saves you more
Browse Forums Home Finance Re: Saving on your mortgage 4Jun 20, 2006 11:00 am The blog of my home being built: http://glint-bladesong.blogspot.com/ Re: Saving on your mortgage 10Jun 24, 2006 12:39 pm Wayne www.alphamortgagesolutions.com.au info@alphamortgagesolutions.com.au Contact us for a free consultation for advice on how to structure your loan for maximum benefit GOOD ADVICE WANELAD 13Oct 14, 2006 6:01 pm this is a topic that i'm currently going through, banks won't always tell you the best way to set up your accounts, not even a broker will, but a financial planner on the other hand, you will have to pay for a finacial planners services, i found that if you pay somebody for a service you will get good advice. Your not personally paying your bank manager a fee so why would he or she waste his time trying to help you he's there tyring to sell you a product and he's trying to make his quota for the month, same with a broker he want's to get in and out, sell you a product then move on to the next client, the bank or society will obviously pay him not you but he needs to sell sell sell. I found that my broker will come to my house sit down and do exactly what i'm paying him for, i'm in the comfort of my own home when it suits me. I'm fortunate that the broker that i use have struck a good relationship thus far and hope to keep using him for time to come. It's true that you may pay fees for exiting a bank early, but when you get the chance look for good advice not somebody trying to get to their quota, it may cost you up front but may also save more long term. Re: Saving on your mortgage 14Jan 27, 2007 5:43 pm As a broker myself I would disagree with your statement that Mortgage Brokers are in to just move on to the next. As a Broker I rely heavily on referals and if was using that type of strategy would not be seeing the growth in my business.
My role is to help the client stucture their loan to their short and long term goals, once the application is in I follow through right up and until settlement. If there are any concerns post settlement I assist where I can. By providing a full and complete service I have found customers return and also refer their friends and family. Thus a win win situation is created the customer recieves a great service and my business grows through their satisfaction. Wayne www.alphamortgagesolutions.com.au info@alphamortgagesolutions.com.au Contact us for a free consultation for advice on how to structure your loan for maximum benefit Re: Saving on your mortgage 15Mar 16, 2007 3:33 pm Hi everyone,
Talking about home finance... I applying for a home loan at the moment. http://www.startfinance.com.au I don't know much about finance, mortgage, but I believe I've got a good deal. It was time to stop paying rent anyway. Good luck aussies Re: Saving on your mortgage 16Apr 25, 2007 6:43 pm ![]() wats bi weekly. payments im paying off fortnightly and it takes from 30 years to 24 years to pay off. if i do 1 extra payment will it have 11 years interst off. It looks like nobody actually answered this with any clarity. Bi weekly mean paying 50% of the required monthy payment every fortnight, therefore there are 26 payments made annually. So at 26 x 50% = 13 monthly payments In essence you are paying 13 months' payments in 12 months. So when using web site calculators, take this into account when working out you payment options. You will be surprised how much you save in interest and years! Re: Saving on your mortgage 17Jul 05, 2007 1:31 pm We thought we were making no headway on our mortgage. We are five years into a thirty year mortgage, but the balance had not come down at all. My friend at work referred me to this guy who showed me how to cut the 25 years left into 7 years so we invited him around for a coffee. He sat down with us and found out how much we were spending on everything from shoelaces to car payments and then put a plan together so we can pay off our mortgage in approxiametly 7 years. We have been doing his strategy for 3 months now and our balance has come down more than it had in five years. He also got us a better interest rate. Two major things he taught us was you need a formal plan and you have to get a bit business like, but I can tell you it works. You also need to set up your mortgage properly. If you want to chat to him he is contacable on chris.fahie@virginmoney.com.au.
Good luck Charli Re: Saving on your mortgage 18Apr 15, 2008 3:18 pm I agree with Wanelad.
people will return for service. Mostg brokers however are interested in whatever it is to get the loan to settle. Thats it. To really save on a home loan consider a plan where you have a line of credit or 100% transactional offset account where your pays go into the account and you live off a 55 day interest free credit card which is swept monthly so you pay no interes. Along with a household budget so you can make sure you spend LESS than you EARN - you will halve your home loan this way. I train clients to do this every day and have seen some phenominal success. brendanj@achl.com.au Re: Saving on your mortgage 19Apr 16, 2008 4:40 pm Hi all,
Its pretty easy to cut your mortgage down, for example as previously mentioned on a $250K loan change to fortnightly repayments, this can cut up to 8 years and around $160K in interest. I know what your saying about lines of credit boomer althougn for the general population who are not very well disciplined with their money they can be a nightmare, I regularly refinace clients from OFI's into regular home loan products, recently had a client who had a LOC for 8 years and hadnt paid a cent off their mortgage and didnt know why?? Sometimes a small line of credit may be good alongside a standard home loan product, if someone has proven to themselves they can handle this type of loan they can then opt to change it to cover the total aggregated amount, just my opinion but i feel more comfortable recommending my clients go this way rather than the 'try it and see approach' Cheers Troy Re: Saving on your mortgage 20Jul 24, 2008 9:37 am ashlee - by your spelling (of "mom") and some of the things you mention (like college) - I am going to presume that you are somewhere in North America.
this is an aussie site - so I'm not sure how many people are going to be able to give you some good suggestions about where to get a loan. I've always found Suze Orman's website and books full of good advice. After 4 years - we're in! 5 1666 ![]() 4 1156 The oldest advice in the book, do your homework and shop around. 3 3439 ![]() |