There is so much happening in the home loan market at present that it could be a good time to refinance as the Federal Government is encouraging home owners to do. However, if you are considering refinance of your home loan it could be a good time to reassess your whole financial situation with a view of reducing your total monthly repayments.
As reported by Jason Bryce in The Sunday Mail on 09.01.2011 - "We have seen our biggest month in home loan applications for November following the rate rise" said consumer advocate Michelle Hutchinson, from financial comparison site CityRate. "We recorded a 231 percent increase in November for home loan applications compared to October. December was up 224 percent compared to December 2009."
The Commonwealth Bank is advertising a standard variable mortgage rate of 7.81 per cent, the highest of the big banks. Even if you could reduce your loan by on half of a per cent on a $300,000 loan you could save around $29,086 over a 25 year loan period.
St George is now accepting rent as form of "genuine savings' with written verification from a Licenced Property Manager/Agent. Tier two of acceptable deposit sources now include bonuses, dividends and commission payments, inheritance, tax refunds and net proceeds of sale of non real estate assets - conditions apply.
