<h1 class="entry-title">Tag: bayside mortgage broker</h1>
02 Feb

$1,114 Increase In Monthly Loan Repayments in 2023 For Fixed-Rate Borrowers

The RBA is expecting over 800,000 households to experience a massive increase in loan repayments as there fixed-rate mortgages expire in 2023. On average, loan repayments will increase by $1,114 per month as the interest rate moves from 2% to 5.25%. To minimise the rising cost of interest, homeowners will need to refinance their home loans before increasing rates make them ‘mortgage prisoners’.

06 Dec

The Big Decision – Variable v Fixed Interest Home Loans

When assisting our clients through the process of purchasing a home, a question we often receive is; “Should we fix our interest rate or go for a variable rate?” Although there is never a clear winner between variable and fixed, the correct decision is always determined by the client’s situation and requirements, as well as the current and expected economic environment.

23 Nov

Introduction To Interest Rates & Ways To Reduce Interest Expenses

Regarding home loans, interest is basically the cost of money charged to the borrower (homebuyer) in order to compensate the lender. An interest rate is applied to the loan amount which produces a dollar amount of interest that is charged to the borrower. As such, loan repayments made by the borrower will cover the interest charged during the period and a portion of the actual loan amount (principal).

17 Jun

Minimising Interest – Offset and Redraw Facilities

We as homebuyers who have relied upon mortgages to help purchase property are always looking for ways to minimise our monthly repayments. The common strategy is refinancing to cheaper loans, however lesser known options are to utilise offset accounts and redraw facilities which can either fully remove, or minimise the interest charged to borrowers.