Refer
a Friend Refer a friend and if
they receive finance through smart choice, you receive
a $500 gift voucher at Harvey Norman.
FREE
EBOOK
Free
e-Book This book will teach
you all of the secrets of home mortgage
lending, and, as an educated consumer,
you will then be able to review all of your options
and make the right decision about
your next mortgage.
Hidden costs and repayment
minimisation techniques
Make sure you know all the costs associated with
entering into the loan and purchasing the property.
These costs include: conveyancing costs, application
fees, stamp duty, valuation and legal fees, and if
necessary, mortgage insurance and extra life insurance
premiums.
Make sure you also know all the costs associated with
an early discharge of the loan. These days, very few
people actually have a home loan for 25 years. In
fact, due to people upgrading their property, refinancing
and early repayment the average home loan now lasts
between 4 to 6 years.The loans to be especially careful
of are fixed rate loans and loans that have an initial
capped or honeymoon rate.
Paying your loan instalments more frequently than
on a monthly basis can produce savings for you in
terms of the interest and an overall reduction in
the term of the loan. Most lenders will permit fortnightly
or weekly repayments. The effect of more frequent
payments is to progressively reduce the loan principal
each time a repayment is made, thereby lowering the
interest accruing each month.
Loan Tips
