Gaynor Loans in Aspley, Queensland, Australia | Property

Gaynor Loans

Locality: Aspley, Queensland, Australia

Phone: +61 419 704 442

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21.01.2022 When Should I Refinance My Mortgage? Whenever it makes financial sense to do so. In the past, most people who took out a mortgage continued with it until they had paid it off. These days, people refinance their mortgage much more frequently. The average duration of a home loan in Australia now is just 4-5 years. ... Reasons people in Australia refinance their home loan: 1 Lower Rate - get a better deal. 2 More Flexibility - obtain new features e.g. redraw and offset. 3 Debt Consolidation - Clear existing debt with a low rate. 4 Home Equity - utilize the existing equity in your home.

20.01.2022 Variable rate home loans The Pros and Cons What is a variable rate loan? Variable home loans have an interest rate that rises and falls in response to changes in the cash rate and other variables by lenders. If the cash rate decreases, usually so does your loan rate which reduces the amount of interest you pay. Advantages:... Lower rates Generally the offered variable rate is lower than the fixed alternative. Fewer restrictions - Making additional repayments on your loan is straight forward. Extra facilities Many additional features such as redraw, and offsets are available. Disadvantages: More uncertainty Budgeting becomes more difficult. Variable rates usually go up if the cash rate is increased. The rate may also increase even if the official cash rate does not rise but lenders see a reason to raise them. All of which means you will pay more interest. This type of loan may not suit people who have little financial leeway or have future changes to income or living circumstances.

19.01.2022 Is it time to refinance?

16.01.2022 Fixed rate home loans The Pros and Cons What is a fixed rate loan? Fixed home loans have an interest rate that is fixed for a set period, typically 1, 3 or 5 years. At the end of this term, the loan will usually switch to the standard variable rate. Advantages:... Easier budgeting - You know exactly what your repayments will be. Unaffected by rate rises - If interest rates rise above your fixed rate you will be paying less than the variable rate. Disadvantages: No benefits from rate drops - You won't benefit from a fall in interest rates if your fixed rate is more than the variable rate. Limits on additional repayments - Extra repayments may not allowed or capped or only permitted with a fee. Limited extra facilities - Facilities such as offset and redraw may not be offered on a fixed rate loan. Fees These loans may have a break fee if you change or pay off your loan within the fixed rate period. This type of loan may not suit if you want the freedom to switch home loans to find a better deal or if you are thinking about selling soon.