home loans- questions

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Best tip I can give Tkm as i’d been looking into home loans and learning this myself recently is that Jacq’s advice about getting rid of the credit card and not adding it to your home loan (for all the reasons she mentions) is important. Secondly, AJIN’s point about mortgage insurance is a good one too. If you don’t haave 80% or more of the property price as a deposit you will need to pay for mortgage insurance too which is an extra fee that is best avoided if possible. Could you try taking a creditcard transfer with small interest rate, pay out your $10,000 card and then save again till you have the minimum 20% deposit? If yes, you’d be a step ahead already 🙂 Softness idea of talking to a broker may be helpful too and a great way of learning more in’s and outs of whats involved when taking a home loan.

If you have money saved up for a deposit, and that is more than what’s needed to pay off the credit card, pay the card out and cancel it immediately. It’s costing you interest every day.

If you want to borrow $410,000 and that is more than 80% of the property value, you’ll have to pay mortgage insurance but you should be able to borrow that amount as long as you can show that you can afford to pay it off. I doubt that they would allow you to pay off your credit card debt from the mortgage, and would probably tell you to pay it off using your existing savings.

I have a visa debit card connected to an account that is 100% offset against my mortgage, so the amount that I pay interest on is the mortgage minus the visa account balance. In effect, I have a credit card at a mortgage interest rate. It also means that I can effectively pay in advance on my mortgage just by putting money in my savings account, and be able to re-draw any time without extra fees.

The more you can pay off your mortgage early, the more you save. In order to pay off a mortgage in 25 or 30 years, the first few years payments barely cover the interest and the balance comes down very slowly.

TKM as the others have mentioned you are best to speak to a broker or financial advisor for your specific case however I would recomend if you can to pay off your credit card with the $$$ you have for a deposit… The thing is, is you can roll it into your home loan however you will be paying interest on the $10,000 for 25 or 30 years! All be it at a smaller rate however when you spread that out over the life of your mortgage you will be paying through the nose for that $10,000 credit card debt….. If not you could always look at balance trsfs… you can always find a 2.9ish% for 12 months on balance trsfs… that way your payments go further and you can reduce your debt that way… Then you can always keep switching from 1 balance transfer to the next

I know this may sound really hard, but if you can get rid of the credit card debt included with your mortgage, do so, I ended cutting ours up when we had mortgages, it was just easier that way, and 1 less large bill and I still refuse to have 1 even though we are mortgage free. And I agree with softness, a mortgage broker is definately the way to go.

Hi Tkm! One thing I do know is that some are really flexible with what they offer and will do for you. Some are really inflexible – depending on what type of interest rate you want to pay. I find the more inflexible-featured homeloans have the lower interest rates – and sometimes that’s all people are after is a simple, low rate home loan.

I do know there is one form of a home loan called a ‘credit line’ and they usually have higher interest rates than some simple loans e.g. ANZ most basic home loan has low-ish rates but doesn’t offer flexible features.

My best advice would be to ring a mortgage broker (it’s free to ask loads of questions and they’re more than happy to help). We used Mortgage Choice because years ago, after I’d done masses of research into home loans for myself, I came up with a few suitable ones for us. I thought I’d check my findings with what the local mortgage broker’s best was for us and he came up with the same loans – but they do all the work in submitting the paperwork etc! Our local representative guy is extremely helpful and friendly and they know a lot about the loads of different home loans that offer different specific ‘features’ – like something that you are after. He/she would know very quickly if what you are after is a feature on some loans – and then you would have your answer. Go for it!