Managing loans and mortgage part02

What's the best loan?

Usually it's the loan with the lowest interest rate. this often the single most important thing to get right , so shop around. Event small differences in interest rates can make a big difference the total amount you will pay, especially with log-term loans. Extra features that cost you more in interest rates may just waste money.

Which loans should you pay off first?

Pay at least the minimum amount due to every lender on time if you can afford extra payments, start with the loan changing the highest interest. Only put extra into other loans after the most expensive one has been paid of. The lowest-priority loan is one that has tax-deductible interest-for an investment property loan, for instance.

Why pay loans and mortgages off faster?
Paying off your loan faster can save you thousands in interest payments.

One single way to get ahead is to pay your loan fortnightly instead of monthly. In effect, you make the equivalent of 13 monthly payments a year instead of 12 . Fortnightly payments will cut for years off a 20 years home loan of $200 000. And if you can pay an extra $ 100 per fortnight, you will cut seven years off your loan.

If you have some money to spare, consider reducing your loan balance. Paying $ 1000 off a credit card changing you 18.5% interest  obviously beats putting the same money into a term deposit earning 5.5%.

Also, remember the effect of tax. Paying $1000 off a loan charging interest of 6.5%, saves a full $65. Even if you could invest the money somewhere else that earned $65, you would then have to pay tax.

Be careful about claims that refinancing will pay off your loan faster. You can only pay off loans faster  by paying more money . Only refinance if you can sure the saving outweigh the costs.

Source: ASIC 

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Managing your Loans and Mortgage Part 01

"Getting into debt is far easier than getting out of it. If you shop around and manage your loans, they won't make a mess of your finances." 

When you should borrow? 

Look at the total cost including all the interest before you borrow. Only borrow if you are sure you can afford the repayments. 

For things you just Want, such as holiday, it's cheaper to save up for them. Even for things you may Need, such as a smart phone, it cheaper to save if you can. 

If you do borrow, pick the shortest  repayment period you can afford, especially for anything that you use up quickly, like a holiday, or that loses value, like a smart phone. 

For a home, almost everyone has to borrow because it's hardly realistic to save up for one. In this case, it can make good sens to borrow, because a home could increase in value, perhaps even faster than the interest rate you will pay.

How much should you borrow?  

It pays to be cautions. Lenders or mortgage brokers may offer you a bigger loan than you would feel comfortable with. 

Interest rates could go up, and if you borrow to much even a small rise could get you into trouble. 

Could you afford to do that for the full term of the loan,maybe for 20 or 25 years?

Tip: Do a trail run before you borrow. Try saving an amount equal to your repayments each month, or saving the difference between your rent and home loan repayments. 

Source: ASIC

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The extinction of the western black rhino is blamed on hunting, mostly for their horns, which are used in making ceremonial daggers as well as in traditional Chinese medicine. Read More

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