Managing your loan in a rising rate market

Posted by: David Bryde on January 10, 2011 in: Home Loans|Post Commentavatar

Our Product Manager David Bryde has three tips for managing loan repayments when rates are rising.

The Greater is one of the few mainstream lenders to have not increased variable rates over and above the most recent increase in official rates by the Reserve Bank of Australia last year. Interest rates have been rising which is good news for investors, but difficult for home loan customers on a variable rate.

On a $200,000 loan, each 0.25% rate increase adds approximately $33 per month to your required monthly payment on a 30 year loan term.

Here’s some practical tips on managing repayments when rates rise to minimise the impact on your family budget. Click here to read more »

Use comparison rates to check the true cost of a loan

Posted by: David Bryde on January 10, 2011 in: Home Loans|1 Commentavatar

Our Product Manager David Bryde urges consumers to use comparison rates to check the true cost of a loan when comparing financial institutions.

When you are looking for a home loan or personal loan the choice between lenders can be overwhelming.

Unfortunately many Australians are being duped into paying tens of thousands of dollars more than they think they will by taking up introductory rate loans or other low rate loans.

How can you avoid being one of these people? One tool to use is comparison rates. Click here to read more »

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