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Offset the holiday savings
9 September 2009 |
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| Paying extra into the mortgage is a good way to save for the extra expenses of school holidays says Mortgage Choice senior corporate affairs manager, Kristy Sheppard.“School holidays can be very daunting and easily burn a hole through the wallet if parents aren’t careful. Planning ahead is a great way to alleviate some of the stress and improve the health of your home loan.“It’s always a good idea to manage your mortgage rather than simply maintaining it. Pay a little bit extra throughout the year to help build a buffer that compensates for rate rises and times when you may have to redraw to cope with additional expenses such as school holidays.”Some loans will allow you the flexibility to withdraw any extra payments you have made towards the loan via a redraw facility. This means you do not need to increase your mortgage or take out additional loans. Keep in mind some lenders have a minimum redraw amount and may charge you a fee per withdrawal.“Keep in mind there are mortgage tips that can help you build funds to redraw if necessary, reduce the overall interest owing and lessen the length of time required to pay off the loan - positives on all counts,” says Sheppard.An offset account is a great way to put savings to good use. Rather than depositing them into a savings account, by regularly contributing extra funds into the offset account attached to your loan account you increase your savings while the extra dollars act as contributions into your loan, helping you reduce the interest owing and length of your loan term. Plus, money deposited into a savings account is taxable whereas paying the mortgage is not. |
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| Source : Mortgage Choice |
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| 30 September 2009 | - Variable rate mortgages going up |
| | - NSW and Victorian credit unions to merge |
| | - Mortgage brokers run off their feet |
| | - ING says please use Eftpos cash out |
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| 29 September 2009 | - Rates could rise next week |
| | - Commonwealth jacks up fixed rates |
| | - Rates are dangerously low says RBA |
| | - ING DIRECT pays customers to bank |
| | - Banks developing mobile banking |
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| 28 September 2009 | - Auction frenzy as grants phase out |
| | - Record number of Sydney auctions |
| | - 77,000 new customers for Suncorp |
| | - ANZ grabs all of ING |
| | - Bank bosses lose their bonuses |
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| 25 September 2009 | - Penalty fee cuts pressure mortgage rates |
| | - First home buyers borrow more than ever |
| | - Last weekend for boosted first home grants |
| | - Deposit guarantee may end early |
| | - Loan rules get tougher for self employed borrowers |
| | - Regional NSW tops home loan arrears list |
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| 24 September 2009 | - Real estate bargains available now |
| | - Flexi loan looks flexible |
| | - NAB adds bonus interest to iSaver |
| | - ANZ offers free share trading |
| | - We need financial advice |
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| 23 September 2009 | - Aussies still hoarding cash at home |
| | - Queensland banks are open for business |
| | - NAB still least popular business bank |
| | - BoQ the most popular bank for business |
| | - Beware bank advice |
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| 22 September 2009 | - Fixed rates back in fashion |
| | - Banks push fixed rates up |
| | - First home buyers have plenty to learn |
| | - Paying with a wave |
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| 21 September 2009 | - ANZ changes penalty fees |
| | - ANZ to charge up to ten fees in a row |
| | - Auctions delivering for vendors |
| | - Virgin/Citibank take on the big four |
| | - CBA asks ATM customers to return extra cash |
| | - B&E Devonport branch wins award |
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| 18 September 2009 | - Aussies paying off the credit card |
| | - Aussies still love debt |
| | - No more bank mergers |
| | - Credit Unions increase deposits and lending |
| | - Standout suburbs identified for buyers |
| | - Heritage offers investors 10% for 5 years |
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| 17 September 2009 | - Buyers told to beware auction emotions |
| | - CUA to expand customer services |
| | - Investors back as house prices climb |
| | - Banks adopt caring attitude to hardship cases |
| | - ANZ Portfolio – 1 loan for everything |
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| 16 September 2009 | - Commonwealth Bank rejigs its’ credit cards |
| | - Reserve says wait and see on rate rises |
| | - Deposits flowing into credit unions |
| | - Banks give business instant cash flow tools |
| | - Netbank outages drive exec pay down |
| | - Pensioners get $70 pay rise |
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| 15 September 2009 | - Government driving up interest rates |
| | - Interest rates will rise says Swan |
| | - Low fee card popular with Commbank customers |
| | - Financial ombudsman under pressure |
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| 14 September 2009 | - Credit Unions writing more mortgages |
| | - Outstanding auction results continue in Melbourne |
| | - Parents risk their home for kids mortgage |
| | - Broker sells mortgages on facebook |
| | - Citibank card offers rewards and low interest |
| | - More consumers funnelled into debt agreements |
| | - CBA likely to repay borrower’s losses |
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| 11 September 2009 | - Unlimited transactions plus a Visa Debit Card |
| | - Bankwest launches Capped Rate Home Loan |
| | - Property sales volumes jump across Australia |
| | - Brokers delay mortgage applications |
| | - Commonwealth Bank accounts go real time |
| | - CBA gives prizes to teens |
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| 10 September 2009 | - Rates will rise says government |
| | - Affordable property still available in cities |
| | - Commonwealth rakes in the fees |
| | - Commonwealth driven by sales, not service |
| | - Unemployment Steady at 5.8pc |
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| 09 September 2009 | - Live ASX Share Prices Share Trading Game |
| | - Competition returning to mortgage market |
| | - Great home loan deals emerging |
| | - NAB eBanking account good online |
| | - ANZ is greenest bank in the world |
| | - 1500 mortgage brokers fail the test |
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| 08 September 2009 | - Borrowers can’t afford rate rises |
| | - Heritage raises variable mortgage rates |
| | - NAB abolishes overdrawn account penalties early |
| | - Credit card debt is our biggest worry |
| | - NAB shafts mum and dad investors |
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| 07 September 2009 | - ANZ reviews penalty fees |
| | - NAB and rediATMs now one network |
| | - Rates will rise before Christmas |
| | - Refinancing getting more popular |
| | - Sydney auction results improving |
| | - Investors prefer bank deposits over share casino |
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| 04 September 2009 | - Bankwest offering 7.1% term deposit |
| | - Big 4 banks are safe |
| | - ANZ, NAB lag behind in mortgage market |
| | - Commonwealth dominates new mortgages |
| | - Commonwealth had secret deal with Storm |
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| 03 September 2009 | - A Platinum MasterCard - with no annual fee |
| | - St George expands in Victoria |
| | - Banks told – check up on your customers |
| | - Australia to lead world in rate rises |
| | - ANZ faces more margin lending trouble |
| | - Bank investors in line for big pay out |
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| 02 September 2009 | - Rates unchanged – for now |
| | - Depositors head for ANZ and Westpac |
| | - NAB is the least popular bank |
| | - Business not satisfied by their bank |
| | - ANZ and E*trade link up online |
| | - Women in focus at Commbank |
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| 01 September 2009 | - RBA keeps rates on hold once again |
| | - 5 per cent shopper savings at Woolies |
| | - ING Direct tops customer satisfaction ratings |
| | - ANZ’s account fees under scrutiny |
| | - Suncorp expands mobile banking |
| | - Banks do the MAMBO tango |
| | - Commbank mobile bank gets 100,000 customers |
| | - Debt agreements unaffordable |
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