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Top Tips To Get An Investment Loan Brisbane
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Some of the most experienced professionals from loan and mortgage industry say that loan should be selected carefully and by looking beyond the interest rates. Here are the things that you need to take into consideration.
Loan Features Fees
Interest Rate
Ease Of RepaymentRedraw Facility
Offset Account
Your Financial Objectives
Top Tips To Get An Investment Loan Brisbane
Here are the top tips to help borrowers choose a well suited home loan.
Tip # 1
The Offset Account
The offset account with the deposited savings helps in reducing the accumulated interest on the loan amount.
It is important to note that some lenders offer partial offset only.
The redraw facility works exactly like the savings offered by a full offset account.
Tip # 2
The Factor Of Loan Redraw Facility
It allows borrowers to place their income, savings and/or extra repayments into the loan.
It also enables them to withdraw funds, when needed.
It is basically an alternative to storing money in a savings account, where interest earned is taxable.
This facility requires good discipline. www.aussie.com.au
TIP # 3
The Type Of RateThere are two types of interest rates; the fixed
interest rate and the variable interest rate.
The fixed version may not offer a full range of features, such as the ability to contribute and redraw extra funds.
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It will also cost more if, during the fixed term, rates fall.
Splitting the loan across fixed and variable is the best option for those seeking stability and flexibility.
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