The recent drop in variable home loan interest rates can see some customers saving up to $100 each month on mortgage payments ( dependant upon loan balance & interest rate) however there are other ways to maximise savings!

1.  Advance repay- use the savings to pay off debts sooner by making additional repayments on the mortgage or other debts.

2. Consolidate - amalgamate debts into one simple & easy loan facility. This could potentially reduce monthly repayments.

3. Budget - establish a budget for each pay period to plan on how to use your money. While ensuring savings for holdiadys or christmas.

4. Make it regular - set up a Direct Debit payment that co-insides a day after your pay period. This helps to ensure no late fees.

5. Plan & Research major purchases - investigate and compare prices on major purchases. The Internet may help you research.

6. Buy Pre-loved - purchasing preloved or second hand can save a great amount on money. For example according to www.buyingadvice.com a new vehicle will depreciate by 15-20% in the first year alone!

7. Invest in high interest savings

8. Use rewards card - use store rewards casrd to save money on groceries or petrol.

So what does this mean for you?

Means that first home buyers in QLD do not now have to find the extra money associated with covering the costs of Stamp Duty or Mortgage Duty. So therefore, the amount a first home buyer may need to contribute towards a deposit is even less! Making buying your first home easier than ever!

For further information, read this article posted on www.heraldsun.com.au

Mortgage duty will be abolished from July 1, the first-home buyer transfer duty exemption threshold will be increased and the transfer duty rate schedule revised.

The move is expected to save up to $9500 for an average first-home buyer, but those buying more expensive properties will have to pay more.

“It’s a tough Budget if you own a coal company, it’s a tough Budget if you’re trying to buy a $2 million house, but it’s a pretty great Budget if you’re trying to buy your first house,” Mr Fraser said.

Housing Industry Association Queensland executive director Warwick Temby said the move would make housing more affordable following a series of interest rate rises.

By Gabrielle Dunlevy and Jessica Marszalek

June 03, 2008 05:44pm http://www.news.com.au/heraldsun/story/0,21985,23804828-5005961,00.html

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Mortgage Insurance? What is it? Commonly it is thought that Mortgage Insurance protects the borrower. In most instances it does not! This insurance premium that you pay when you apply for the loan is to ensure the lender is protected from losses that may be incurred if you were to default on your loan agreement. Generally you will pay this premium if you are borrowing more than 80% of what your property is worth.
If you are looking at ways to protect yourself if you cannot for one reason or the other make your mortgage repayments, you should consider options such as Income Protection Insurance. Have a chat to the Team at Finance Know How today to discuss these options!

Lost your job, helath issues, reduced income, unexpected bills there are any number of reasons for being under financial stress, especially in relation to the family home. However there are several options available to you under consumer legislation that exists.

Approaching you mortgage lender and advising them of your circumstances. This may enable your lender to defer or extend your repayments for a short period or perhaps re-structure your existing loan to better accommodate your circumstances.

However should this not be achievable there are several other solutions which Finance know how maybe able to offer you. It may involve refinancing & consolidating all your loans into a more manageable repayment. However there are limitations on the mainstream lenders as to how many debts they will consolidate which may not provide the benefit you need to stop the stress. The experience & knowledge that  Finance Know how holds can provide solutions to these difficult situations.

At the end of the day you need to reduce your monthly repayments to ensure that you are gaining some cash improve week to week, month to month. At least until you can get back on top of…..