• Has your lender reviewed your mortgage or financial position recently?
• How long since you have checked to see if you have the best deal deal for your circumstances?
• Do you think your lender is likely to suggest a better, cheaper way  to structure deal with them?
• Do you think they would be objective in their offering when they only represent one brand, Theirs?

If you think the answers to any of the above is ‘No’, then HAVE YOU CONSIDERED A FINANCE BROKER?

• They will have access to numerous lenders in addition to major banks!
• being able to provide options that would take you hours to research. There are always ‘Specials’ being run by lenders , which can change weekly.
• Can advise of costs & pricing & provide various options
• Assist with developing a strategy to meet your goals like reducing number of payts & amount
• In a lot instances, present options for lower interest rates and costs
• Generally free to you as in most cases they are paid by the lender that you choose
• Brokers must be licenced

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

You want a straight answer about your finances - But finding it hard to get one? Why don’t you chat to Team Know How live, and get that answer straight up?

Finance Know How will provide you with solutions for all your finance needs - from debt consolidation, to refinancing, to providing you with the answers for your development funding, to financing your cars or equipment - both private and business. Team Know How specialises also Small Business Finance - giving back that cash flow you need to run day to day!

Check to see if Howie is online? If he is - he is a good bloke - just ask him!

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!