- Variable borrowers will wipe almost 10 years from home loan if repayments kept high: RateCity study.
- Borrowers urged to take advantage of low rates by accelerating repayments.
- If you don’t have spare cash to add to mortgage now you could be in the wrong home loan!
Borrowers debt-free almost 10 years sooner!
Cash rate holds at 1.5%, yet mortgage stress on the rise
The RBA has left the cash rate on hold at the historical low of 1.5 per cent today. Yet, new research shows that the financial pressures of paying off a home loan are increasing.
Borrowers warned against enticing honeymoon rates, which leave $80,000 sting in the tail
Lenders are flooding the home loans market with enticing honeymoon rate deals, which revert to much higher rates once the introductory period expires.
RBA stalls, yet home loan rates continue to drop
The RBA may have left the cash rate unchanged at 1.50 per cent at today’s Board meeting, but home loan rates continue to drop with close to 200 cuts in the past month.
Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.
Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.