Like you, a lot of Australians will probably have some life insurance in super, but research has shown that the average person is only covered for 14% of what they need. This means that if something does happen, the people left behind are going to have to cover that gap.
With property prices sky high in and around many capital cities, and lots of changes happening in investment lending, getting a foot on the property ladder is becoming more difficult for some, depending on what and where you want to buy.
If you have a fixed rate loan then an increase can’t be made until the fixed rate period comes to an end, so you are protected against any rate change for the fixed loan term.
I’ve had a fixed loan for three years and in that time interest rates have come down a lot, so I am nervous about getting another fixed interest rate in case the same thing happens! What do you think?
There are some basic strategies that can be used to help you pay off your mortgage faster. Simple things like tweaking your repayment frequency or paying a small amount extra in each repayment can make a big different to the length of your home loan and how much interest you pay overall.
Lending to investors has been growing at a much higher and faster rate than any of the other major categories of credit. Over the 12 months to March, investor lending grew at 20.9% for the year compared to owner occupied growth of 3.3%.
There’s always a lot of speculation over interest rates, and my friends like to debate the chances of another interest rate cut. What do you think; is there another interest rate cut coming?
Each Sunday John Symond answers one of your questions – this Sunday we’ll discuss the difference between positive and negative gearing.
Each Sunday John Symond answers one of your questions – this Sunday we’ll discuss what happens to your home loan when it’s fixed term ends.
Each Sunday John Symond answers one of your questions – this Sunday we’ll discuss how a property depreciation report can help you pay less tax on tax time.