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Eliminate Mortgage Stress!

If you’re feeling the global interest rate squeeze like the rest of us, it may be the perfect oportunity to examine your existing loan structure and other financial commitments.

The question is: What’s best for YOU?

The Austral team has come up with a list of handy hints to ease the mortgage stress in the current, extremely unpredictable mortgage market:

1. Is your current home loan the right one for you? Does it give you flexibility to make additional repayments, access your available funds and transact online at no extra cost? Quite often home loans with discounted (honeymoon) and fixed interest rates allow minimal to nil additional repayments. Home Loans with Offset Account facilities offer more flexibility and provide easy access to your spare funds.

2. Does your home loan allow you to salary credit? Interest on all home loans is generally calculated on the daily balance and charged at the end of the month (or beginning of the following month). Reduce your daily interest by depositing your income directly into the loan.

3. If you’re running a credit card balance with a a high interest rate of 18 or 20 per cent, consider paying down this debt as fast as possible or consolidate all your existing debts.

4. ‘One off’ extra repayments may be useful to build up the “buffer”. If you receive an end of year bonus from your employer, or a tax refund at the end of the financial year, pop it straight into your home loan. (You can always redraw it if you need to)

5. Base your minimum repayment at an interest rate 0.25% higher than your current rate to build up a buffer of funds.

6. Consider fixing the entire (or a part of your) loan.

7. Allocate the upcoming tax cuts (July 08) directly into your home loan.

8. Review your current spending and eliminate unncessary items & services costing you money.

9. If you’re shopping around for the lowest possible interest rate, remember to read the ‘fine print’. Those attractive “special” & “discounted” interest rates are only for a small number of years generally reverting to a much higher interest rate.

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Austral is a member of the Mortgage & Finance Association of Australia (formerly MIAA), the professional body for the mortgage industry.

PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 24th July, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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