Repayments and Defaults

Featured Repayments and Defaults Question:

Is there such a thing as a 50 year loan?
Although the idea of lower repayments on a 50 year loan sound attractive, the benefits are questionable. continue >>


Recent Repayments and Defaults Questions:

How can I reduce my home loan repayments?
Discuss with your existing lender, increasing the term, changing the structure so some or all of the loan becomes interest only or looking for a cheaper interest rate within the product range. continue >>


What is debt consolidation?
Debt consolidation is the term given to the combination of a number of debts into one larger loan. continue >>


How can I pay my home loan off faster?
There is no big secret to paying a home loan off quickly. You must pay off more than the scheduled repayments and/or reduce the interest charged. continue >>


How to calculate principle in home loan?
The principle in a home loan is the original amount borrowed and each month the principle repaid is the amount of your repayment that exceeds the interest and fees charged (ie the amount the loan balance decreases by). continue >>


How much can i afford on a mortgage?
Some people can live frugally, others can’t. It is no good taking on a big commitment if you have so little money left that life is miserable even if a generic budget says you can afford the repayments. continue >>


How long can you get away with not paying your mortgage on time?
The credit provider will usually have to serve a default notice on you before they commence enforcement proceedings against you. continue >>


How do you pay off a home loan fast?
In simple terms the more you pay the quicker you will repay the debt however you can also save some interest and shorten the term by parking funds for periods against the debt. continue >>


Why is a line of credit home loan faster at paying off a mortgage?
Using a line of credit product to finance and pay off your home loan may have some advantages as you can park extra funds in the account or arrange to have your salary deposited to the account. continue >>


Where to buy mortgage foreclosures?
In Australia reputable lenders will do all they can to get the best price for a property sold under these conditions as it is in everybody’s interest. continue >>


What is percentage of my salary should mortgage repayments be?
In the 1970 & 1980’s some lenders had very strict rules with regard to home loan repayments as a percentage of salary. continue >>


What happens if I pay my mortgage late? Or if I default?
Borrowers have the right to charge late payment penalties in the event of tardy repayments and if the lateness is just through forgetfulness then real damage can be done to your future borrowing ability. I suggest an automatic bank deduction be set up to avoid oversight if this is the case. continue >>