10 August 2013
THE HOME LOAN MARKET Chris Tolhurst, real estate writer for Domain, recently offered some excellent information for those in the market for a new home loan. In his weekend article, Mr. Tolhurst highlighted the importance of understanding the loan market and thus narrowing the search for the most appropriate mortgage. Borrowers often spend a great deal of time shopping around for the lowest interest rate without considering the kind of loan that best suits their needs. Confusing headlines and ambiguous jargon don’t help either.
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
Essentially there are six basic types of loans: Basic variable - a discounted no frills variable loan. Rates are usually half a percent or more below the standard variable loan rate. Additional features are limited. Standard variable - a loan with fluctuating rates but most of the popular features. With this type of loan borrowers need to carefully evaluate the current deals and choose one that best fits their needs. Offset accounts - deposited income into the account reduces the daily balance of the loan offsetting against the overall loan balance. It’s a very smart way to reduce taxable income, pay down loans and still have access to funds. Fixed loans - currently priced below the standard variable rate, a fixed loan locks the interest rate in for the length of time that the loan holder specifies e.g. 1, 3 or 5 years. There is usually less flexibility with fixed loans and a limit to permitted extra payments. Break fees also apply. Line of credit - more expensive than most other loans but highly flexible. There is no set loan term and the minimum repayment for loan is the interest only. A line of credit is a fitting option for many investors. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
MEET THE TEAM
MAREE CECCHIN
ANNA GRECH
ASTRID JANE
ALAN STEPHENS
REECE GOSSTRAY
Sales Trust Administrator
Senior Sales Consultant
Sales Consultant
Chairman
Phone 9316 9025
Mobile 0438 446 051
Mobile 0402 211 660
Mobile 0411 242 638
Project Sales Manager Banbury Village
Email salessec@jasstephens.com.au
Email agrech@jasstephens.com.au
Email ajane@jasstephens.com.au
Email astephens@jasstephens.com.au
MARK HUTCHESON
NICOLE GRECH
LACHLAN McCRAW
SUE STEVENS
MAX WALLER
Sales Consultant
Marketing Manager
Property & Finance Consultant
Mobile 0448 820 445
Mobile 0423 590 508
Business Development Manager (Property Management) - City of Maribyrnong
Director Provincial Home Loans
Email mhutcheson@jasstephens.com.au
Email ngrech@jasstephens.com.au
Mobile 0400 335 498
Email suestevens@provincialhomeloans.com.au
Email lmccraw@jasstephens.com.au
Mobile 0432 705 815
Mobile 0418 378 276 Email rgosstray@jasstephens.com.au
Mobile 0438 430 436 Email maxwaller@provincialhomeloans.com.au