Australian Mortgage and Loan Information

CBA to increase fixed rate lock loans by 60 basis points!

Should I lock the rate on my home loan?
This is an interesting question, and given the recent press leaks from the experts on what we should be paying for our home loans, it seems rates are unlikely to go lower. Even the RBA seems to have joined the: rates have bottomed chorus, so we are likely at the bottom of low rate the cycle. So maybe it is worth doing your sums on a rate lock.

Check with a reputable mortgage broker what rates are on offer before you jump, you may be wise to kick your old bank to the curb and find a new lender.

The main benefit of a rate lock is certainty. You will at least know what you have to pay for the period of fixed rate you choose. You may also be getting a jump on the banks, as they are likely to increase rates further if they think the market will handle it.

The downside is if rates drop further. Check out the history of rates for the last fifty years.

And finally check your loan statements, banks make mistakes every minute, make sure you are not getting ripped off. Click here for more info on loan checking software.

Once again, the popular media is full of claims that many home loan statements contain massive calculation errors. They say the simple mistakes banks and other lenders make are costing home loan borrowers big time. Incorrect date on entries, wrong interest rate, doubling up on fees and missing deposits seem to be the main culprits.

I feel like shouting at the TV when this stuff rears its head again. Get yourself some loan checking software please.

The software has been seen on…
A Current Affair
Money
7:30 Report
4 Corners
Today Tonight

If you don’t want to check your statements, be aware you may be paying a lot more of your hard earned cash to the bank than you need to. For goodness sake keep a close eye on your home loan statements.

Government stimulus package and historically low lending interest rates will buy some time, but the risk of a massive correction in Australian house and commercial property prices is as high as it has ever been since the great depression. Over valued and in many cases in poor condition, Australian property has become decidedly on the nose internationally.

The International Monetary Fund has for some time voiced a considered opinion that: “Australian property is among the most overvalued in the developed world.“ International investors have heeded the IMF’s warning and are quitting their Australian holdings in the droves. New enquiries have all but dried up.

February 2009 is the perfect time to ready yourself for the turbulent time ahead. Consolidate your debts, sign your tenants to a longer lease, crack down on tardy payers. Repair and maintain your properties to keep them in top condition. Check your mortgage interest rate, get the lowest rate mortgage available or convert to interest only if you can and get some quality mortgage checking software.

Check your statements be careful with your id.

Internet Banking is an important tool for most home mortgage holders. You can keep track of your payments, withdawals and loan limits easily with just a click from your mouse, however with the growing band of online pirates targeting Australian Banks, online banking is getting very risky.

Along with the United Kingdom, Germany, Spain and the United States., Australia is one of the most targeted countries for identity theft in the world. The pirates are getting more numerous and more brazen by the minute, so please don’t think you are immune.

I recently became a victim of these pirates. Their scheme was simple: a pop up informed me I had malware and that for X dollars I could remove it and at the same time upgrade my current anti virus software for a discount price. I was sucked in as all the icons and info mirrored my current security provider. The Trojan program installed itself and made ready to steal my financial and identity information. Luckily I realised my error in a short space of time and was able to cancel the transaction and remove the malware.

A study conducted by AusCERT earlier this year found about one in six Australian home computers is compromised by malware. AusCERT stands for Australian Computer Emergency Response Team. The general manager of AusCERT Mr Graham Ingram stated recently: “Where once a web user had to click a web or email link to become infected, now a visit to a trusted site could deliver what is known as a “drive-by download”. “Their target I your personal data. The ability to impersonate someone gives thieves access to bank accounts and corporate secrets that can be used to even manipulate share prices.”

I don’t condone giving into the pirates, the convenience of internet banking is worth to much. All I can suggest is that you are vigilant and make sure you have a reputable anti virus like Norton 360 or
Pc-cillin and check your statements regularly for errors as well as for fraudulent transactions,

Fantastic software that will check your bank loan statements for errors.

There is a better than even chance that you could be losing hundreds of dollars due to bank errors without you even knowing it. The Mortgage Watchdog loan statement checking software can bring these errors to light and provide proof for banks and other lenders to force rebates and corrections.

The popularity of the Mortgage Watchdog software is growing rapidly, as happy users recommend it to their friends and family. The Mortgage Watchdog software has also been featured on the free to air television network current affair’s programs like the 7.30 report and 4 Corners and the ABC, Today To Night on 7 and A Current Affair on 9.

The Mortgage Watchdog bank loan statement checking software is Australian made but has a world wide application. American, British, French, German, Chinese, Japanese etc all banks operate basically on the same system as Australia so results will be comparable.

For more information a visit to the Mortgage Watchdog website is essential. You will find detailed information and operating instructions plus, a large number of credible video testimonials from customers who have been able to use the software to get back thousands of dollars of bank loan overcharges. There is also an incredible “no risk” purchase offering.

For more information, please visit the Mortgage Watchdog website.

Home loan and mortgage holders are at more risk than ever of getting overcharged interest and fees by their lenders. Essentially, getting ripped off by their home loan lenders.

The reduction in staff and extra pressure on the remaining staff have increased the possibility that lenders will make mistakes on your accounts. With interest rates falling, there is an even bigger chance that the mistakes will be in favour of your lender.

Be vigilant with your credit and home loan statements. For some years now I have been using a PC based software package made here in Australia called Mortgage Watchdog.

Mortgage Watchdog software is easy to install and use. It also has the credibility for Banks and other lenders to authorise refunds based on its calculations.

If you have a current mortgage or you have been lucky enough to have paid one out recently, I suggest you check out your lenders calculations. Put Mortgage Watchdog on your Christmas list.

Has your bank overcharged you? – Download this mortgage software to check your interest charges and claim your refund today!

When the Board of Reserve Bank of Australia announce a rate cut, they are talking about a thing called the cash rate. The cash rate is the overnight money market interest rate. The overnight money market is where many home loan lenders source some of their money for home loan mortgage lending.

The recent cut of .75% in this rate should bring about further relief for home mortgage borrowers who have standard variable or market rate loans. This recent cut is the third in three months and now sees the cash rate at 5.25%. There is usually a gap of around 1.8 to 2.50% from the cash rate to the rate your lender may be charging you. This gap plus account keeping fees is your lenders profit. Historically home loan rates will take a week or so to come down. So check your next statement and remind your lender of the cut if they have not made the change.

When ever there is a change of interest rate, there is an opportunity for you lender to make a mistake with your mortgage interest figures. And unless you pick it up you could be adding years to your loan and be ripped off thousands of dollars. I implore you to get some mortgage checking software. Check all your statements including your credit cards.

In these uncertain times I have few home truths for you to consider.

Seek, find and stick with a reliable and loyal partner. Life is a lot easier when shared with a trusted, respected life partner.

Take good care of your loved ones.

Buy a house and make it your home.

Make your work something you enjoy and worthy of your time and talent.

Save some of the money you make in a deposit account for a rainy day.

When ever you transact with people, be generous and give them more than they expect, cheerfully!

Be honest, loyal and true to yourself and others, in other words; treat everyone you meet the way you want to be treated yourself.

Become the most positive, decisive, enthusiastic self-starter you know and set yourself the goal of constantly improving. Adjust your self talk to reflect this.

Forget about blaming others. Accept that sometimes you will be wrong. The blame game is for the evil, let them keep it, you are more worthy, so take personal responsibility for every area of your life and overcome mistakes, you know you can.

Decide to become wealthy.

Create some life goals, don’t always make them about money.

Take your opportunities, be bold and courageous about the things you want, it is human nature to regret the things you didn’t do, more than the ones you did.

Look up the word discipline in the dictionary. Apply the meaning to everything you do.

Persist with your goals.

Persist, persist, persist, anything worthwhile is never easy.

Use property to create wealth. It is real.

Check your mortgage statements for mistakes. Consider Mortgage Watchdog PC based loan statement checking software. I use it. With interest rates changing there is a greater opportunity for lenders to make mistakes. You could lose hundreds or thousands of dollars in overcharges on your mortgage. It is during periods of major change like we are currently experiencing or when you refinance a mortgage that many errors and large ones at that, occur in your loan statements.

The average life of a home loan is now just 4 years. Refinancing into a new loan product, enhances the propability for errors to occur and they could cost you significant sums of money.

Mortgage Watchdog’s Home Deluxe Bundle will help you find errors in your statements when you mortgage refinance. In fact we are so confident that you will find errors when you mortgage refinance that we even offer a Success Guarantee.

Before you consider a mortgage refinance it may pay to check your old statements. A recent survey of over 200 bank statements from 18 different lenders found that over 54% of loan statements contain errors. Not too surprisingly the vast majority of these errors favour the lenders. Hundreds of thousands of Australians are potentially affected by the problem and are actually owed money buy their lender.

More information on interest rate changes and mortgage refinance errors.

A PC based mortgage statement checking software can save you money!

Mortgage/Home Loan refinancing is a particularly dangerous time for property owners. There are so many things to consider when choosing a new loan you tend to forget about your old loan, as it will soon be old news to you. You could be overcharged interest and fees without knowing it. A recent survey of over 200 bank statements from 18 different lenders found that over 54% of loan statements contained errors. Not surprisingly the vast majority of these errors favoured the lenders.

Events of major change like mortgage/home loan refinancing or change in official mortgage interest rates are often when the major banks and other major lenders make major errors with your overdraft and mortgage accounts. A major Australian bank was recently cited for errors of this nature to the tune of $2,646,326.06. that’s 2.6 million dollars.

Whether you have a standard variable, construction, debt consolidation, lo doc, no doc, honeymoon special, line of credit, equity finance mortgage, fixed rate, professional package, non home loan, credit card or simple overdraft, there is a better than even chance your lender may actually owe you money. Why not check it out, the PC based Mortgage Watchdog mortgage checking software can help put your mind at ease before you commit to a home loan mortgage refinance.