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Journeys : April May 2010
PANEL BEATING SPRAY PAINTING Two pack spray and bake booth CHASSIS WORK Measure and alignment system from Finland MINTYS BODYWORKS 107 Mornington Road Mornington Telephone 6244 4732 Facsimile 6244 3845 There has been plenty of movement on interest rates recently, so now more than ever, it's important to understand how to manage your home loan effectively. According to one of Tasmania's leading lending specialists, B&E Personal Banking, there are some key tips that can help you m anage the impact of increased mortgage repayments on your household budget. B&E Branch Manager Barry Hardstaff says the first step is to talk to your lending provider. "Even if you are not experiencing mortgage stress, we encourage you to have a regular home loan check to make sure everything is in order -- it's like going to your doctor for an annual health check," Bar ry says. "Options you might consider include moving from a variable rate loan to a split rate loan (part fixed, part variable), which can help you manage your repayments more effectively. The trick here is to focus on reducing your variable component as quickly as possible," he says. Here are a few more tips: • If you’re a first home buyer, allow for rate changes of up to 2% when budgeting for repayments over the next two years • Tap into your home equity to consolidate smaller debts such as credit cards and personal loans, which attract higher interest rates, into your home loan • Increase the frequency of your repayments – by paying weekly or fortnightly you can cut dow n the ter m of your loa n • Make extra payments – by paying as little as an extra $10 per week on a $180,000 loan you can save up to $15,000 in interest and cut your loan dow n by nearly two years. • Reduce unused credit card limits and remove the temptation to overspend. Check the interest rate on outstanding credit card debt -- you may get a nasty surprise • Use a mortgage off-set account – it’s just like a nor mal savings account, but every dollar is off-set against the balance of your home loan, so you pay less interest but still have access to your funds As part of an exclusive arrangement with R ACT, B & E Personal Banking will waive the usual $650 application fee on any of its personal home loan products for R ACT members. For further infor mation visit w w w.ract.com.au and follow the prompts to home loans or call into your R ACT branch or phone 13 27 22. Apply for a B & E Home loan today and start saving! Hot home loan tips Buying a new or used car has never been easier. autoSEARCH Tasmania will: • Find the type of vehicle you require • Arrange a discounted RACT Vehicle Inspection, if required • Negotiate a special ROADSIDE cardholder's price, including your trade-in • Arrange a manufacturer's or dealer's warranty on most vehicles sold. This independent service is free to RACT ROADSIDE cardholders. Statewide 0418123 060 Hobart 6231 9992 • Launceston 6334 3965 autoSEARCH autoSEARCH Life on the move Life on the move 27 April / May 10
Feb March 2010
RACT MNJ June July 2010