Jon, Pimpama - QLD
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While deciding which loan to settle on, I noticed a lot of differences...
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“While deciding which loan to settle on, I noticed a lot of differences and not just the interest rate:
If you are like me and have your pay deposited into the home loan to reduce interest, and want to redraw to pay off the monthly credit card living expenses, make sure you check whether redraw is free. A couple I’ve come across charge $50 each time!
Still on redraw, don’t forget to double check the limit. No point them having a minimum redraw limit if you often need less than that amount. Pay attention to how long it takes also. Some say within 2 days, some are a week before your money comes through.
Check the exit fees just in case you need to end the loan early. Some of the institutions waive the initial loan fee, but hit you with a bundle if you leave early!
Check your statements! Do not assume they know what they are doing and they’re accurate. Ive found mistakes twice where interest rates weren’t changed ( interestingly when they were reduced! ) and in one instance I organised to pay weekly, and they were taking it weekly, but still billing me monthly.
Hope this helps someone out!”
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