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| Equipment & Motor Vehicle Finance 1 &2 | ||
| Chattel Mortgage, Hire Purchase, Lease |
9.20% |
|
| Business Loans 3 | ||
| Fixed 1 year |
6.64% |
|
|
Fixed 2 years |
7.34% |
|
|
Fixed 3 years |
7.74% |
|
|
Fixed 4 years |
7.94% |
|
|
Fixed 5 years |
8.04% |
|
|
Fixed 10 years |
9.05% |
|
|
Variable |
7.06% |
|
|
Overdrafts |
7.11% |
|
Comparison Rate Standard Variable5 6.22% 6.32% Line of Credit 6.47% Fixed Rates: 1 year 6.49% 6.63% 3 years 7.49% 6.93% 5 years 7.79% 7.23% Low Doc Variable 6.32%
Home Loans 4
Interest rates for business loans secured in full or part by commercial security are calculated by the bank or financier based on your individual circumstances.
Please contact Perks Finance for a personalised quote.
1 Rates are dependent on term, balloon, type and age of equipment.
2 Rate based on $50,000 new vehicle over 5 years with nil balloon.
3 Fully secured by residential security. Other rates available upon request.
4 Comparison rates based on $250,000 over 25 years. Comparison rates are available upon request or from the office of Perks Finance Pty Ltd.
5 LVR < 75%
Terms, conditions, rates and charges apply to all lending products.
Phil Wigley Director pwigley@perks.com.au |
 |
To Market!
If you think you've found a Home Loan that sounds almost too good to be true, unfortunately, it probably is. Here we look at some of the traps you should look to avoid in taking out a Mortgage.
Free lunches
In the Mortgage market, you come to expect certain things. e.g If you have a small deposit, you'll pay more over the term of the loan; that having a bad credit history is going to cost you; that certain loans have certain interest rates, etc. So if you're offered a Home Loan that seems much better than normal, look closely at the fine print. Free lunches are as rare in Home Loans as they are elsewhere in life.
Interest rate fixation
Most people looking for a Mortgage are preoccupied with finding the lowest interest rate. But have you considered all the fees and charges, and the account flexibility you need? You need to consider the entire cost of the loan - not just the interest rate.
Ignoring Mortgage fees and charges
Don't ignore any fees or charges linked to a Home Loan; you never know how your circumstances may change. Upfront fees for taking out a loan and monthly fees are pretty easy to understand. But, are there other fees that you may incur? Will you be able to pay extra if you have a sudden windfall? Will you be charged if you decide to move or refinance your Home Loan? Can you increase your Mortgage Repayments?
Lack of Flexibility
Different loans have different levels of flexibility i.e EFTPOS, internet banking, redraw facility. Ensure your home loan has all the features you want and don't get locked into a Mortgage that will cost you to change if you change.
Vendor financing
Some property developers offer "vendor financing". This may seem attractive because you don't have to deal with a Lender, or because they're willing to give you a loan when others won't. But be careful you're not paying above market rates - for the property or your Mortgage.
Get specialist help
The Mortgage market is extremely complex, and getting what's right for you is not as simple as finding the lowest interest rate. You need specialist help.
To talk to a mortgage specialist call the team at Perks Finance on 08 8273 9300 or at perks_finance@perks.com.au to arrange a quote.
Source: MFAA: www.essentialsofborrowing.com.au
Perks Finance is a Full Member of The Mortgage & Finance Association of Australia (MFAA), which binds us to the strict codes of practice and guidelines set out by the Association. MFAA is the peak representative body ensuring the orderly and ethical working of the mortgage and finance industry in Australia.
Finance Review
and Audit
If you are not sure you are obtaining the best possible deal from your existing bank, we would be pleased to assess your current banking arrangements. We can either find an alternate financier for you or negotiate on your behalf to get a better deal from your existing bank.
| Australia | 4.25% |
| United States | 0.25% |
| England | 0.50% |
| New Zealand | 2.50% |
Australia
Building Approvals for private sector houses fell 0.9% in February 2010 following rises in the previous two months.
The Unemployment Rate remained the same as 5.3% in March 2010.
Housing Finance for Owner Occupation decreased by 4.00% in February 2010 compared with January 2010.
United States
CPI was unchanged in February 2010.
The unemployment rate for March 2010 remained the same at 9.7%.
England
Total sales volume in the three months to February 2010 was 1.6% higher than the same period a year ago.
The Halifax House Price Index increased by 1.1% in March 2010.
New Zealand
Residential Building consents in February 2010 were 35% higher than in February 2009.
For more information
please contact:
Phil Wigley
pwigley@perks.com.au
John Seidel
jseidel@perks.com.au
Jim Materne
jmaterne@perks.com.au
Luke Robertson
lrobertson@perks.com.au
Maryann Ianni
mianni@perks.com.au
Adelaide
247 Fullarton Road
Eastwood SA 5063
T: (08) 8273 9300
F: (08) 8274 1466
Victor Harbor
163 Hindmarsh Road
Victor Harbor SA 5211
T: (08) 8552 3711
F: (08) 8552 3771
Darwin
59 Smith Street
Darwin NT 0800
T: (08) 8941 8600
F: (08) 8941 9600
Alice Springs
73 Hartley Street
Alice Springs NT 0870
T: (08) 8953 4400
F: (08) 8953 4599
www.perks.com.au
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