Should I fix my loan?
Ask yourself the following questions:
- Do I think interest rates will increase over the period of the fixed term?
- How important are consistent repayments to me?
Logic Finance is available to provide you with advice based on your certain individual circumstances and can work with you to help you make the decision.
What is an offset account and how does it work?
An offset account is a standard transactional account that is linked to your bank account. Any money you hold in the offset account directly offset’s your loan and therefore the interest charged. For example, an offset account with an interest rate of 4.50% has a balance of $25,000. The owner will make a monthly saving of approximately $93.75 in interest. It is important to remember that interest on a mortgage is calculated daily but charged monthly, so keep as much money in your offset account as possible each day.
Are second tier lenders safe (ie. not the big four)?
We often place clients with second tier lenders. Whilst on occasion they do not have physical branches we live in a technological age and they are therefore as reliable, accessible and efficient as major lenders – they often have lower interest rates too!
Logic Finance makes recommendations based on the appropriateness of the lender and product – not the size of the facility.
Should/can I develop my property?
When deciding whether you can or should develop a property the best first step is to facilitate a feasibility study. This will help you to establish whether the project is worth investing in.
A good project manager is also invaluable – they will organise the project from start to finish. Their service should include liaising with the council on your behalf through to ensuring the final contract of sale is signed. A Logic Finance consultant can help you in commissioning these services.
My friend has a cheaper interest rate than me, are they paying off their loan quicker?
Not necessarily. We believe priority should be placed on the structuring of your loan/s and matching you with a suitable lender who has the best product for you and your circumstances. Your friend may have a lower interest rate whilst you may have an offset account, a reasonable interest rate and credit card facility which may mean you are paying down your loan faster.
Structuring loans and navigating the complexities of lenders can be challenging. Logic Finance consultants specialise in assessing all your options and finding the best solution for you.
Should I review my mortgage every 2 years?
We suggest reviewing your finance facilities and structure every 12 to 24 months. Contrary to popular belief, this is not a sales technique but an opportunity to provide you with ongoing support and peace of mind.
As we live in an ever-changing world and our financial situation can change rapidly, we often find that there are minor adjustments that can be made to benefit you. Logic Finance is also committed to you and your journey – it’s not transactional for us. We provide you with ongoing support and confidence so to ensure that your financial situation is structured in the best way possible arrange for a review of your loans every 12 months.