10 points mortgage checklist

10 points mortgage checklist
Applying for a mortgage or negotiating new terms? Here's a handy checklist on how to get the best deal from your bank
1. Shop around
Some people don't realise it is possible to negotiate a home loan. Your bargaining points include how much deposit you have and how much other business you do with the bank.
2. Fixed or floating
Ask your banker to outline the pros and cons, particularly in terms of charges and interest rates. Or examine a split option and the benefits or downsides of each. For example, with a fixed-rate mortgage you know how much you'll be paying in each instalment,...

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Navigating house insurance changes

(from Fairfax news)
When my policy renewal letter from the insurance company arrived in the mail, I knew I could put it off no longer. It was time to sum insure.
Like everyone else's house insurance, my policy has rolled over every year with little more than a slight increase in premium.
This year it renewed with a very big caveat: unless we took steps, we could no longer bank on the insurer fully replacing our house if anything went wrong.
That means guessing what our house is worth to replace, or getting in a valuer. So I sit down at our computer and hit the "sum insured" calculator to try and...

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More people choosing to rent

(from Fairfax News)
Home ownership has dropped to under 65 per cent, following a trend running back to the 1990s when almost three out of four families owned their own home.
Fewer people now own their homes than five years ago, with home ownership dropping most for people in their thirties and forties, according to official figures.
Some 64.8 per cent of households own their own home, or held it in a family trust, according to latest Census figures, down from 66.9 per cent in 2006. Some economists say that's likely to reflect the house price boom in the 2000s.
Poorer and younger people find it increasingly...

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