WE are working to ensure the sustainability of consumer finance markets by encouraging consumers and creditors to work together responsibly when entering into credit arrangements, both online and locally. By reviewing lenders and creditors for proper licensing, data security standards, regulatory compliance and other factors affecting a company’s reputability and business practices, We able to help consumers avoid lenders and creditors with unsafe or unscrupulous business practices.
Consumers facing financial hardship are especially susceptible to abuses by banks and other financial institutions. Disreputable lenders can take advantage of consumers with ambiguous and confusing terms designed to obscure the real costs of a loan. Many of these deceptive creditors are unlicensed and unregulated. By operating outside of the jurisdiction of the borrower, these lenders and creditors face little or no oversight, and consumers who borrow from these institutions have little recourse in resolving any disputes.
Topics: Refinancing, Home Loan Rates, Buying and Selling Property0
Does earning reward points or frequent flyer miles while you pay off your mortgage sound too good to be true? It’s not as crazy as it sounds: in a bid to snag more business, some home loan lenders offer borrowers the chance to earn reward points or frequent flyer miles on their home loan balance. Read on to find out more about home loans with reward schemes.
Choosing a reward scheme
There’s no doubt that reward schemes linked to your mortgage sound like an excellent idea on paper. But, in many cases, these schemes can end up costing you more than the reward is actually worth.
Before deciding on this type of home loan, ask yourself the following questions:
• Will you have to make extra purchases you don’t need in order to earn the rewards?
• Will the program require you to buy from one supplier and discourage you from shopping around for the best price and service?
• Will you be charged to redeem your reward points?
• Do the reward points need to be used within a certain timeframe?
Many of the home loan reward schemes come with package fees or require you to join a rewards program which ends up costing you. And while you may be able to earn enough points to pay for international flights twice a year, the interest rate or the loan features you’re being offered may not be in your best interests. It’s important you consider the whole package rather than just focusing on the rewards you could earn.
Current reward scheme offers
Virgin Money Reward Me home loan lets you earn 100,000 Velocity Frequent Flyer Points after settlement when you borrow $300,000 or more, and 200,000 bonus Velocity Frequent Flyer Points when you borrow over $1,000,000. Only available on new home loans with an LVR of 90% or below. You’ll also get access to offers and experiences from other Virgin family businesses in Australia.
The Macquarie Bank Offset Flyer Home Loan Package offers Qantas program members 10,000 Qantas Points for every $100,000 drawn at settlement, 1,000 Qantas Points every month for the life of your loan, and 25,000 Qantas Points on the third and fifth anniversaries of your loan.
Do your homework first
Finding the right home loan is not just about securing the lowest interest rate – or getting the most points in your reward scheme. Factors like the type of loan, loan term, and mortgage features are just as important. When it comes to mortgages, one size does not fit all. That’s why it pays to shop around and compare home loans.
If you’re not sure whether a home loan with a reward scheme is the right option for you, talk to a Mortgage Express broker and we’ll help you make an informed choice.
Take a look around your home. If you added up how much you have spent on your contents, electrical goods and furnishings, the total could easily run into thousands of dollars. And if you had to go out and replace those items now, how much more would they cost you?
That is why contents insurance is also so important to have. It is designed to provide you with peace of mind and financial protection against damage to, or the loss of, contents in your home. Take a minute to talk to us about what we can do to protect your home and contents.
You can insure your home in case of accidental damage. This includes damage by fire, water, natural disaster or burglary. You are also covered for costs such as temporary accommodation for you, your cats and dogs, loan payments (if your home is with us) and extras like stolen keys, landscaping, and even loss of rent if you are a landlord.
You can insure the contents of your home and other personal belongings in case they are accidentally lost, stolen or damaged. Just about everything is covered; from major household items to lost or stolen keys, even credit card fraud if your cards are lost or stolen.
You can insure your private car, caravan or motorbike in case of theft, damage, if it is written off in an accident, fire or natural disaster. If you do not want full cover you can take out third party insurance so you are insured against liability for damaging someone elses property in an accident.
Payday loans are small, unsecured short-term cash loans that people borrow to get through the month until their next salary kicks in. It is thus, a small principal being lent out, often at a very high-interest rate (up to the order of 30-50%).
Payday loans are meant for the working class who have difficulty in making ends meet, and are often broke at the end of the month. These loans need to be repaid within 7 to 60 days, depending on the loan provider. This short tenure, urgent nature of loan and repayment risk makes the loan very costly. But people are willing to take it just because of the convenience it offers in the case of an emergency. Payday loans in India are used for life events such as loans for weddings, medical emergencies and payment of school fees.
Let’s understand how payday loans work with an example.
Let’s assume that you have a terrible toothache and your dentist says you need a root canal and an implant done. The pain is unbearable. Your dentist quotes ₹ 30,000. But you are still seven days away from payday, and your bank account is sadly on the verge of being empty.
You go to one of the several online payday lenders who offer you convenient payday loans.
As you expect your salary within seven days, you apply for a loan for a tenure of seven days and for a principal amount of ₹ 30,000 at 1% interest per day.
So, ₹ 30,000 (Amount borrowed) + ₹ 2100 (Interest) = ₹ 32,100 to be repaid within 7 days.
Essentially, if you have to take a 30-day loan, you are paying 30% interest. If you take a 60-day loan, you are paying 60% interest. And in case you are late, you are likely to pay penalties on a per day basis.
Payday loans can be a saviour for those who live month to month and find it difficult to cater to sudden expenses.
The very reason that makes the payday loans attractive can suck the borrower in a vicious cycle of debt.
The following could be better options than payday loans:
With faster loan application process, low-interest rate, and flexible repayment options, Our's small personal loan is a better and cheaper alternative to payday loans.
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