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The Mercury Real Estate Guide : November 18th 2010
76 --- MERCURY Thursday, November 18, 2010 property MERCURY MORTGAGE WATCH Fixed Rates Standard Variable Home Institution Phone Intro rate Intro Term Rate Equity rate 1 Yr Term 3 Yr Term 5 Yr Term Application Fee AMP 133030 6.49f 12 7.44 - 6.89 7.14 7.49 $545-895 ANZ 131314 - - 7.8 7.95 7.03 7.1 7.88 $0-600 Aussie 131 333 - - 7.19 7.08 6.99 7.34 7.59 $600-675 B&E Ltd 1300 306 716 7.00f 12 7.37 - 7 7.74 8.44 $650 Citibank 1300 361 922 - - 7.63 8 7.39 7.29 7.74 $250-649 Commonwealth Bank 132 221 6.94f 12 7.81 7.91 7.09 7.39 7.79 $600 CUA 133 282 6.49v 12 6.87 7.37 6.98 7.19 7.69 $795 HomeSide Lending 132464 - - 6.77 7.45 6.94 7.2 7.89 $600 ING DIRECT 1800 133 464 - - 7.34 7.72 7.24 7.44 7.69 $220-719 ME Bank 131563 - - 7.24 - 7.29 7.39 7.99 - mecu 132 888 - - 7.05 7.15 6.94 7.19 - $595 MyLoan MyWay 1300 721 240 - - 6.63 6.85 6.75 7.65 8 $0-395 MyRate.com.au 1300 663 558 - - 6.63 7.1 7.28 7.68 7.73 - NAB 131312 6.58v 12 7.67 7.15 7.04 7.3 7.99 $600 Nationwide Mortgage (02) 9265 1700 6.02v 12 7 7.1 6.78 7.24 7.79 $710-730 QuickDirect 1300 79 69 80 - - 6.65 - 6.95 7.75 8.1 - RESI Mortgage Corporation 136 126 6.12v 12 7.12 7.27 6.96 6.98 7.97 $0-633 St. George Bank 133330 6.84f 12 7.8 7.9 7.14 7.44 7.94 $100-800 Suncorp 131155 6.84f 12 7.83 7.83 7.04 7.39 7.79 $600 Westpac 132 032 - - 7.51 7.66 7.19 7.49 7.89 $600 The introductory rate reverts to the standard variable rate after the initail term f=fixed c = capped Source: www.infochoice.com.au goodmanconveyancing CONVEYANCING Fixed Price Conveyancing Personalised Service Obtain a free quote at www.goodconvey.com or call us on 6223 3888 100A Collins Street Hobart INDEPENDENT PROPERTY INSPECTIONS • PRE-PURCHASE INSPECTIONS • 5 STAR CONDITION RATING -- FREE • OVER 12,137 INSPECTIONS EXPERIENCE • REPORTS START FROM ONLY - $250 • FREE BUILDING CONSULTANCY UNTIL SETTLEMENT • REPORTS COMPLETED THE SAME DAY OR IT'S FREE FOR INSTANT SERVICE -- CALL 0418 120 828 Your Local Experts 11740590 FINANCE AND CONVEYANCING Stand up to the banks OPTIONS: For mortgage holders, there are many ways to reduce your monthly repayments. David and Libby Koch offer advice on how to fight back against interest rate hikes THE banks have called our bluff in lifting loan rates by more than the Reserve Bank's official increase. So what are you going to do about it? Are you going to be a wimp and just cop it on the chin, as your bank is hoping, or are you going to fight back, make a point and save some cash? The banks assume you'll whinge for a few days, do nothing, move on with your life, pay the extra and add to their profit growth. The banks whinge about doing it tough but then produce record profits results. They must think we're stupid. Unfortunately, the reality is they're right. Our view is that you have no right to whinge unless you're prepared to do something about it. This is how you fight back: Get the facts When is the last time you sat down and looked at all the products and policies you have with your bank and how much you pay for the privilege? The first step is to list all those products loans, deposit accounts, insurance policies, credit cards, superannuation and other investments. Then look at the statements for the last year and add up all the bank fees and premiums deducted from those accounts. Add up all the interest which has been paid. Then, to be fair, add the interest and investment returns earned. Most people are amazed at how many accounts can be culled. Check alternatives Finding alternatives and doing your comparative financial shopping is so easy online. Our top sites are infochoice.com.au and ratecity.com.au. Both sites have extensive comparative tables of every type of loan and deposit being offered. They also provide research on the different products and make recommendations. These two sites are an absolute must to visit and you'll be amazed at how many options are available. You'll also be stunned by how much extra you're paying on your current loan. Demand a better deal Go to your bank, talk to a bank staff member (see them in person rather than over the phone or online) and demand a better deal. You have the facts. You know how much you pay in fees and what products you have. You've been online and researched other options, now you have to confront your existing bank for some action. Explain that you're prepared to shift institutions but are quite happy to stay if they sharpen their deal to match what you can get elsewhere. Banks know it is better (and cheaper) to keep a good existing customer than go and find a new one. Don't be shy. Be confident, be forceful but be professional. Visit three options It's all very well to talk and research, but doing is totally different for most people. Contact or visit three other financial institutions to discuss your requirements and the process needed to make a change. Explain what a good customer you'd be, you're annoyed with your existing bank and how you're ready to change. But still try for a better deal. Sure, you've been attracted by the advertised rate on offer but still ask whether they can do even better. They can only say no, so it's definitely worth a try. Be prepared to change Crunch time. You have the facts, researched the options, discussed it with the bank and talked to the alternatives. The bank won't budge and you're fed up. It's time for action and that can be scary. But it's mostly in your head. Be confident. You've done the homework, you know the options available, so back yourself. Focus on your debt With interest rates likely to continue rising next year, debt management becomes your number one priority. It's important to understand the different levels, and costs, of the debt and follow some simple steps. Pay off the most expensive debt first. Use savings to pay down your debt. Talk to your bank if you're in trouble and re-negotiate the term of the loan to reduce payments. RECORD: Chinese vase. $69.2m from clean-up A CHINESE vase, believed to have been discovered during a routine clear-out of a house in northwest London, sold at auction for a record £43 million ($69.2 million). An 18th century work of art, the Qianlong- dynasty porcelain vase was described as ''a piece of exquisite beauty,'' and was eventually snapped up by an anonymous private collector from China. Although the hammer fell at £43 million, with buyer's premium, the new owner will have to fork out £51.6 million, which is believed to be the highest price for any Chinese artwork sold at auction. Auctioneer Helen Porter said the events left the mother and son sellers shocked. ''They had no idea what they had,'' she said. ''They were hopeful but they didn't dare believe until the hammer went down.''AP The name you d recommend in Conveyancing 168 Collins Street Hobart 7000 Facsimile: 6224 4166 Email: email@example.com Website: www.simwolf.com.au 6224 4133 Call Chris Perriman for all your conveyancing needs 2059129-LS
November 11th 2010
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