You Don’t Want To Make These 7 Mistakes!
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
If you’re in the process of getting a loan, or you’re looking for tips on how to manage your current loan, we have everything you need to know. From paying extra towards your loan to refinancing to get a better deal, we have you covered. If you’re looking to save a little extra, or you’re looking to repay your loan off quicker, read on below for some handy tips and tricks bought to you by financial specialists with over 20 years of experience.
Creating a budget for your expenses will help you with managing your loan repayments. Knowing what you need to pay and when will help you to make sure that you don’t get caught out with overspending, and not having enough left over for your loan. Including your bills, weekly expenses and a savings goal in your budget could help you to make sure that your money is accounted for.
Paying your loan on time means that you won’t get charged late fees by your lender. The amount of the fee will depend on who your lender is, and the type of loan that you have. However, even the smallest amount can add up over time if you are consistently late. Making sure you pay your loan on time means that you aren’t at risk of accumulating late fees, or having more serious financial action taken against you by your lender.
Paying more than your minimum repayment on your loan can actually help you to pay off your loan faster. Depending on your lender and the type of loan that you have been approved for, you might be able to make extra repayments towards your loan. If you have the cash to spare, you might want to consider putting it towards your making extra repayments, if you are able to. Trying to save money in other areas of your life may allow you to pay extra towards your loan. However, it’s important to keep in mind that some lenders may not allow extra repayments, depending on your loan type.
You could also try making one or two large payments towards your loan per year. Using your tax refund or a bonus into your loan could end up saving you thousands of dollars in interest, and help you to pay off your loan faster.
Your credit score is one of the biggest factors that lenders take into account when looking at any credit application you make, so it is important to make sure all of the information that factors into your credit score is up to date.
Your credit score is calculated by using the information listed in your credit report, such as your financial history, your repayment history, and how many times you have applied for credit. By making sure this information is correct, you are giving yourself the best chance you can of being approved for any credit that you may wish to apply for.
Regularly checking your credit reports and credit scores is essential in ensuring your personal and account information is correct. When monitoring your credit report, it’s important to make sure all your personal information is accurate, and there isn’t information listed that is unfamiliar to you. You should recognise all of the credit histories, payment histories and loan information. If you don’t recognise a piece of information, or there are changes to your credit report that you don’t think is right, there may be an error on your credit report. Incorrect information on your credit file could have an effect on your credit score and may affect your ability to be approved for a loan in the future.
If your credit score is lower than you believe it should be, you might want to consider looking at if the loans and debits listed are yours and if the listed amounts are correct. You might also want to check that the same loans and debts are not listed more than once and that your payment history is correct. If you see a serious credit infringement on your credit report that you were unaware of, it may be because you owe a debt but your lender has been unable to contact you.
Making sure that your information is up to date and correct will give you the best possible chance of getting a loan with good rates terms.
If you have a loan with a high-interest rate, or you’re just simply unhappy with your loan terms, you might want to consider refinancing. Refinancing is the process of taking out a new loan to replace your existing loan. Refinancing your loan with a more competitive interest rate and lower repayments might help you to save money over the term of your loan. While refinancing may be able to be done with the same lender, it is also common to change to a different lender. Refinancing may also give you the option of securing a better loan or help you to consolidate some of your debts.
Your lender will automatically divide up your repayments over the term of your loan, and chances are, your repayment will not be a round number. Rounding up your repayments to the nearest $50 or $100 can make a big difference in repaying your loan off faster, and save you interest. Even if you can only afford to add an extra $10 or $20 each month, you will see a difference in making extra contributions. You might be able to do this manually by adding the amount on top of your direct debit, or you can check with your lender to make sure that you can make extra repayments without a penalty.
Getting the right loan shouldn’t be difficult. You shouldn’t have to spend hours researching and comparing loans. Our loan specialists can handle the hard work for you. We offer competitive rates and simple applications. We’re also bad credit experts, so if you’ve been denied back by traditional lenders, we can help get you approved.
In four simple steps, we can find you a great loan. You can have an obligation free consult with one of our specialists, where we will tailor-make a loan to suit your needs. We will then negotiate with our many partnered lenders on your behalf, before getting you approved and settled in your new loan. Don’t wait, contact us today to speak with one of our loan specialists for your free loan consultation.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
A broker may be able to help you choose the right loan, however, you must do some research before choosing a broker.
Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.