30th August 2014
HOW TO USE EQUITY TO YOUR ADVANTAGE Once you have purchased a home and are making monthly payments, you are in the process of building equity. The opportunity to use the equity you have built up in your home is one of the benefits of homeownership. The equity you have built up can be used for many purposes. Many people will use this equity to draw out cash by refinancing their house; the cash may be use to finance other major purchases such as an investment property, making major improvements to your current property or funding children’s educational expenses. The advantage of using equity in your home to access funds is the lower rate of interest, which is why many homeowners use equity to consolidate other high-interest rate credit card debts or personal loans. Not only does it help reduce the size of the repayments, but also the number of different loans by consolidating them into a single loan which has a considerably lower interest rate.
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104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
In a recent article, Money magazine chief commentator Paul Clitheroe says: “Extending your home loan or taking out a single personal loan to cover all your debts can reduce the overall monthly repayments, however it’s not an instant cure-all.” “Unless you stick to a tight spending budget you could end up accumulating other debts again. Borrowers also need to be aware that extending a home loan to beyond 80% of the property’s value will usually incur mortgage insurance, says Mr Clitheroe. This can mean costs of hundreds, and sometimes thousands of dollars, which will negate the value of debt consolidation. Always consult an independent financial advisor when looking to make changes to your financial situation. Read more of money expert Paul Clitheroe’s advice at www.ipac.com.au/blog/category/ipac-paul-clitheroe Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
Jas H Stephens Pty Ltd (Jas Stephens) is bound by and adheres to the Australian Privacy Principals (“Principals”) contained in the Privacy Act 1988. Those Principals regulate most of our activities with respect to personal information collected, stored, used and disclosed by is. Our full privacy policy can be found at www.jasstephens.com.au. The purpose for which we may collect, hold, use and disclose your personal information are:-for security reasons- to keep a record of who has attended open inspections; to contact you in respect of the property and other properties we believe may be of interest to you; to provide you with a contract of sale and other documents you may request; to update you generally through the course of the campaign. We may also use your personal information to market other properties which we think may be of interest to you and to send you marketing material from our agency. You can always “opt out” if you do not wish to receive marketing material. By providing your personal information you consent to us using your personal information as described above. If you choose not to give us your information, we may not be able to provide an effective service to you. Your personal information is stored in a combination of computer facilities and paper based files and other records, which are located on site at our office and off site at secured premises. If you would like to discuss how we manage your personal information or complain if you think we have breached the Principals or to update/correct the information we are holding please call 9316-9000 or email privacyofficer@jasstephens.com.au We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
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ALEX TEEUWSEN Personal Assistant to: Terry Fitzpatrick, Anna Grech & George Alexander
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REECE GOSSTRAY Projects Sales Manager Banbury Village Sales Manager
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LACHLAN MCCRAW New Business Development Manager – Rental Department
DARIA BECK Rental Department Manager
NICOLE SMITH Leasing Consultant Rental Department
SUE STEVENS Property & Finance Consultant
MAX WALLER Director Provincial Home Loans
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