Get documents about "ALCo Loan Flag Edition 5
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The Loan Flag
We have competitive finance waiting for you.
Welcome to Edition 5 of the Loan Flag JUNE 2005
Which is the right Brokers fill the void
loan for you – A
INSIDE: At the Australian Loan Company we offer
more than just home loans, your adviser has
Home Equity Loan
access to quality lenders who provide funding
for commercial, development and
or a Home Equity
Which is the
1 right loan for construction loans, leasing, hire purchase
and plant & equipment finance. No matter
Line of Credit?
you?
what your financial need, we could have the
2 Business Mogul solution for you.
3 Paying a little You've decided to get a loan for that new
kitchen as a first stage of home renovations
extra can save
or to pay off credit card debt but which type of Call your local Australian Loan
you thousands.
loan is financially the right decision?
Are you self
Company Ltd mortgage consultant. We
The first and largest difference is how the
take the ‘mental grunt’ work out of
employed
loans are paid off. A home equity loan is a
lump sum of money that is borrowed and paid choosing and applying for a loan – you
with a poor off over a fixed amount of time usually at a can spend your time finding the
credit rating?
fixed or variable interest rate with monthly property of your dreams.
loan payments that do not change month to
month.
Are you finding it
Business Mogul
difficult to find a
lender who
will lend you
over 85%?
Or are you a
Are you self employed
business owner and need cash for your
who has been
trading less than 12
business?
A home equity line of credit, is similar to
months and wanting Why not consider a low doc
borrowing using a credit card with the
to borrow money? difference being the homeowner's house is business loan? Up to date
used as security. A loan limit is set and money
Call your borrowed from the line of credit can be financial information is not
Australian increased or decreased over the term of the
loan, depending on how much money is
required and a competitive
Loan Company needed at any time. interest rate is available.
adviser There are no fixed repayments and the
Talk to your Australian Loan
they have the borrower generally has their complete salary
credited to this loan, giving flexibility to the Company representative today!
solution. borrower.
EVERY STATE - EVERY CAPITAL CITY - AUSTRALIA WIDE
Head Office: Level 14, Corporate Centre, Cnr Bundall Road & Slatyer Avenue, Bundall QLD 4217 A.B.N 11 40 100 947 804
The Loan Flag
Paying a little extra can save About our services:
you thousands. We can find the most suitable loan for your individual needs,
whether you need:
A statement often made by borrowers is; I want to pay off my
Home loan
mortgage as quickly as possible. But how do I go about it?
Investment loan
The answer is simple, you can save thousands of dollars over
Commercial loan
the life of a loan if you choose the right loan in the first instance
and pay off more than your required repayment. Equipment finance:
Lease
Novated lease
Chattel mortgage
Hire purchase
Your local Australian Loan Company office is
located at:
So how does it work? Simplistically, by putting more into your
loan to pay off the principal the quicker you will reduce your loan.
Loans are made up of two repayment parts, interest and
principal. The interest portion is calculated on the loan balance
and the loan balance reduces with each repayment. If you
assume that interest rate don’t rise for the life of the loan then
your repayments will remain the same. The more you can
reduce your loan balance, the lower the amount of interest
charged, each time it is calculated.
What are some of the strategies used - Each time you pay off
more than you are required then you are reducing the loan
balance. Pay by fortnightly repayments. Take your monthly
repayment divide it by two and pay this amount fortnightly. There
are 26 fortnights in a year, this means you will have paid extra by
the end of the year. Eg. Your mortgage repayment is $1,000 per
month, divide this by 2 that equals $500 a fortnight, when you
multiply this by 26 you will have paid off an extra $1,000 in one
year. Another way is to pay off principal amounts or lump sums,
if you are able to save additional money each week, receive a
bonus from work, or a tax return take this to the bank and pay it
off your loan balance. Once you have reduced the loan balance
continue to make the same repayments as before, this will also
help you reduce your loan quicker.
Lenders offer a number of flexible products that will allow you to
pay extra off your loan, find out which one is best for you.
DISCLAIMER
Whilst all care is taken in the preparation of this material, no warranty is given in respect to the information provided and accordingly no responsibility for errors
or omissions, including responsibility to any person by reason of negligence is accepted by the company or any member or employee of the company.
Your privacy: Your privacy is important to us. If you do not wish to receive information of this kind in the future, please contact your local office located at the
back of this document.
EVERY STATE - EVERY CAPITAL CITY - AUSTRALIA WIDE
Head Office: Level 14, Corporate Centre, Cnr Bundall Road & Slatyer Avenue, Bundall QLD 4217 A.B.N 11 40 100 947 804
