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Dhaval Thakkar

Finance Broker

Get Simple Loans

www.getsimpleloans.com.au

Strathfield, New South Wales

0450 237 787

An energetic and driven professional, my career has spanned a diverse range of banking platforms - Retail, Third Party, Sales. and I have proven in each my ability to find simpler solutions for the end customer.

I am passionate about technology and I constantly seek innovative ways to further enhance our service to customers.

I have fast gained a reputation amongst my customers as a lateral thinker- being able to find simple solutions for their complex scenarios.

Love to be part of a community, where I can use my experience to work alongside people and help them achieve their dream of owning a home sooner.

My Philosophy
Borrow Smart
Invest for your future
Protect what's important to you
Grow your net Wealth

Message me on 0450 237 787 to discuss how I can find a right solution for you.

Contact Me

My Activity

answered

Q: Hi,

I have moved closer to work and rented my home and using it as an investment. If I transfer my loan from principal and interest to interest only is it likely my rate will increase and by how much?

Also, I had to pay mortgage insurance previously, will I have to pay it again if it’s interest only?

Thanks

A: Hi Shaun,

The direct answer to your questions
-Yes the interest rate will change (how much? it depends on which lender you are with)
-Do you have to pay LMI again? This depends on whether you are going to stay with the same lender or you will be considering different lender options.

If you are considering different lender, than the question is how much has your property value increased by since you purchased. If the value has gone up to cover the 20% and bring the Loan to Value ratio down to 80% than you don't have to pay LMI.

Also to consider if Interest only is the right option for you, yes your cash flow will be low initially however, over a period of time you end up paying more to the lender.

There is no direct answer to your question as it all gets down to your personal situation. In my opinion get a trusted adviser who can guide you and help you to get into a product that suits your lifestyle. I would be more than happy to sit down and guide you in the right direction.

Regards
Dhaval
0450 237 787

answered

Q: I have been offered 4.09% fixed for 3 years and the variable rate is 3.69% for a split loan. The 5 year rate would be 4.29%. Would it be better to go for 3 or 5 years?

A: Hi Margot,

It all gets down to your short term and long term strategy. What you want to get out of it is really important, rather than just comparing on interest basis.

Just looking at interest rates only gives you half a picture. Look for an adviser who can hear you out, give you recommendations based no your personal financial situation.

Fixing rates has its pros and cons that you need to be made aware of. Interest rate is only a tiny part of your decision making.

I have had customers asking me purely for interest rates, and after our discussion have come out of more detailed understanding of what is good for your individual scenario.

Good Luck
Dhaval