The best type of loan for you
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This page provides
a brief description of different loan products available.
Different products suit different people depending on their
individual circumstances.
The Conveyancing
Company mortgage brokers will help you work out the best option
for YOU!
We have a
great choice of products from a variety of lenders and many
years experience in the financial service industry.
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Revolving Credit
Floating or Variable
Fixed Interest
Insurance Risk/Home
Insurance
Reverse Annuity
Mix it up...
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This is like
a large overdraft. There will normally be a monthly fee
but you only pay interest on the outstanding balance.
Excellent for commission based people.
To get the
best out of this type of loan you have to be able to work to
a budget.
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This sort
of loan is set over 30 years or less and you pay a regular amount
weekly, fortnightly or monthly. In New Zealand it is at
the highest rate.
You can usually deposit extra amounts onto this loan without
penalties.
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The
interest rate is fixed for a certain time from 6mths-5yrs. At
the end of the term you can make a lump sum repayment, re-fix
at current rates or move
to a different loan type.
The repayment
amount remains the same over the term of your loan which is
great if you want the security of knowing exactly how much you
have to
pay each month.
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If you have
a mortgage then you need to have
house insurance. It is recommended that you
also insure your contents as well.
Life insurance
or mortgage protection insurance
is definitely also worth considering, and depending on your
circumstances we can also discuss trauma, income or other relevant
insurances.
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If you are
over 60 and own your own home but find that you are lacking
ready cash, you might want to consider freeing up the equity
in your property with a reverse annuity mortgage. This
type of loan lets you borrow against your home's value with
no repayments required over the life of the loan.
To fully
understand how this arrangement works or for more information
contact our brokers.
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Many clients
like to split their home finance over several different types
of loan, for example some on floating or revolving and some
on fixed, or even use two or three fixed rate loans on different
terms
There are
quite a few benefits to splitting your loan, talk to our mortgage
brokers to find the right structure for you.
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Lower Hutt: Phone 04 569 0300 | Wellington: Phone: 04 916 7470
| info@toconvey.co.nz
| full contact details
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