Hi,
I have been called at home from a person claiming to be from this finance organisation – Axcelerator. They advised they can save us around $90K on our mortgage and shave years of our home loan.
Yes, I've heard this all before and asked the questions such as off-set facilities, use of credit card and pay-off at the end of the month, etc. However, they claim to be different in this regard(!).
Has anyone heard of them or had any experience with them
Another overpriced debt reduction mob charging an arm and a leg for something your average mortgage broker does for nothing.
No never heard of them but if you wait then one of their employees should join the forum under an alias and tell you how wonderful they are and that they used them and they saved them 000's.
Richard Taylor | Australia's leading private lender
Another overpriced debt reduction mob charging an arm and a leg for something your average mortgage broker does for nothing.
No never heard of them but if you wait then one of their employees should join the forum under an alias and tell you how wonderful they are and that they used them and they saved them 000's.
Richard Taylor | Australia's leading private lender
I used to work for them 4 years ago.
essentially its:
- Live of interest free period on your CC while 100% of your income goes into mortgage and reduces the daily interest whilst it sits there
- At end of the month – redraw and pay off your CC
Its a pretty simple concept, and it does work – they practically refinance you with facilities that can do this.
Most P&I mortgages with an offset account works in the same fashion (some only calculates offset fortnighty/monthly instead of daily) and a lot of LOC mortgages already have redraw facilities included. If you have a look yourself, and are handy with MS Excel, you can work all this out yourself pretty easily
All in all its just a way to manage your funds.
Cheers
Which is what Glenn said to start with
Thanks ITbloke for your insight.
I think my earlier assumption was correct.
Just dont use a Line of credit but an offset account to avoid contaminating the interest deductability.
Richard Taylor | Australia's leading private lender
Any broker could set this up for you – usually without charge, but companies that call around, unsolicited, often want to charge a few thousand (+ they receive commission).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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