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Being on this topic, just wondering which insurance company is best for life insurance? Is it always best to keep all your insurance with the same company (incl bank where your mortgage is) to get a better deal? One of my friend's husband had his life cover done recently with Real Life Insurance, he initially wanted a family life cover but unfortunately due to his body mass he wasn't eligible for it so they put him on an accidental death and disability cover instead. I guess all insurance companies have different policies and different ways of offering the best possible products due to a competitive market. So what can anyone suggest is the best option?
Wow that's a very good % thanks for that info John.
Thanks for that great advice Richard. Apparently, we've already had that facility of $10k for approx 3yrs now which is helping with family commitments and so forth now and then eventhough the interest is incredibly high. Maybe I'll stick with the first plan of refinancing to amend ownership of our PPOR and leave plan B for another reasonable time. Any other suggestions?
By the way, I'm not sure whether I've thoroughly covered every detail of the mortgage or whether I've missed something that reveals the banks' lending values??? I know one bank overseas which lends out 64% of the market value of the property, i.e. say market value of property is $400k, the bank's lendable value of 64% is $256k. If a borrower only asks for a smaller advance say $100k, then he'll have a securityy surplus of $156k. If he requests a higher loan than $256k then he'll need to bring in additional security to cover the shortfall; otherwise a high interest will be charged if there is still a shortfall but subject to ceo's approval. I'm just wondering if it's a similar strategy here in Aussie particularly NSW? Can someone elaborate on that please. (I'm sorry I seem to have a lot to learn about the Aussie system being an immigrant, so please bear with me.)
Thank you everyone for your help. Aren't I so glad I found this forum, it's very educational and informative. I like the part where stamp duty is exempted on the Certificate of Title and the Mortgage being our PPOR.
Now that we're in the process of refinancing our loan of approx 3yrs, will it be better to ask for an additional advance now for a family holiday next year since we're doing it, rather than refinancing just for the sole purpose of amending ownership??? Say rougly $10k-$20k subject to entitlement and approval. Or is it best to just leave it and go ahead with the first process and ask for a redraw next year? Again please help.
