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In this episode of The nestegg Podcast, host Maja checks in with our three experts to discuss this week’s biggest conversations about super, property and investment.

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Steve Waters, director of Right Property Group, talks about the current market and its growth prospects, hinting at a “revenge spend” period post-lockdown. Could property prices really inflate by a further 20 per cent?

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the earning season and dividends, delving into how companies decide distribution policy. Find out what is happening in the recent dividend announcements.

Last but not least, tax and super guru Timothy Munro talks us through the results of APRA’s inaugural super test and how engaged members should really be with their super. Timothy also touches on the super splitting law and what it means for relationship breakdowns.

Have a question for our experts? Get in touch at [email protected] and you might get featured in the next episode.

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Could property prices inflate by another 20%? What’s happening in recent divid...

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Invest

Beware the home loan bait and switch

By Reporter

July 25 2018
Share

Invest

Beware the home loan bait and switch

By Reporter
July 25 2018

More than a dozen lenders are using “honeymoon rates” to bring in customers, setting them up for painfully expensive relationships down the track.

businessman holding yellow caution sign home loan bait and switch

Beware the home loan bait and switch

By Reporter

July 25 2018
Share

More than a dozen lenders are using “honeymoon rates” to bring in customers, setting them up for painfully expensive relationships down the track.

Attractive introductory rates could see borrowers $33,573 worse-off within five years and $140,816 within 30, new data from comparison service RateCity has revealed.

“Don’t get hoodwinked by a honeymoon rate. You’re almost always going to be better off with a low ongoing variable rate with no hidden twists,” RateCity spokeswoman Sally Tindall said.

“They might give you a bit of breathing room in the first year, but more often than not they are short-sighted quick fixes.”

Across the RateCity database, one of the lowest honeymoon rates is 3.65 per cent. However, this jumps to 5.17 per cent within a year.

That’s a 1.52 percentage point increase, or the equivalent of more than six official cash rate hikes in one go.

However, some revert rates, like the Bank of Queensland’s, soar as high as 5.70 per cent.

“The day after the honeymoon is over, reality sinks in and for many people their loan becomes a very costly financial headache,” Ms Tindall warned.

“One way to be on the lookout for honeymoon rates is to check the comparison rate. If it’s significantly higher than the advertised rate, there’s likely to be costly catch.”

This is what the future could look like

Company	Product	Intro rate	Revert rate	Rate hike	Initial mthly repay	New mthly repayments		Extra paid after 5 yrs	Extra paid after 30 yrs
Community First Credit Union	Honeymoon home loan	3.65%	5.17%	1.52%	$1,372	$1,634	Compared to low ongoing rate @ 3.49%	$23,998	$103,051
Arab Bank Australia	HeadStart Home Loan	4.15%	5.49%	1.34%	$1,458	$1,695	Compared to low ongoing rate @ 3.49%	$29,348	$125,214
RACQ Bank	Mortgage Breaker	3.72%	4.99%	1.27%	$1,384	$1,603	Compared to low ongoing rate @ 3.49%	$22,111	$92,105
Hume Bank	Introductory Rate	3.99%	5.10%	1.11%	$1,431	$1,624	Compared to low ongoing rate @ 3.49%	$24,258	$99,987
Bank of Queensland	First Start Home Loan	4.70%	5.70%	1.00%	$1,556	$1,737	Compared to low ongoing rate @ 3.49%	$33,573	$140,816

These figures are based on a $300,000 home loan, variable owner-occupier loans and principle and interest contracts. The rates quoted are for 12 months.

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