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In this episode of the nestegg podcast, David Stratford has a chat with Aberdeen Standard Investments’ head of retirement and product strategy for Australia, Jason Nyilas to discuss all things retirement.

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Investors will learn the importance of financial advice in retirement, since the default pension options available don't always match up with personal expectations.

Jason also weighs in on whether the impending retirement income covenant goes far enough in supporting individual member needs.

Thanks, Jason, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Jason is up to HERE.

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Sunday, 20 October 2019

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Beware the home loan bait and switch

By Reporter · July 25 2018

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businessman holding yellow caution sign home loan bait and switch

Beware the home loan bait and switch

By Reporter · July 25 2018

Reading:

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.