Territory Stories

The Northern Territory news Wed 22 Feb 2012



The Northern Territory news Wed 22 Feb 2012

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NT news


The Northern Territory news; NewspaperNT




This publication contains may contain links to external sites. These external sites may no longer be active.




Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

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Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

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Nationwide News Pty. Limited



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26 NT NEWS. Wednesday, February 22, 2012. www.ntnews.com.au P U B : N T N E W S D A T E : 2 2 -F E B -2 0 1 2 P A G E : 2 6 C O L O R : C M Y K PORT LAND ROAD RAIL EFD BEFE CDAF ! ! PORT LAND ROAD RAIL Darwin Business Park South REMAINING STAGE 1 LOTS 6064 1.15ha 6067 9970m2 6068 1.04ha 6072 1.05ha 6077 1.65ha Hamaura Road SUITABLE FOR MARINE RELATED INDUSTRIES 6112 - 0.5ha 6113 - 0.5ha 6114 - 0.5ha For further details contact Chloe Smith on 8944 0900 www.landdevcorp.nt.gov.au Prime Industrial and Commercial Lots for Sale Strategically located in close proximity to the Port of Darwins East Arm Wharf, the forthcoming Marine Supply Base and the Adelaide to Darwin Rail Freight terminal Development (DV) zoned Titles issued Prices starting from $185/m2* + GST * conditions apply 8981 1822 8931 5000 8983 3611 Darwin Palmerston Virginia 70 Smith Street 11 Palmerston Circuit 31 Decaen Close LICENSED REAL ESTATE AGENTSLICENSED REAL ESTATE AGENTS Choosing Elders is choosing success For Sale By Expression of Interest Closing 4pm 14th March 2012 Iconic Tourism/Conferencing Destination and Working Cattle Station Just one hours drive from Darwins CBD Over 103 hectares with 1.4 kilometres of Adelaide River frontage Sprawling 6 bedroom homestead 56 Bed accommodation in varying con gurations 17 powered caravan and camping sites Extensive conferencing facilities with forward bookings 1100m long gravel airstrip 4 additional houses all currently leased Fenced cattle yards and paddocks Substantial upside to all aspects of the property Contact Chris Deutrom 0411 727 449 Historic Mount Bundy Station 1 0 9 1 1 8 1 PROPERTY l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l ntnews.com.au Chief commentator for Money magazine Paul Clitheroe Add up costs of switching By PAUL CLITHEROE THE Reserve Bank may have kept the official cash rate on hold in February, but this didnt stop the big four banks increasing their home loan interest rates. If youre one of the two million Australians who have a variable rate mortgage with a major bank, you wont be happy. But with a bit of effort, you could get a better deal on your loan. There are plenty of comparatively cheap home loans available through smaller lenders. IMB, at the time of writing, offers a variable rate of 6.27 per cent. eMoney is charging 6.28 per cent, and MyRate has a variable rate loan costing 6.35 per cent. By contrast, National Australia Bank charges 6.72 per cent for its basic loan and even on a package, which offers an ongoing rate discount, you can still expect to pay 6.52 per cent (loans over $250,000). These rate differences, while small, if sustained can provide savings worth thousands of dollars over the life of the loan. If youre thinking about changing lenders to get a better deal, it can be worth approaching your current lender to see if you could get a rate reduction by switching to a cheaper, basic loan. Its a sensible starting point because unless you have more than 20 per cent equity in your home (the difference between the propertys value and the loan balance), a new lender will ask you to take out lenders mortgage insurance (LMI). This applies even if you took out LMI when you first purchased the place because LMI is not portable between lenders. If you havent owned your home for long you may not have much equity, and in this instance LMI premiums can cost around 2 per cent of the propertys value. For many home owners it is this expense that sees them stick with their original lender. You also need to consider if youll be slugged with exit fees. These are no longer charged on loans taken out after July 1, 2011, but if you took out the loan up to five years earlier they may apply. If youre not sure, pick up the phone and ask your lender. Even if you can avoid LMI or exit fees, switching your loan will involve other refinancing costs. You need to budget for a mort gage discharge fee (around $250), and the cost of registering the new mortgage with your state or territory government (allow about $350). Depending on your lender, you could also face loan application and valuation fees. If everything stacks up, the next step is to hunt around for the loan you believe is right for you. A reputable mortgage broker can help, but be aware many of the cheapest lenders dont deal with brokers. Websites such as www. ratecity.com.au and www.infochoice.com.au are handy for comparing rates charged. Another useful website is www.moneysmart.gov.au this features additional information on what to do if youre thinking about switching loans, and has an online calculator that shows how much you could save by refinancing. The whole process can mean an investment of your time, but it can put money back in your wallet. o Paul Clitheroe is a founding director of financial planning firm ipac, chairman of the Australian Government Financial Literacy Board and chief commentator for Money magazine. Visit www. paulsmoney.com.au for more.