These FAQ are courtesy of the MFAA: The Essentials of Borrowing website:
QHow do I pay off my mortgage sooner?A. Pay more, more often.
QWhen would I refinance my mortgage?
A. Whenever it makes financial sense to do so.
QWhy should I have a regular home loan health check?A. Because things change: interest rates, products and you.
QWhat are some other mortgage refinancing options?
A. Bridging loan, construction loan & equity loan.
QIf rates rise, should I move to a fixed rate mortgage?A. Not necessarily.
QWhat should I do if I can’t make my repayments?A. Talk to the right people, at the right time.
QWhat is a reverse mortgage?A. A way for retirees to unlock the equity in their homes.
QWhat is a home equity loan?
A. A way to utilise the equity in your home.
QWhat do I need to know about debt consolidation?A. Not to confuse it with debt elimination.
QWhat is negative gearing?
A. When you make a short term loss in the hope of a long term capital gain.