Who is guilty of any of the following sins?
1. Paying $8,000 more than you could for a new car because the finance interest rate was only 1.9% p.a.
2. Applying for a 21% p.a. credit card (with annual fees) so that you can earn "points" that are almost worthless.
3. Buying furniture on an interest free period and potentially being charged around 30% p.a two years later.
4. Negotiating to buy a new car via a retail dealership when you could be using a car buying agent to get the fleet discount.
5. Taking out potentially expensive "TV advertised" life insurance over the phone.
6. Paying $30 per month for $10,000 worth of funeral insurance when that $30 could potentially get you $50,000 worth of life insurance.
7. Waiting until you are 50 to buy life or income protection insurance when it could have been around half the cost if you took it out in your 30s.
8. Borrowing to buy a car with a personal loan at 14% p.a. when a mortgage broker might be able to get you approximately half that rate by using the car as security (or even lower rates if able to use the equity in your property)
9. Taking out a business loan at 9% p.a. with a bank when a broker could find a lender at approximately 5%.
10. A variable rate mortgage holder with a rate over 5% p.a. when they could be on as little as 4.65% p.a. with a couple of lenders.
(Poached from a mortgage broker suggesting ways to save money without tightening your belt).
1. Paying $8,000 more than you could for a new car because the finance interest rate was only 1.9% p.a.
2. Applying for a 21% p.a. credit card (with annual fees) so that you can earn "points" that are almost worthless.
3. Buying furniture on an interest free period and potentially being charged around 30% p.a two years later.
4. Negotiating to buy a new car via a retail dealership when you could be using a car buying agent to get the fleet discount.
5. Taking out potentially expensive "TV advertised" life insurance over the phone.
6. Paying $30 per month for $10,000 worth of funeral insurance when that $30 could potentially get you $50,000 worth of life insurance.
7. Waiting until you are 50 to buy life or income protection insurance when it could have been around half the cost if you took it out in your 30s.
8. Borrowing to buy a car with a personal loan at 14% p.a. when a mortgage broker might be able to get you approximately half that rate by using the car as security (or even lower rates if able to use the equity in your property)
9. Taking out a business loan at 9% p.a. with a bank when a broker could find a lender at approximately 5%.
10. A variable rate mortgage holder with a rate over 5% p.a. when they could be on as little as 4.65% p.a. with a couple of lenders.
(Poached from a mortgage broker suggesting ways to save money without tightening your belt).