CALL US FOR A OBLIGATION FREE DISCUSSION ON 1800 931 774
CALL US FOR A OBLIGATION FREE DISCUSSION ON 1800 931 774
Loan repayments refer to the regular payments that borrowers make to repay the amount borrowed along with the associated interest charges.
At Seeking Finance we work with customers to choose from a range of repayment plans that suit your cash flow, whether it's a fixed monthly instalment or a customised schedule tailored to your unique circumstances. Transparency is at the core of our values. Before you commit to any loan, we provide a detailed breakdown of the repayment terms, including interest rates and any associated fees. This way, you have a clear understanding of your financial commitment from the outset.
Frequency: Borrowers are typically required to make repayments at regular intervals, commonly monthly. The frequency is outlined in the loan agreement.
Components: Repayments consist of two main components - principal and interest. The principal is the original amount borrowed, and the is the cost of borrowing. The proportion of each varies over the life of the loan.
Fixed or Variable: Depending on the loan type, repayments may be fixed or variable. Fixed-rate loans maintain constant repayments throughout the loan term, providing predictability. Variable-rate loans may see repayments change if interest rates fluctuate.
Loan Term: The total duration of the loan term determines the number of repayments. Shorter loan terms usually result in higher monthly repayments but lower overall interest paid.
Direct Debit: Many lenders require a direct debit arrangement at settlement, where the agreed-upon repayment amount is automatically deducted from the customer's bank account on the scheduled date.
Online Platforms: Seeking Finance often provides online platforms for borrowers to manage their repayments, offering convenience and transparency.
Additional Repayments: Some loans permit borrowers to make extra repayments, helping to pay off the loan sooner and potentially save on interest.
Understanding loan repayments is crucial for borrowers to manage their finances effectively. Seeking Finance ensures clear communication and support throughout the repayment process to ensure clarity in understanding when payments are due.
Loan repayments typically include both principal and interest components, ensuring a gradual reduction of the loan balance.
Seeking Lending offers various repayment frequencies, such as monthly, fortnightly, or weekly, providing flexibility to align with your pay cycle.
Yes, you can make extra repayments on many loans without incurring additional fees. This option accelerates loan repayment and reduces interest costs.
If you miss a repayment, it's crucial to contact Seeking Lending promptly. Late fees may apply, and it could impact your credit history.
Interest rates may be reviewed periodically based on market conditions. Seeking Lending will communicate any changes, providing transparency to borrowers.
Seeking Lending may offer interest-only repayment periods, providing flexibility in managing your finances. Terms and conditions apply.
Changes in the RBA cash rate may influence interest rates. Seeking Lending strives to offer competitive rates and communicates adjustments when necessary.
Changes post-approval are subject to assessment. Seeking Lending aims to accommodate reasonable requests but evaluates each case individually.
Yes, there may be specific considerations. Seeking Lending provides guidance on navigating the unique aspects of off-the-plan property purchases.
In a variable-rate loan, repayments may adjust based on interest rate changes. Seeking Lending communicates adjustments to ensure transparency.
In a variable-rate loan, repayments may adjust based on interest rate changes. Seeking Lending communicates adjustments to ensure transparency.
CARNEVALE MORTGAGE SOLUTIONS T/A SEEKING FINANCE
PO BOX 104 Neutral Bay, NSW 2089
Telephone 1800 931 774