Want to see Australia? Well don’t use your retirement nestegg or redraw on the mortgage! Finance your new caravan and 4WD while you still have a regular income and can keep building on your superannuation.
There are many reasons why you shouldn’t finance your caravan on your home loan – and here’s why:
Banks love having home loans, and will encourage you to put everything you wish to purchase on your home loan. Why? Because they make more interest from you for the benefit of their shareholders. The reason is simple. Your home loan goes for a maximum of 30 years. Caravan loans typically go for five years. The longer you owe the bank money, the more interest you pay.
To read more about this financial scenario and realife casestudies, click on this link to read out latest article in Action and Adventure magazine.
Consider these two key points:
- Home loans typically run for 30 years.
- Caravan loans typically run for five years.
The longer the period over which a loan is taken, the more interest you pay, which goes back to the bank and their shareholders. The longer you owe the bank money, the more interest you pay over the life of the loan. So, next time you decide you need a new Caravan, consider putting your deposit on your home loan. It can quite literally save you thousands!
Call us today on 0419 772 765 or contact us here to find out how we can work with you to ensure your finance suits your needs