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CategoryMortgage Tips

Australian Mortgage often overlooked

One of the most under utilized mortgage strategies is the Australian Mortgage.  The Australian Mortgage uses an All-in-one mortgage product to minimize how much interest you pay over the life of the mortgage.  The product gives you full credit for any savings in  your bank account by applying this immediately to your mortgage balance.   The result is a shortened amortization that ranges from 5 to 10 years, depending your situation.

This isn’t for everyone….. The product is for those that earn a fixed income or have a steady pay cheque.   You also need a surplus every month…make more than you spend…it’s certainly worth a look at renewal time….

Renovation Tax Credit ending Jan 31 2010

The Federal Govt’s Home Renovation Tax Credit is coming to an end this month.  According to Bloomberg.com. The tax credit was brought in last year as a way to help stimulate spending and create jobs.   A family could claim up to $1,350 in tax credits per family for projects costing between $1,000 and $10,000….provided the renos take place before February 1st, 2010…..

There was some speculation that the Home Reno Tax Credit would be extended or even continue with some modifications.  According to one conversation with an industry insider.   If you’re looking at getting some renos done, it’s not too late to take advantage of this program.

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