Plenty Of Lee-way In How To Organise The Finances
Illawarra Mercury
Thursday January 10, 2002
Making a New Year's resolution to get control of family finances in the wake of post-Christmas credit card bills is similar to making a big score in cricket - you have to consolidate.
And that is just what Wizard Financial Services' Wollongong branch principals Shane Lee and Brett Lee recommend.
The two Australian cricketers said the New Year was an ideal time to clear the decks and make a reappraisal of family finances.
And families can do that by consolidating their loans into a single home loan account, according to Shane Lee.
``The beginning of the year represents a fresh start and there is no more efficient way to borrow money than using the equity in your home," he said.
``The aim is to consolidate all debts, including car, personal, and credit cards into the cheapest possible source, and there has never been a better time with home loan interest rates at their lowest levels in 40 years.
``It is a mistake to pay interest rates of up to 17 per cent when people could be paying their debts at home loan rates of less than six per cent, and this could save hundreds of dollars each month in repayments."
Besides consolidating debts into a home loan account the Lee brothers urged borrowers to shop around for a mortgage-linked credit card, one which will allow a range of everyday transactions including EFTPOS, as well as access to ATM cash worldwide.
An example is Wizard's mortgage-linked Mastercard which, at 5.93 per cent, is around 150 per cent cheaper than traditional credit cards offered by major banks.
In the wake of the Christmas-New Year fires Wizard has made a special offer to all volunteer firefighters.
For a limited time it is offering a discounted application fee for various loan packages.
For applications received prior to February 15, 2002, the standard Wizard application fee will be reduced from $760 to $475. Proof of current membership with the volunteer fire brigades is required to qualify for the discount. Wizard chief executive officer Angelo Malizis said the special offer was a small token of Wizard's appreciation.
© 2002 Illawarra Mercury
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