All Topics / Help Needed! / The going ‘thing’ with loans

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  • Profile photo of DraconisVDraconisV
    Participant
    @draconisv
    Join Date: 2006
    Post Count: 319
    March 1, 2008 - 8:33 am

    Generally is a home/investment loan;
    Monthly reducing or daily reducing with relation to the calculation of interest rates?

    I have read that daily reducing can make thousands or difference over the term of a loan.

    Cheers,
    Chris.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    March 1, 2008 - 8:36 am

    Yes the way a lender calculates interest is extremely important to the speed in which the loan is repaid.

    You want to look for a loan that charges interest on the daily balance.

    Some of the credit unions i see have quarterly rests which disadvatages you if you are looking at make capital reductions.

    Richard Taylor | Australia's leading private lender

    Profile photo of DraconisVDraconisV
    Participant
    @draconisv
    Join Date: 2006
    Post Count: 319
    March 1, 2008 - 8:40 am

    What is a quarterly rest?

    So I take it that its not the going thing to have daily reducing(is there weekly reducing or something else??).

    Chris.

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