General Mortgage

Feedback on assignment 1746190 – Mathematics Investigative Assignment for Home -Based Loans Please note , home loan interest rates have not been rising and is not a major factor in increased house prices. The key reason is supply and demand. The demand for homes is currently outstripping supply – the number of homes for sales is limited, but the demand is extremely high. Please modify paragraph if you agree? It has been speculated currently that buying a dream home in Australia has become a bit expensive due to rising interest rates , maintenance rates, and other service utility fees, and hence a person would rather rent for the entire life and still be financially better. The objective of this assignment, therefore, is to evaluate and analyze on e (add 2 more examples) of the loan payment methods and techniques when a loan is borrowed to buy a new dream home. Also, I would like to see two other examples including formulas to demonstrate how to pay off your home loan sooner. Only showing one example is not sufficient. EG Changing the interest rate – show formula, and calculation Using a set off account? Or reducing the term of the loan? – please include formula. The assignment s need s to show more formulas based on paying off the home loan sooner. C: Strategies to minimise interest (must include formulas based on the house purchased below ). Make larger prepayments per period - use formula / provide example, based on borrowing x funds to purchase the home below. Make more frequent repayments - use formula / provide example, based on borrowing x funds to purchase the home below. Reducing the term of the loan - use formula / provide example, based on borrowing x funds to purchase the home below. Changing the interest rate - - use formula / provide example, based on borrowing x funds to purchase the home below. Making lump -sum payments - use formula / provide example, base d on borrowing x funds to purchase the home below. Using an off -set account - use formula / provide example, based on borrowing x funds to purchase the home below. Also show other costs to consider when buying a home. Stamp duty Deposit required etc Estimated repayments $2,490 per month Liveability Update U N S U R E Your savings $116,000 Stamp duty - $25,730 Transfer fee - $4,962 Government fees - $173 Available deposit$85,135 Listed price $580,000 Deposit (14%) - $85,135 LMI estimate + $5,362 Loan amount$500,227 Thank You!!!!!