When repaying a mortgage, it's not the rate you pay that's most important. What matters is the total amount of interest you pay over the term of your loan. With the "Money Merge Account™ system", you use your income and savings to reduce your loan balance and minimize your interest payments. This means more of your money goes towards your principal balance each month, helping you repay your mortgage years earlier and save thousands of dollars in interest.
Buying a second property
Because the "Money Merge Account™ system" is secured against your home, you can usually spend up to 100% of the property value. So if you'd like to use the equity in your home to buy a second property, it's ideal! You can borrow at a very low mortgage-style interest rate while retaining the flexibility to pay back how and when you like. Many lenders will charge a higher interest rate simply because the money is for a second property, but with the "Money Merge Account™ system", you can pay a much lower amount of interest than traditional investment style interest rates.
And you can set up a separate payment plan just for this. That way you can focus on paying this part of your "Money Merge Account™ system" balance off as quickly or as slowly as you want - and check your overall plan whenever you like.
Planning for maternity
The flexibility of the "Money Merge Account™ system"can be used to cushion the financial impact of a newborn baby. If one of you wants to take time off work, then there are a number of options available, from reducing your overall payment commitments for a time to providing the additional money needed for those unforeseen expenses.
If you need to run a tighter budget, we can help you. Our online service will let you plan your entire spending for the month and work out what you'll have left over, even down to the penny if you want. You'll also be able to analyze where your money's going, so you can see at a glance where you can cut your spending. We can also help you set longer term plans for repaying your loans, taking into consideration the peaks and troughs of your income and expenditure over the coming years.
The key thing is that the "Money Merge Account™ system" gives you the financial flexibility you need to adjust to changes in your lifestyle - in a way that's right for you - without having to worry unnecessarily about unknown consequences.
Coping with short-term ill health, unemployment, or job transferring
The flexibility of the "Money Merge Account™ system" works both ways. It's not just a vehicle to quickly repay your mortgage. When money's tight (e.g. if one income disappears temporarily as a result of illness or loss in job), then the "Money Merge Account™ system" enables you to use your increased equity build up to pay for the daily or monthly costs you incur until you are able to get back on your feet financially. This way, you know you’ll get back on track, come what may. We've got a dedicated team of account managers on hand to talk through your options. You'll also be able to use our online service to run a tight budget. It will let you analyze where your money's going, plan your entire spending for the month, and work out what you'll have left over, as well as set longer term plans for repaying your loans.
The key thing is that the"Money Merge Account™ system" gives you the financial flexibility you need to adjust to changes in your lifestyle - in a way that's right for you - without having to worry unnecessarily about unknown consequences.
Planning for school fees or university
If you have young children, chances are you'll need to either save or borrow enough money to get the children through school and university. The "Money Merge Account™ system" can help in both instances.
Building a lump sum
If you're looking to put money aside each month for the future, then one of the best places for this is the "Money Merge Account™ system". In this way, the money can reduce your interest charges on a day-to-day basis, and you can simply draw on it when the time comes.
With the "Money Merge Account™ system", you'll be able to set up a savings plan just for this. In fact, the savings part of your balance can be seen separately from the rest of your Money Merge Account balance, and you can budget to build up the lump sum by the date you want.
Borrowing at a mortgage-style rate
Alternately, if you need to borrow the money, the "Money Merge Account™ system" allows you to release the equity in your house at a low mortgage-style interest rate and with the least amount of hassle.
You can even set up a separate borrowing plan just for this purpose! The great thing about the "Money Merge Account™ system" is that it gives you the flexibility to do what you like with your money. In many ways, you don't really have to think about whether you are borrowing or saving, because when you've got money, it can go in the "Money Merge Account™ system" to reduce your balance. And when you need money, you can simply draw it out of the account.
Short-term spending e.g. holiday, Christmas
Most of us are used to getting out the credit cards when it comes to the more expensive periods of the year, such as booking the summer holiday or buying presents at Christmas. The "Money Merge Account™ system" can take the stress out of these things, allowing you to reduce your repayment commitments for a time and make them up at a later date. Instead of hiking up your credit card balance, you can simply spend a little more of your monthly income, leave a little less in the "Money Merge Account™ system", and then just get back on track as you go.
This means you're no longer tied to the usual 'receiving income/spending income' monthly cycle - you have the flexibility to cope with the peak spending periods of the year without the interest and expense that normally comes with them.Reducing monthly payments/consolidating other debts
The "Money Merge Account™ system" is much more than just an accelerated mortgage payment option. Other debts (e.g. credit card balances, personal loans, overdrafts etc.) can be transferred to the Money Merge Account - which means you benefit from paying less interest on all your debts instead of expensive, unsecured rates. The reduction on your minimum monthly payments can be significant.
And if you're concerned about rolling all your debts into one big balance, don't be. You'll be able to break your debts into individual repayment plans. So you can have a plan for your mortgage, a plan for your credit card balance, and a plan for your loan. We'll help you budget to pay off what you want when you want, and you'll be able to see each element of your debt falling month-by-month in line with your plans.
Funding a major purchase (new car, holiday home, boat etc.)
The Money Merge Account can help in a number of ways - depending on whether you want to build a lump sum of equity to fund a purchase, borrow the money, or do a little of both.
Making the most of an inheritance, windfall, large bonus, or maturing investments
The "Money Merge Account™ system" offers a better home for lump sums than any conventional deposit account. By depositing them straight into the"Money Merge Account™ system", you reduce your loan balance, so you pay less interest. The interest you save by doing this is more than the interest you could earn in any other savings account. And because it's interest saved rather than interest earned, there's no tax to pay.
And the great thing is that the "Money Merge Account™ system" comes with checks and a debit card as well, so you've got instant access to this money. You'll have a checkbook, debit card, telephone, and internet access all at your fingertips. There are no notice periods; you can simply draw on your money whenever you like and for whatever you want.
Funding home improvements
If you're looking to build that extension, then using the equity in your home could be the most cost-efficient way of funding it. Because the "Money Merge Account™ system" is secured to your home you can usually spend up to 100% of the property value and pay below market interest, so no more expensive personal loans or finance agreements.