Blog

Saving to buy a house? You’ll have more options with a larger house deposit Your house deposit is just one of the costs you need to consider when saving money for a house. Other costs include stamp duty, legal fees, removalist plus money for furnishings and the list goes on. Let’s take a look at how you can save for that dream home faster. Work out what you’re saving for The best way to save for a house is to have an idea of what you’re saving for. This will not only give you a clearer picture of your end goal, but will also help your lender in giving you an estimate on your borrowing power and affordability. So consider, are you after an established home, townhouse, apartment or something off the plan? Do your research to be fully informed on each type of dwelling so you can inform your lender with confidence about what you’re looking to purchase. Set a goal Set an amount you would like to save and a timeframe to save it in. This will help keep you on track with saving money for a house. A deposit of 20% of the property price is generally required by most financial institutions to avoid lenders mortgage insurance. Lenders Mortgage Insurance (LMI) is a cost imposed by financial institutions to protect themselves against ‘high risk’ loans. Any loan that is greater than 80% of the property value is considered ‘high risk’. You will need LMI if you’re borrowing more than 80% of the property value. Set a budget – and stick to it! Take a look at your income and expenses, if you’re spending more than you earn now is a good time to cut back! Regular dinners, coffee outings, direct debits and other subscriptions/memberships are costly and will hinder your savings goal. Use our budget planner to get you started. Save regularly Making regular deposits into a savings account that’s not an everyday account and will normally pay a better interest rate is critical to your savings success. A Reward Saver account is great example. If you get paid weekly, your savings should also grow weekly. This takes discipline and effort however saving to buy a house = owning your own piece of the property market. Worth it! What else can I do? Doing all the above but feeling like it’s still taking forever to get that house deposit? Here are a few other options to try: • Move back in with parents or relatives • Pick up casual work on top of your current job • Limit the amount of times you go out in a month by picking and choosing between social commitments • Need some time out? Go away for a short weekend trip rather than long interstate or overseas holidays • Any extra funds that come your way should go straight into savings The important bits to take away • Be clear on exactly how much you need to save • Keep a budget to show where you’re spending and saving. Use our budget calculator to help. • Higher interest savings accounts will reward you for saving (and not withdrawing!) • Moving back home may sound drastic, but will help you reach your end goal much faster.    Looking for more advice on how to save for a house deposit? Get in touch with Horizon Bank today and let us help you on your journey. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank. 

Choosing a home loan can be a daunting and overwhelming experience – especially for first home buyers. With rates and rules around lending and eligibility changing all the time, it can be hard to get a grasp on which home loan is relevant for you and your situation. In this blog we’ll run through the types of loans on offer and what they’re used for. Principle & Interest Home Loans These types of home loans are comprised of two components; the principle and the interest. The principle is the whole amount you need to borrow to purchase your desired property. The interest is the rate that’s charged and added to your principle amount. Your repayments will be comprised of the principle and the interest. Principle and interest home loans are normally for buyers and first home buyers of their primary place of residence. Compare our Home Loans Interest Only Home Loans   Interest only home loans, as the name suggests, is where you’re only paying off the interest charged on top of the principle amount borrowed. Your repayments will be comprised of the interest charges only. While this sounds appealing, you need to be aware of any introductory periods that revert to principle and interest repayments, as your repayment amount will increase. Interest only lending is suited to investors taking out a mortgage to buy an investment property, as the interest only repayments provide certain tax benefits. They’re also good for managing short-term loan needs. For example, you might need it for a bridging or construction loan. Get in touch for interest rates Variable & Fixed Home Loans The other key feature of a home loan is whether to go with a variable or a fixed interest rate. There are advantages and disadvantages to both. Fixed home loans provide the convenience of a fixed rate mortgage for a term of either 1, 2, 3 or 5 years. After your term is up, the rate will usually revert back to the bank’s standard variable rate unless stated otherwise in your loan contract. The benefit of a fixed home loan is you know exactly how much your repayments will be each month and your rate won’t change during the fixed period. The main disadvantages are that fixed home loan rates are usually a bit higher than variable rate loans. They can have higher set up fees and break costs and banks will usually limit how much you can pay off your loan in a year. Variable rate loans are often lower than fixed rate loans. Variable interest rates can change at the bank’s discretion. If the rate rises, so will your repayments which may affect your budgeting and saving. Conversely, if the rate decreases, your repayments will reduce. This gives you an opportunity to pay the loan off quicker if you keep your repayments the same. Use our loan repayment calculator to see the difference in repayments would be with the two different types of loans’ interest rates. Choosing a Home Loan Based On the Features You Are Looking For Choosing a home loan is all about considering your current situation and making an educated decision as to whether the loan set up will suit you long term. A fixed rate home loan is great for fixed repayments that won’t change during the specified term. However if you want to pay off more than the minimum monthly repayment and make lump sum repayments where you can, it may not be the best choice. Considering additional features such as a redraw facility or an offset account are great ways to make your savings reduce the interest charged on your home loan and to pay it off quicker. You can compare our home loans and their comparison rates by viewing our home loan comparison table. We also have a range of mortgage calculators you can use to get an idea of what your repayments may be. Frequently Asked Questions How much can I borrow? The total amount you can borrow will be dependent on a number of factors such as income, expenses and existing debts. Use our borrowing power calculator to get started. What will my repayments be? Your repayment amount will depend on how much you borrow from us, your interest rate, and how often you make repayments. Use our repayment calculator to get started. How do you refinance a home loan? If you have your home loan with another lender and would like to refinance to Horizon Bank, check out our article on refinancing or get in touch with any questions. If you’re looking for a Home Loan, but not sure where to start, get in touch with the friendly team at Horizon Bank today and let us help you on your journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

As property loans are usually a long term commitment, you need to ensure you have a strategy in mind that places you in a good position to repay that loan. Let’s look at a few key topics to consider in your home buying strategy. Factors affecting the property market Education about the property market is key. There are trends where house prices rise and fall, thus having a sellers versus a buyers' market. If you're in a position to monitor house prices over a period of time this will help you buy at an advantageous time. Factors such as interest rates, economic growth, mortgage availability (or credit growth), supply and demand are all relevant to the Australian housing market. For example, lower interest rates encourages borrowing while a high supply of housing will see a fall in prices. How do you find the right property? Follow the process of questions to ask yourself to help you find the right property. What's your purpose for buying property? E.g. are you after a home to live in or an investment property? Where do I want to buy? Your purpose for buying property will help you answer this question. If you are looking for a family home for example, a property close to shops, schools and transport could be beneficial. When do I want to buy? If you want to buy a home in the next 6-12 months, now is a good time to set up a savings plan and start growing your deposit. How much can I borrow? Using our borrowing power calculator will give you an idea of your borrowing capacity. What will my repayments be? After looking at the prices of a few properties you’re interested in, use our home loan repayment calculator to work out what your repayments will be. Researching location and price is important, but there are other things you should consider such as the cost of land rates in the area, any major scheduled works on infrastructure and local council plans for the area. How do you find and apply for a Home Loan? The home loan and lending market is highly competitive, with many features that make repaying and managing your loan easy. For an easy home buying process, you can apply for home loan pre-approval. Pre-approval gives you two months to go property hunting. It's important to find the right loan based on your needs. Again, answering the first question above will tell you whether you need a home loan or investment loan. From here, you can choose a fixed or variable rate loan with principle and interest or interest only repayments. (Interest only repayments can only be used for investment loans or for short-term bridging loans). Speaking to an experienced lender is the best way to find the right home loan for you. How do you manage a Home Loan once you buy your home? Managing your loan via Online Banking is an easy way to stay in control of your repayments. We can setup automatic loan repayments, so you'll avoid being in arrears.  Regular weekly or fortnightly repayments could give you extra savings in your home loan that you can redraw on later (if your home loan has a redraw facility) these savings will also minimise the interest you incur. View our range of home loans to get started. Alternatively, you may choose to have an Offset account. You can deposit your pay and savings into the account and the balance is then offset against the amount owing on your loan. For example if you have a property loan of $200,000 and $25,000 in your offset account; in this situation, you’ll only be charged interest on a loan balance of $175,000 ($200,000 - $25,000). No matter whether you're planning on buying your first home, new home or investment property, we're here to help. Get in touch with the friendly team at Horizon Bank today and let us assist you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Should I sell or renovate my house? If you've been thinking about making a change to your living situation, there is much to consider such as time, money and the needs of a growing or downsizing family. Beautifully styled homes on social media are often attention-grabbing and leave us wondering how we can implement these ideas in our own homes. Renovating homes has increased in popularity due to the rise of reality TV shows such as The Block and Selling Houses Australia. The availability of inexpensive materials and DIY videos has also seen many people taking it upon themselves to make home improvements. In this article, we'll compare the pros and cons of renovating versus selling your home. So, if you find yourself faced with the decision to sell up or renovate, you can decide on the best strategy that will suit your circumstances. What's your best option? Pros To Renovating your current home Rather than selling up, many homeowners decide to renovate instead. One of the main reasons is because of the many costs associated with buying and selling real estate – advertising, stamp duty and sales commission to name a few. Carrying out renovations on your existing home comes with some real advantages. Renovating allows you to: Increase the value of your home – quality renovations are often an effective way to add value to your home and potentially sell it for a larger profit later down the track. Boosting rental income – If you're looking to rent out your home, minor renovations can be a good way of increasing rental income. Talk to a local real estate agent to get their view on how your property could be improved. Ask what renters are looking for in the area to give you an idea of how to increase your property's rental appeal. Improve the functionality and comfort of the home – this is especially true if you are widening rooms, hallways, adding rooms and increasing storage spaces. This is the time to update all those things that are out of fashion or dysfunctional. Remain where you are – updating your current home can be a great way to modernise it and give you extra years enjoying your time living there, creating a family home that can be enjoyed for years to come. Lower energy costs – if you are renovating your kitchen, this can be achieved by upgrading to more efficient appliances. If you're considering renovating your home, check out our range of home loans that can be used for renovation costs. Or, if you already have a home loan with us, ask the lending specialist at your local branch about your options. Cons To Renovating your current home Time – a renovation project is often thought of as a job in itself. Will you have the time to manage the renovations or get a builder to see the job through completion? How many months will the build take, and will it suit your household to be living in discomfort for a while? On a separate note but not unrelated to time, you will need to do your research on what council permits and approvals will be required. Check your local council website as a starting point. You will most likely require a planning and building permit as a minimum. Budget – how much can you realistically afford to spend, and will you be able to include all the changes you want, or will you have to sacrifice something? These are all helpful questions that will assist you in deciding whether to go ahead or not. Check out our article on budget renovations for more tips.   Selling your property Allowing a real estate agent to do all the work for you in selling your property is an attractive choice. As the client of a real estate agent, they will set out to get you the best price available for your property. Additionally, selling your home is a great choice if you have built up considerable equity, or if there isn't enough room for renovations to substantially improve your living situation. Before you decide whether to sell your property, it's worth calculating what it could sell for. Checking home sales websites is a good place to start to see what similar properties have sold for in your area. Also, you can ask a real estate agent for a market evaluation too. After working out what your property is worth, you can then consider costs of selling including: marketing expenses stamp duty for the purchase of your next home real estate agent commission moving costs solicitor and legal fees finance At Horizon bank, we are here to help you with your home loan needs. Whether that's to renovate or buy a new home. Get in touch with our friendly team today and let's chat about your plans. We have branches conveniently located across the Illawarra, so you can speak to a local person. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.   The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Buying A Used Car? Read Our Tips Purchasing a new car should be a fun and exciting time, but it can quickly become stressful if you don't properly prepare. There are a few things to consider before you become the proud owner of your new set of wheels. In this post, we break down the top tips to keep in mind when buying a used car. What You Need To Consider When Buying A Used Car Set A Budget Set yourself an amount and stick to it! Be prepared to negotiate on price to keep within your budget and avoid overspending. Do your research on the make and model of the car you’re after to see what the going price is. If you need to take out a used car loan, you should factor repayments into your budget as well. Use our car loan repayment calculator to get an idea of what repayments will be. You can then use our budget calculator to see how car loan repayments will affect the money you have leftover. Speak with one of our experienced lending specialists about gaining pre-approval. This is a great way to know exactly how much you can afford. You can then shop with confidence at the dealerships or when negotiating with a private seller. Do Your Research If you’re buying a used car in NSW, check out car-buying sites online where you can select different makes, models, prices and set the location you’re looking to buy in. It is important to set a budget first so that online sites such as carsales.com.au or carsguide.com.au can help you get an idea of what vehicles are available within your price bracket. There’s a handy value guide to help you know what the value of a car is and how much you should pay. Be wary of cars that seem too cheap. If something appears too good to be true, it probably is. It may have issues that are not immediately visible. Doing an inspection yourself followed by an inspection at a mechanic is always a good idea. We’ll go into more detail about this in the next section. During your research, make a list of all upfront costs: Purchase price of the vehicle If applying for a used car loan, application fees and any other ongoing fees Registration if it's soon due for renewal CTP Green Slip if it's soon due for renewal Insurance cover New tyres if needed Mechanical service if needed Stamp duty – you can use the Revenue NSW stamp duty calculator for an estimate of how much it will cost to transfer the vehicle into your name.  Get A Pre-purchase Car Inspection If inspecting the car at a private sellers house, there are a few things you can look at yourself: Be sure to inspect the car during the day to clearly see any dents, marks or scratches. Check under the bonnet, and on the ground under the car looking for signs of any oil leaks. Check all tyres – including the spare – to make sure they still have tread and are wearing evenly. The low tread will mean new tyres upfront which will be an added cost. Looking inside the car, check to make sure the seatbelts work correctly and aren’t damaged, the front seats move properly and all switches and features work. A good tip is to start the car when the engine is cold, which can help reveal problems like poor starting or smoke which indicates engine wear. Taking the vehicle to a mechanic you trust is a good idea. They will be able to hoist the car up and properly check underneath as well as the engine function. This may come at a cost but you are better off knowing upfront if the car has issues, rather than forking out for costly repairs down the road. Test driving the car is another obvious way to gauge how it runs. Listening out for any odd engine noises is key, so turn the radio off. Other things to check are the handbrake, power steering, central locking and how easily the car shifts through gears. If possible, get on a highway to drive at a higher speed as well as driving slower around a neighbourhood. Drive up a hill to see how it handles going up a steep incline. Driving on a different surface such as gravel can also indicate how well the car handles off-road. Going over speed humps will help you test the suspension. Organise Insurance Cover A Compulsory Third Party Green Slip will need to be purchased when you buy your car. Take note of when the current CTP Green Slip policy ends, as you may need to factor this into your costs sooner if it is due for renewal. When shopping around for insurance policies, there is a wide range of cover options and inclusions that you can choose from to suit your needs and circumstances. Have your insurance begin from the date that ownership is transferred to your name. At Horizon Bank, we’re proud to offer our members a range of motor vehicle insurance cover through CGU insurance. We also offer CTP Green Slips through QBE. If you choose to take out a used car loan with us, we can organize the insurance cover for you during the loan process. There are lots of options to choose from when it comes to selecting and buying a used car. By doing your research and being prepared, you’ll be driving away happy in no time. For more helpful tips and info, check out our blog on when is the best time to buy a car. If you still have a few questions, we can help! Horizon Bank is here to assist with your car loan and insurance needs. Get in touch with our friendly team today and let’s talk about your used car plans. We have bank branches throughout the Illawarra and South Coast with convenient locations. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.The advice on this web page is general advice only and does not take into account your individual objectives, financial situation or needs ('your personal circumstances'). Before using this advice to decide whether to purchase or hold this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances. Horizon Bank ABN 66 087 650 173 acts under its own Australian Financial Services Licence (no. 240573) and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance (CGU). Backed by IAG. Insurance is issued by CGU. You can get a Product Disclosure Statement (PDS) for the products from any branch of Horizon Bank or CGU. You should consider the PDS in deciding whether to buy or hold the product.CTP Green Slip insurance (CTP) is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Horizon Bank (ABN 66 087 650, AFSL 240573) is authorised to distribute CTP as an agent of QBE and is remunerated by QBE. Please read your CTP policy for further information before purchasing CTP. Horizon Bank does not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure Statement.

What is debt consolidation? Debt consolidation is combining all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your personal finances. You typically do this by taking out a new personal loan to repay your other existing debts and then paying this new loan back over a set term. Debt consolidation may be a suitable option to help reduce the stress of multiple debts, repayments and interest rates. Paying off more than one debt at a time is not uncommon. Many households now have a mortgage, car loan and credit cards to juggle. However, if you're struggling to balance your debt repayments, debt consolidation may well be worth considering. To start, see if you can relate to the following scenario: A scenario that could lead to debt consolidation Here’s where you could benefit from debt consolidation: Let’s say you have a regular credit card, and you’ve also taken out a store card to buy a new fridge with 12 months interest-free. You decide to concentrate on paying off your credit card because you have a whole year before interest kicks in for the store card. Flash forward to the 12-month mark. Suddenly, your hot water system needs replacing and you’ve found out you need expensive dental work done. Unfortunately, your credit card is maxed out, and the store card for the fridge with its high interest has now been added to the repayments. One repayment’s due on the 15th of each month, another on the 30th. You’re finding it hard to meet your repayment obligations and are starting to wonder how you’ll manage. While these purchases can be justified and were affordable at the time, with unexpected emergencies things can get hard to handle. And when debt causes stress, it’s time to take back some control. How to consolidate debt Gather documents and information about all your debts In order to take control of your debt and get on top of your finances, it's essential to know how much debt you have. Log into your Online Banking or print out statements and review the following: How much do you owe on each debt? The interest rate you are paying on each debt What are the monthly fees on each debt? Any break costs Debt consolidation and refinancing Before consolidating your debts or refinancing existing loans, it's a good idea to compare the interest rate for the new loan (as well as the fees and other costs) against your current loans. Make sure you can afford the new loan repayments. Speaking to one of our lenders about your options is a great place to start. Things to consider: If the new loan will be more expensive than your current loans, it may not be worth it. Other costs, such as application fees and any other fees associated with securing your loan against your home or other assets. The term of the loan. While a lower interest rate will help loan repayments, a longer term could mean you pay more in interest and fees in the long run. Look for the comparison rate. This is the true cost of the loan, factoring in fees and other costs. Do consolidation loans hurt your credit score? Every application for a loan or credit is included in your credit report. A consolidation loan will not negatively impact your credit report if you make the repayments and avoid defaulting on those repayments. What is the best loan to consolidate debt? A personal loan is an ideal loan for debt consolidation. At Horizon Bank, our range of personal loans can be secured or unsecured depending on your individual circumstances. There are many options available; speak with one of our lenders to see what suits your financial needs. Taking out a personal loan can also help with your budgeting and money management. Whilst credit cards only require you to make minimum repayments, with a personal loan you’ll have to make set repayments that cover both the loan amount and interest, which you know will end at a certain date. The easiest way to do this is to set up a payment schedule. This will also encourage regular saving and discipline with your money. We can also help with making automatic repayments. Get the help you need If you're finding your debt difficult to manage, the earlier you take action the better. You can access financial counselling information from ASIC’s money smart website. Get in touch with the friendly local team at Horizon Bank today.  We're here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Not all banks were created equal. Which is why it’s important to know what banking services are offered so that you can decide on what is best for you based on your own personal finance needs. As a customer-owned bank, we have a range of banking services available for our members accompanied by personalised customer service to support those in our community. In this post, we highlight the key banking services we offer. Internet Banking Horizon Bank offers the latest online banking services for members. It is easy to register for Online Banking, not to mention free! Apply online or by phoning your local branch. You’ll be setup and can then log in with your member number and your own password. The best way to access online banking is from a desktop computer, however you can still log in using a tablet or iPad. We understand that our members need banking services that are flexible and accessible especially given the events of 2020. Manage your loans and accounts all in one place. If you need assistance, you can always contact us during business hours for help and support. Insurance We're pleased to offer our customers a range of insurances through CGU. Each insurance product provides a range of features with competitive premiums. The insurance products on offer include Home & Contents insurance, Motor Vehicle insurance, Farm insurance, Business and Commercial insurance, Caravan insurance, Boat insurance, Landlords insurance and Travel Insurance. We pride ourselves on offering our members a range of insurances all in one place. That is why you can also purchase a CTP Green Slip through QBE from us. We can provide quotes on insurance over the phone or in person at your local branch. Alternatively, get in touch with us online about an insurance quote. Loans At Horizon Bank, we have a range of loans including: Owner Occupied Loans Investment Loans New Car Loans Used Car Loans Personal Loans A low rate credit card Overdraft facilities We offer fixed home loans and variable home loans and investment loans. Any loan application can be completed online. Our lenders at each branch are happy to walk you through your application over the phone and will assist you at each stage of your application. Of course, you can always walk into a branch and speak with a lending specialist if you prefer a face to face consultation. We offer competitive rates and have a range of loans to suit anyone no matter what life stage you’re at. Being a local bank means all of our business operations stay local. You won’t be waiting weeks for loan approval, we can provide approval within a week allowing you to move quickly on that dream property you’re after. Check out these google reviews about our home loans. Savings Accounts If you’re wondering which type of bank account is best, we have an extensive range of Savings Accounts, including the Reward Saver, Cash Management, Horizon Direct, Christmas Club, Business savings and more! We have savings accounts for our young members, for members aged 55 and over, as well as term deposits that anyone can open to lock away larger sums of money. All savings accounts can be viewed through our Online Banking and the Horizon Bank app. This gives our members greater convenience to manage money on the go. As a customer-owned bank, our services are here to help you experience a higher level of personal banking. Get in touch with us today regarding any questions you may have about how we can help you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.The advice on this web page is general advice only and does not take into account your individual objectives, financial situation or needs ('your personal circumstances'). Before using this advice to decide whether to purchase or hold this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances. Horizon Bank ABN 66 087 650 173 acts under its own Australian Financial Services Licence (no. 240573) and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance (CGU). Backed by IAG. Insurance is issued by CGU. You can get a Product Disclosure Statement (PDS) for the products from any branch of Horizon Bank or CGU. You should consider the PDS in deciding whether to buy or hold the product.CTP Green Slip insurance (CTP) is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Horizon Bank (ABN 66 087 650, AFSL 240573) is authorised to distribute CTP as an agent of QBE and is remunerated by QBE. Please read your CTP policy for further information before purchasing CTP. Horizon Bank does not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure Statement.

If you are looking at purchasing a new or used car, it will pay off to do your research on what your car payments will be and when is the best time to buy. There are four key times in the year to seriously consider buying a car from a dealership. That is during the end of the financial year, at the beginning of the calendar year and at the end in December. These times will be better to buy due to a variety of reasons. We’ll explore these further in our latest post. End of Financial Year New car sales season typically hits in June with heavy advertising on TV and radio. This is driven by car brands and dealers keen to hit their targets and boost financial year sales figures. You might find that there will be a push to take out auto finance. Get all the information then compare their offer with a car loan from your bank first. The end of financial year is an opportune time to buy a car at a great price or negotiate for bonus additions such as an extended warranty, extra window tinting, alloy wheels or roof racks. This time of year also often works well for buyers wanting to buy a vehicle for business use, as they can then claim the tax advantage soon after making the purchase. At The End Of The Year Cars can spend up to three months out at sea before arriving in Australia. This can lead to an excess of cars towards the end of the year, with supply being difficult to manage; making December a good time to buy a new car. The end of the calendar year means that car dealers are trying to clear out current model-year stock. Dealerships become keen to sell cars built that year, because they become the previous year’s model, which becomes harder to sell and they want to make room for new car stock. Beginning Of A New Year Before the New Year begins take the time to look at your finances and use a car loan calculator to estimate your repayments on a car loan. This will help you decide if the repayments will fit in with your budget for the New Year. A car with the previous year’s build plate is traditionally much harder to shift the longer it remains at the dealership into the New Year. If you find out the build date of the vehicle you’re interested in you could apply a bit more pressure to have the price lowered. It is worth finding out to be sure you are not buying a ‘brand new’ car that has been in the showroom for a year, if nothing else. Unfortunately, buyers can’t realistically expect a current-year build in the initial weeks of the year. As a result, the plate clearance deals can get even better early in the year. This is why it can pay off to ride out the End of Year sales and buy your new car during the early-year plate clearance sales. When Car Loan Rates Drop Keeping an eye on interest rates is a great way to save yourself money in the long term. When you apply for a loan With Horizon Bank, you can take advantage of a low variable rate car loan or a five year fixed rate car loan. We also offer flexible loan features such as no penalty for early repayments and free redraw with no minimum amount required. At Horizon bank, we can help you with your car finance for new or used cars. Get in touch with us today to learn more about our products and services. Need more convincing? Check out our 5 star reviews on Google. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Are you in the market for a used car? There is a lot to consider just as with any major purchase, such as where to buy your used car from and how much you want to spend. In this post we look at the considerations you need to make before deciding on applying for a used car loan. We’ll also discuss how to go about applying for a used car loan and the benefits of having one. Let’s begin with the following considerations before buying Your budget. Working out how much you can afford to spend is the first step before you go looking. Using valuation sites like Red Book will guide you on the value of any cars you’re interested in. Your needs. What will you use the car for? A growing family may mean a bigger car, or a smaller first car might be more useful for someone to practice driving. Safety & Security. What safety and security features do you want your car to have? Newer used cars may have better safety ratings so it is important to do your research. Insurance and green slip costs. We require car loan customers to have their vehicle comprehensively insured. You can visit our page on car insurance for more information. We also offer CTP Green Slips. Environmental impact. You can check the car's fuel consumption and emissions rating by using the Australian Government Green Vehicle Guide. Dealer, auction or private sale? Decide where and how you want to buy a used car. Regulations. There are a number of checks and reports you can access when buying and selling used cars. More information on the Service NSW website.  Money owed: It’s a good idea to check if there is money owing on the car. See the PPSR website for more information. Applying for a used Car Loan - Get pre-approval It is important to ensure you know how much you can afford. Use our car loan repayment calculator to estimate how much repayments will cost you. Securing pre-approval before buying a car is a great way to know how much you can borrow. Our used car loans have a loan period of up to five years. Speak with one of our lenders about extra loan features such as paying off your loan early and redraw facilities. They’ll also talk to you about taking advantage of our competitive rate. You can view our used car loan rate here. We also have a guide on frequently asked questions for our car loans. Secured or Unsecured? To put simply, when you take out a secured loan, you are offering up something as collateral should you be unable to repay your loan. You can secure your used car loan with a vehicle, savings or even your mortgage, subject to eligibility criteria. You may have the option to take out an unsecured loan for your used car, but you may be repaying it at a higher interest rate than a secured loan. Benefits of a used car loan Flexible repayment options Having a used car loan will allow you to make repayments to suit your budget and income. Having the flexibility to pay weekly, fortnightly or monthly will help you manage your expenses. You can use our budget pay calculator to see how your used car loan repayments will fit in with your expenses and affect your savings ability. Instill money management habits If a used car loan is your first experience with repaying a loan, it will require disciplined saving and money management. You must make regular repayments to avoid falling behind, which will force you to prioritise your spending. Building your credit report Getting a used car loan helps you build a credit report. This can be very helpful when applying for other loans in the future. You can read more about credit reports on our website. Speak to one of our lenders before applying to determine eligibility, as applications for credit that are denied are recorded on your credit profile. If you’re looking for a Used Car Loan, get in touch with us today. We’re here to make the process easy and provide a great experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

What does it mean to have equity in your home? Equity is the difference between the current market value of your home, and what you still owe on it. Equity in your home can help you achieve your property goals. How do you calculate total equity? You can use a simple formula to work out the equity in your home. You will need a property valuation for an accurate figure, but if you know the current market value of your home, you can minus what you owe on your home from that value: Example: $680,000 (market value) - $300,000 (mortgage balance) = Equity of $380,000. Note: You can borrow up to 80% of the property value. If you need to borrow more, you will have to pay lenders mortgage insurance. A property valuation is an important factor in determining equity, and therefore your ability to purchase another property. How to build equity in your home Your equity increases when your property value goes up, and your mortgage balance reduces. Tips for building equity include:  Making renovations and improvements to your home to increase its value.  Making larger mortgage repayments.  Saving money by opening an offset account, so your savings are offset against your loan balance, reducing the interest paid on your loan. Using equity – how does it work? After gaining a property valuation, (we will organise this for you) and assessing your ability to repay an investment loan, once approved we will take security over your home and your investment property. Depending on your situation, you may be able to borrow against the equity and take on an additional loan, or increase the loan you have currently. What additional factors do I need to keep in mind? Borrowing against the equity in your home is not always guaranteed. A lender will take into account a number of things, including your income, existing debts and whether you have dependent children. As with any property, the purchase price is only one component of the upfront and ongoing costs you’ll need to pay. Stamp duty, legal and conveyancing fees, and building, pest and strata inspection reports, can all be applicable and will need to be budgeted for when you do your pre-planning. Things to consider  How much will loan repayments increase by and can you afford them? Use our budgeting calculator to find out.   Do you have the savings to accommodate for government and additional costs?  Who will manage your investment property and what rent will you charge?   Are you across the legal obligations that apply to landlords?   Will you be eligible for tax deductions?   Be aware of any restrictions on your home loan that can prevent you from making additional repayments or accessing the equity in your home.  Talk to a Horizon Bank lending specialist today about how you could use equity for your next property venture. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.  The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.