18- Wednesday, December 16, 1998 ~ North Shore News - SYDNEY, ‘Australia —_ What a great ' Christmas gift idea (at “least in households like * ours): a way to pay off your mortgage faster. Sharon and Linton Gale’: have taken out.a super-flexi- ble home loan that allows “them to deposit their full ‘cheques every payday against : their debt (instead of putting . the money into a savings or: - chequing account paying vir- tually no interest). They then withdraw funds only as needed and “can ‘avoid ‘pensive credit card balances. “When we got into the “loan: we calculated with “tight budgeting we could pay it'off'in eight years,” -said Mrs, Linton. “Bur now awe think we can do it more quickly than that.” north shore news The. $100,000 mortgage at 7% with the standard 25- year payoff would cost $110,000 in interest. But an cight-year payoff saves an amazing $80,606 of that interest bill. ; “Repayments are very flexible,” said David Tunniclifte, a Canadian who “headr.personal banking for the HongkongBank of * Australia, Like many other > financial institutions here, it has been‘ promoting these mortgage plans.. George ... Kowalski - was appointed manager of interna- tional marketing and harbour, ochasing. 0-0 3) 8 repairs, - He will be responsible for - developing relationships with Washington Marine Group customers and. their :. fleet “operations as well as with international agents. © ' “Kowalski previously ‘worked: ‘with ° the Vancouver Shipyards “and Dome Petroleum. Also joining the’ company’ ; is’ Gerry. Dempsey, who, will ake on the tale of ‘manager of. supp! Inthe. position, : B cmpsey, ‘will provide: expertise in pur-: _ chasing and materials manage to’ all’: Washington wn Maric Group ‘ companies, Previously, : Dempsey " — @ BUSINESS “As Jong as the customer pays the home loan intcrest each year, funds may be withdrawn for personal, investment or business pur- poses.” And that’s the dark side to this “gift”: If you quickly borrow back the moncy every month, the lender — rather than you — will get. all the benefit. Also, you pay a slightly higher rate for the added flexibility. Most financial institutions allow customers to borrow against their mortgage line of credit by writing a ; cheque, withdrawing cash ~ and using a credit card whose monthly bill is auto- “matically debited to the: mortgage. “But when you pay your credit card account in full, you can have up to 55 days “interest-free,” said’ - worked at Canadian Airlines where he was in’ charge’ of commercial and technical pur- The ‘Washington. Marine : Group is an‘ association: of © Washington Companies in- volved primarily in coastal arid. deep sca transportation, ship repair and ship building. Itvincludes Cates, Norsk Pacific, Seaspan International and -Vancouver.: Shipyards among others. see “The British Columbia’ Ministry of Attorney General has released a. fist of 1998's ‘op ten'scams. They ares... 8 pyramid schemes; forcign lotteries; bogus chariti Ls Quebec telemarketers; 1 Tunnicliffe; who returns to Canada in a couple of weeks as_senior vice-president and main branch manager of the HongkongBank of Canada. “1 will provide information on these products to our marketing department.” Several places in Canada either offer such financing arrangements or:might set up something similar if you ask. But if you are likely to borrow back most or all of your payment every month, stay with the usual fixed-pay- ment mortgage. A 15-year or 20-year, instead of the standard 25- "year, amortization could still save.you up to tens of thou- sands of dollars in interest. Copyright 1998 Mike Grenby Mike Grenby is a “columnist and independent - personal financial adviser; he'll answer questions in this B home reviovators; @ Florida timeshare travel promotions," a phoney, directories and: invoices; - a. bogus employment oppor: tunities; a bogus ‘modelling and talent. agencies and @ junk mail and faxes. oy Anyone suspecting they” may have, been the victim of’ any of these can ‘contact the” Better. Business . Bureau ‘at’ 682: 22711 for nore informa- : Robert: Gaister. Nort “; Shore business groups and indi viduals wishing to submit items: to Business Briefs can fax them (oto the. attention: of. Robert “Galster_at 985-2104, or via ¢ miail to . For the Adventurer ~ columwus spice allows but ‘cannot reply persenally — contact him at P.O. Box 50029, South Slape RPO, Burnaby, B.C. V5] 5G3; e- mail mike@grenby.com and see previous columns at Mike's website, cappmgrenty.con>., : Martins Maio 3 Vict ORINOX® : Ail Swiss Army 20% off MOORCROFT POTTERY , 1637 Lonsdale Ave. 1730 Marine Or. Horch fancouver West Vancouver “Fine Native - Jewellery: “Wedding:and "Engagement Rings, “STERLING SILVER”, o Wotr Baactiet™ AA West 3rd Street, North Vancouver f 4 The ‘Auxiliary to ions Gate Hospital The Auxiliary t 16. Lions ‘Gate “Hospital would’ like ‘to thin : ‘North Shore - Community for its , SUppol Your: donations tq’ our, ! auxiliary and to our Thrift Shop, as-well’as your pure ase in the ated. ?. : of -patient, lounges and ‘he vali urchasing ofan ophthalmic laser, a cel counie Ver 5 ttltrasound unity” patient bedsi _ other hospital eauipme nt: “Judy, Snow *Joan Andrews eannine McDonel]