At i ts meeting today, the Board decided to
Drop the cash rate to a record low 0.5%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
The coronavirus outbreak is having a significant effect on the Australian economy!
I will keep you posted on developments from the lenders, over the coming week via our facebook page.
February, 2020
At its meeting today, the Board decided to Leave cash rate on hold at 0.75%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
Welcome to the first email of 2020. I trust you all had a wonderful Christmas season, and those that have children, have all settled into the school year!
There has been some exciting news for First Home Buyers, with the introduction of the First Home Loan Deposit Scheme.
It allows first home buyers to purchase a property with the government providing a guarantee, avoiding thousands of dollars in mortgage insurance. First Home Buyers only need a minimum deposit of 5% of the purchase price. The Grant rolled out on the 1st January – initially with CBA & NAB, but from 1st Feb, there was a new roll out which included other regional lenders with 7,000 places becoming available.
From 1 July there will be a further 10,000 places available.
If you know someone that is a First Home Buyer, please feel free to share this email, and ask them to contact us and let us show them how to get into their first home sooner!
Until next time …….
November 2019
At its meeting today, the Board decided to
LEAVE THE CASH RATE ON HOLD AT 0.75%
The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE
With interest rates at an all-time low, and lenders offering rates in the high 2%, (for owner occupied loans) this is a great time to check your home loan statement and see what your current interest rate is. Even though interest rates have dropped, I urge you to see if your home loan is still competitive. Some lenders are even offering cash back offers to refinance with them.
This also applies to investment loans. They aren’t as sharp as the owner-occupied loan, but there are some great rates available.
So why not drop me a line and tell me what your current interest rate is!
At its meeting today, the Board decided to
DROP THE CASH RATE TO 0.75%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
I will keep you posted on developments from the lenders, over the coming week.
There are big changes to how your credit rating is calculated which are taking effect, with lenders able to access more information about your credit history than ever before.
We all need to borrow money at some point, so I encourage you to read the below article so you are aware how it may impact you.
Read the full article here
At its meeting today, the Board decided to
Leave the cash rate on hold at 1.00%
The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE
With two rate cuts already this year, do you know what this means for your home loan?
According to research by Canstar –
31% of borrowers knew that their home loan rate had decreased but didn’t know by how much.
14% said their lender had not reduced their home loan interest rate,
9% said they were not aware the cash rate had been cut at all!
The rest surveyed knew their lender had lowered their home loan interest rate and was aware how much the rate had changed! (Hopefully it was all my clients 😉)
If you don’t know what your interest rate is or whether it is competitive in todays market, please call/email me as you need to take advantage of the record low interest rates. Switching from the average variable rate of 4.03% to the lowest in the market could mean an interest saving of over $91,000 over the life of a $400,000 loan.
August 2019
At its meeting today, the Board decided to
LEAVE THE CASH RATE ON HOLD AT 1.00%
The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE
Over the past 2 months we have seen the RBA lower the cash rate, and hopefully you have now seen that filter through to your monthly repayment being lowered.
Some great news that has also happened over the past month, has been the lowering of the servicability rate from 7.25% to between 5.25%-5.75% (depending on lenders).
This will improve your ability to borrow, so if you have spoken to me over the past year, and didn’t like what you heard, please touch base with me again to see how the lower serviceability rate improves your borrowings.
July 2019
At its meeting today, the Board decided to
REDUCE THE CASH RATE FOR THE SECOND MONTH IN A ROW TO 1.00%
The Governor of the RBA, Philip Lowe’s statement is available in full CLICK HERE
With the end of another financial year, comes tax time…so this is when we round up all our income and expenses, and visit our Accountants.
What a great time to review your financial health and create financial stability by creating a budget.
Building a budget is the act of combining your income and expenses so that you can decide how much money you are going to spend on one item, how much on another, and so on – before you spend the money. It won’t be too difficult to create a budget, but it will be very difficult to stick with one. Just remember, you can do it!
Quite simply, a budget is a realistic financial plan, which you put together based on your income, expenses, and goals. Be realistic. It won’t take long to figure out that if you budget $500 per month for food, but actually spend $850 a month on a regular basis, your budget won’t work for very long.
Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses and the feeling of guilt that goes along with spending money you don’t have when you pull out your credit card. Build a budget and take back your financial freedom!
If you would like our Budget planner, send us an email and we will be happy to forward it to you!
What a great way to keep the same home loan repayment, whilst interest rates are on the way down, so you can pay off your home loan sooner!
Like us on Facebook, and share with your family and friends for regular updates, hints, tips and useful information.
Until next time…..
June, 2019
At its meeting today, the Board decided to drop the cash rate to 1.25%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
The Board took this decision to support employment growth and provide greater confidence that inflatiion will be consistent with the medium-term target.
The last decrease to the Cash Rate was in August 2016.
I will keep you posted on developments from the lenders, over the coming week.
May, 2019
At its meeting today, the Board decided to leave the Cash Rate on Hold at 1.5%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
With the softening of the Property Market and Government grants, we have seen the return of the First Home Buyer being able to enter the market.
If you have a son or daughter, or friends wanting to get into the market, and don’t know where to begin, please send them our way. With years of experience, we help the first home buyer through the steps of purchasing their first home, which usually can be very daunting.
Just see one of our testimonials –
Thank you so much to Pauline for her patience and diligence in finding a suitable home loan product and working with me to finalise my home loan.
Pauline was always there to talk to and to provide any information required, in addition to assisting to make the administrative process easier.
I would have no hesitate in recommending Pauline to anyone looking for a professional, yet friendly partner in finding the right mortgage product. FW.
Until next email….
February, 2019
At its meeting today, the Board decided to
LEAVE THE cash RATE ON HOLD AT 1.5%
The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE
Welcome to the first email of 2019. I trust you all had a wonderful Christmas season, and those that have children, have all settled into the school year!
So yesterday was the release of the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
We believe it has been a huge set back for the broker channel and Customers.
The recommendations on mortgage brokers represent a huge win for the Big Four banks.
Destroying the viability of the mortgage broker channel would immediately reduce competition and drive customers back into the branches of the banks with the largest branch networks.
MFAA CEO Mike Felton said these recommendations did not represent a good outcome for consumers.
“These policy recommendations are effectively a new multi-thousand-dollar tax on borrowing. They will put the broker channel at severe risk, damaging competition and access to credit and entrench bank power,” Mr Felton said.
“As reviews by ASIC, the ABA and the Productivity Commission have found, brokers drive competition by providing a shopfront for smaller lenders, particularly for rural and regional customers. We are critical to the health of Australia’s mortgage lending market.
“I fail to see how decimating the broker channel, leaving Australians with a handful of lenders to choose from, is good for competition, or good for customers,” Mr Felton said.
Let’s see what will unfold from this Final Report in the coming months!