News
NAB In, Westpac Out Of The First Home Buyer Scheme
The NHFIC announced NAB as the first major bank that will be offering home loans under the federal government’s First Home Loan Deposit Scheme. The scheme allows first home buyers (FHB) to qualify for a home loan with a deposit as low as 5% and pay no Lenders Mortgage Insurance...
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bookmarkTags: first home loan deposit scheme, first time home buyer
Should Banks Automatically Adjust Home Loan Repayments?
93% of home loan borrowers are making more than the minimum home loan repayments off the back of cash rate cuts by the RBA. This is because currently, banks do not automatically adjust repayments. Basically, if a customer is paying P&I (principal and interest) then when...
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bookmarkTags: home loan repayment, repayment
RBA Says: Expect An Extended Period Of Low Interest Rates
Great news for borrowers! The Reserve Bank of Australia’s Governor Philip Lowe says that the cash rate will stay low for the long term. In its 4 September meeting, the RBA has decided to keep the cash rate unchanged at 1%, which means that borrowers can enjoy a longer period...
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bookmarkTags: cash rate, fixed interest rates, Interest Rates, RBA, variable interest rates
Borrowing Power Changes: How Much More Can I Borrow?
This month APRA (Australian Prudential Regulation Authority) has removed rules for the banks about how they calculate borrowing power. As a result, borrowing power has increased by as much as 15 per cent. Who are the winners? Home buyers have seen their borrowing power increase...
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bookmarkTags: APRA, Assessment rate, Borrowing power, Home Loan
RBA Slashes Cash Rate Again – Is Your Lender Passing On The Full Rate Cut?
The Reserve Bank of Australia (RBA) slashed the cash rate once again by 0.25% – taking the already low cash rate to its new historic low of 1.00%. Relatively, fewer banks are passing on the full rate cut compared to RBA’s rate cut in June. Who passed on the full rate...
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bookmarkTags: cash rate, Interest Rates, RBA, Refinance
Home Loan Experts Wins Australia’s Top Mortgage Broking Office Award
The Australian Broking Awards is the night of nights for brokers, brokerages, aggregators and mortgage industry leaders. The awards are judged by a panel of leading industry experts and competing in the awards are some of Australia’s best brokerages. On Friday night, we were...
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bookmarkTags: Australian Broking Awards, Home Loan, Mortgage Broker
New Assessment Rate: How Much More Can I Borrow?
In an open letter to the banks, APRA (Australian Prudential Regulation Authority) has proposed amending their guidelines to allow banks to determine their own assessment rate. This will substantially increase the maximum borrowing power of many home loan borrowers. We responded...
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bookmarkTags: APRA, Borrowing power, Refinance
RBA Rate Cut: Is Your Lender Passing On The Full Rate Cut?
With home loan interest rates at record lows already, RBA officially cut the cash rate by 0.25% to just 1.25% p.a. – the lowest it has ever been. While many lenders are passing on the full rate cut to their standard variable rate home loan customers, however, not all lenders...
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bookmarkTags: Government, Rate cut, Refinance, Variable Rate
News: Is ScoMo’s First Home Buyer Scheme Any Good?
The Government has announced a new first home buyer scheme just days out from the Federal Election. So how does it stack up in improving housing affordability? How it works If you have saved at least 5% of the property value as a deposit, the Government will guarantee up to 15%...
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bookmarkTags: Deposit, First home Buyer, Government
WATCH: Investment Loans, Rates And SMSF Borrowing
WATCH: Home Loan Experts managing director Otto Dargan speaks with Your Money about investment loans, interest rates and borrowing for your SMSF. Rates are lower but investment lending is still tight The Australian Prudential Regulation Authority (APRA) removed the cap on...
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