News
Coronavirus Plan For Your Family
We need to act now! It’s clear that the government’s response has been insufficient and that we’re going to face significant health, social and economic disasters. By acting now you can reduce the impact of coronavirus on your family and society. You should work on...
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Coronavirus Fears Puts Cash Rate To A Historic Low
The Reserve Bank of Australia (RBA) has decided to lower the cash rate by 25 basis points to 0.50%, and the biggest impetus for this decision was the global coronavirus outbreak. In the past, while small lenders and neo lenders were quick to pass on the rate cut, even major banks...
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Credit Reporting Code Amended: Big Win For Consumers
Tens of thousands of Australians whose credit ratings have been unfairly impacted by civil court actions such as court writs, summons, and judgments can breathe a sigh of relief. The Office of the Australian Information Commissioner (OIAC) approved changes to the Credit Reporting...
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bookmarkTags: Credit file, Credit Reporting Code
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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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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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
