Loans Only

09/12/2020

A report collated by the Australian Competition and Consumer Commission (ACCC) found that, as at September 2020, borrowers with home loans between three and five years old paid on average about 58 basis points more than the average interest rate paid for new loans.

This is leaving a borrower with a $250,000 mortgage $1,400 a year worse off due to the higher cost of interest.

Aussies who are on older mortgages are being advised that simply switching to a better rate could see them pocket thousands of dollars over the life of a loan.

02/12/2020

Since the introduction of comprehensive credit reporting, it matters when you pay your bills. Now your credit score is based on both positive and negative information about your credit history.

Since the introduction of comprehensive credit reporting, it matters when you pay your bills. Now your credit score is based on both positive and negative information about your credit history.

01/12/2020

Cash rate remains unchanged!

The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 0.10 per cent.

As mentioned in Governor Philip Lowe’s official statement, “In Australia, the economic recovery is under way and recent data have generally been better than expected. This is good news, but the recovery is still expected to be uneven and drawn out and it remains dependent on significant policy support.”

“For its part, the Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. For this to occur, wages growth will have to be materially higher than it is currently. This will require significant gains in employment and a return to a tight labour market. Given the outlook, the Board is not expecting to increase the cash rate for at least 3 years.”

What does this all mean? Essentially, the RBA is committed to keep funding costs low, meaning now is the time to get a better deal on your existing or future loan.

Get in touch today to see if you can benefit from this unprecedented low cash rate!

01/11/2020

While we’ve all heard of a credit score — and all have one — there’s a lot of confusion around what actually affects our credit rating.

We list the good and bad habits and behaviours that can affect your credit score as well as the consequences of both! | Financy

30/10/2020

Will they, won’t they
The RBA has cut the cash rate by 1.25 per cent since June 2019. The banks have passed 0.86 per cent on average to existing customers.

Let's see what happens after Tuesday next week!

The guardpost used by banks to set interest rates for mortgages could drop to a never before seen low, putting pressure on the big four banks to pass the savings onto homeowners.

25/08/2020

Millions In Stamp Duty Savings For First Home Buyers!

The Victorian Government is helping more people buy their dream home, with thousands of first home buyers spared millions of dollars in stamp duty costs...