AMB Finance

24/07/2026

Offset account vs redraw — they're not the same thing

Offset account: a savings account linked to your mortgage. Every dollar in it reduces the interest you pay — without reducing your loan balance. You can withdraw freely.

Redraw facility: lets you access extra repayments you've made above the minimum. The money reduces your loan balance, which is great for interest — but access can be slower and some lenders charge fees.

Which is better? Offset accounts give you more flexibility and are generally preferred for people who want to park savings efficiently. Redraw is fine for set-and-forget extra repayments.
Not all loans include an offset account — worth checking before you sign. 💡

23/07/2026

3 things to do 6 months before you apply for a home loan

1. Check your credit report — free at annualcreditreport or through Equifax/Illion. Fix any errors now, not on application day.

2. Reduce your credit card limits — even cards you don't use affect how much a bank will lend you.

3. Avoid new debt — car loans, personal loans, and BNPL (Afterpay, Zip) all reduce borrowing power. Give yourself a clean run-up.

These three things take a few hours and can meaningfully change your borrowing power. Worth doing early rather than scrambling at application time.

22/07/2026

What is LMI — and when can you avoid it?

Lenders Mortgage Insurance (LMI) is a one-off premium you pay when your deposit is less than 20% of the property value. It protects the lender — not you — if you default on the loan.
How much? Roughly $5,000–$30,000+ depending on the loan size and deposit amount.

Ways to avoid it:
• Save a 20%+ deposit (the standard way)
• Use the First Home Guarantee (5% deposit, government guarantees 15%)
• Have a guarantor — a parent or family member uses equity in their property
• Some professions qualify for LMI waivers — doctors, lawyers, accountants

LMI isn't always the end of the world — sometimes paying it to buy 2 years earlier makes financial sense depending on price growth. It's worth modelling both scenarios. 📊

Call now to connect with business.

21/07/2026

Why the comparison rate matters more than the advertised rate
Banks advertise their lowest interest rate.

The comparison rate tells you what the loan actually costs when you include fees.
Example: a loan advertised at 5.89% might have a comparison rate of 6.12% once you add annual fees, monthly fees, and other charges.

The rule: always compare loans on the comparison rate — not the headline rate. A slightly higher rate with no fees can be cheaper over the life of a loan than a lower rate with $400 in annual fees.

This is one of the most common traps when people shop for loans online without comparing properly. 👀

Call now to connect with business.

17/07/2026

Fixing your interest rate locks in certainty — but it comes with trade-offs
Thinking about fixing your rate? A few things to know:

✅ Pro: Repayments are predictable — great for budgeting
✅ Pro: Protection if rates rise during the fixed period
❌ Con: Break costs can be significant if you want to exit early
❌ Con: You miss out if rates drop during the fixed period
❌ Con: Limited or no offset account functionality on most fixed loans

A split loan (part fixed, part variable) is a middle ground worth exploring if you want some certainty without locking everything in.

Thinking about fixing? We're happy to talk through what makes sense for your situation. 💬

16/07/2026

What actually happens on settlement day?

Settlement is the day the property legally becomes yours. Here's what happens behind the scenes:
• Your bank transfers the loan funds to the seller's bank
• The balance of the purchase price is paid (deposit already held in trust)

• The title is transferred into your name
• Your conveyancer and the seller's conveyancer exchange documents
• You get the keys

The whole thing usually takes a few hours — and in most states it now happens electronically through a platform called PEXA. You don't need to be in a room.

The most common settlement day issue? Funds not being in the right account in time. Your broker and conveyancer will walk you through avoiding that.

Call now to connect with business.

15/07/2026

Your credit card limit is hurting your borrowing power — even if the balance is $0

A $10,000 credit card limit can reduce what a bank will lend you by $40,000–$50,000.

That's because lenders assume you could spend up to the limit at any point — so they build that repayment into their calculations, whether or not you're using the card.
Quick fix: reduce your credit card limits or cancel cards you don't actually need before applying for a home loan.

Has this caught anyone off guard? Drop a comment

06/05/2026

Another rate rise is here 📈

The RBA has increased interest rates again, and most lenders are expected to follow suit.

If you have a home loan, this could mean higher repayments in the coming weeks. Now is a great time to check:

✅ Are you still on a competitive rate?
✅ Is your loan structure still right for you?
✅ Could refinancing save you money?

Even small changes in interest rates can make a big difference over time.

If you’d like a quick review of your current loan or want to understand your options, send us a message.

21/04/2026

Do you know your current home loan rate?

Many people haven’t reviewed their loan in years — and could be paying more than they need to.

If you’d like a quick rate check or second opinion, feel free to get in touch. We’re more than happy to help.

📞 0410 190 484
📧 [email protected]

Call now to connect with business.

04/07/2023

Reserve Bank keeps rates on hold for July, but more hikes could be coming