MENTOR1 LENDING

07/06/2022

The Reserve Bank today decided to increase the cash rate, by 0.50% to 0.85%. The RBA has made the decision to increase rates primarily as a lever to return inflation to its target levels, which is currently sitting higher than target at 5.1%.

Wage growth is currently at 2.4%, which in real terms is -2.7% (inflation less wages growth). This means that Australian workers would be increasingly worse off if inflation is not reigned in.

Lenders can set rates independently of RBA movements and their responses to this rate hike may vary. Our team deal with multiple lenders every day, so we know just how flexible they can be to keep or win your business. It never hurts to ask the question, so get in touch to review your options.

Contact us on 1300 765 811 or email [email protected]

Pic: RealEstate.com

12/05/2022

Good luck Spencer! 🥇

31/03/2022

2022 Federal Budget Analysis

Watch the 2022 Federal Budget wrap-up with Jenneke Mills from MLC Technical. Jenneke will step through key announcements, outcomes and opportunities.

23/03/2022

Mentor1 is proudly sponsoring Leon Phillips, one of our senior financial advisors, and Cameron Smith, who are setting off on this adventure to help raise funds for cancer research.

We wish them success in their venture and look forward to hearing their tales.

If you would like to contribute to this worthy cause please see the donation link in the newsletter, we know Leon and Cameron appreciate every cent.

Go "Team Send it"!

01/03/2022

As widely expected the RBA board confirmed that the official cash rate would again remain at 0.10%. With inflation now within its target band of 2-3%, markets have been speculating the RBA will increase rates as early as June this year.

The Central Bank will be closely monitoring for any signs of additional inflationary pressure. Particular focus will be on price rises due to commodity supply chain issues resulting from Russia's invasion of Ukraine and the flood disaster in Queensland and Northern NSW.

With record-low rates on hold for the moment, competitive terms are still available to borrowers who act now. I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business. It never hurts to ask the question, so get in touch to review your options.

Contact us on 1300 765 811 or [email protected]

Pic: RealEstate.com

18/11/2021

5 TIPS TO TAKE THE STRESS OUT OF SETTLEMENT DAY
1. Sort out your finances early
The best way to ensure a hassle-free settlement is to have the right people on your team. In terms of your finance, that means locking in a reputable mortgage broker (like me). Before you even start looking for a property, ask us to organise pre-approval on your finance. That way, you’ll have a solid understanding of how much a lender is likely to lend you. When you find the right property for your needs, we’ll walk you through the home loan application process, right through to settlement and beyond.
2. Find a good conveyancer
You’ll need a reliable conveyancer to oversee the complex legal requirements and paperwork involved in a property purchase. Among other tasks, your conveyancer will ensure there is enough time between the finance approval date and nominated settlement date.
3. Negotiate a date that suits you
Remember, the settlement date is negotiable. Even if you’re buying at auction and the settlement period is in the contract, you may be able to liaise with the seller’s agent to see if they would be open to a different date. The settlement period begins the day the contract is signed and is usually between 30 and 90 days. It needs to factor in adequate time for your finance to go through (check with us), searches to be undertaken and paperwork to be completed.
4. Be vigilant about the paperwork (and we will be too!)
Failing to return paperwork on time or forgetting to sign a page or tick a box can all delay loan approval. The same goes with paperwork for your conveyancer. Pay attention to detail when filling everything in and return paperwork as soon as possible to ensure things run smoothly.
5. Enjoy the journey
Buying a property is honestly one of life’s most rewarding and exciting experiences. Settlement day should be all about celebrating what you have accomplished, rather than worrying something will go wrong. By having the right professionals on your team to support you through the process, you can concentrate on the fun stuff – like planning your housewarming! You crack the champagne. We’ll do the rest. Get in touch today!

https://www.mentor1.com.au/lending/

Email us at [email protected] or phone us on 1300 765 811.

08/09/2021

WHAT IS A PRE-APPROVAL?
A home loan pre-approval (also known as conditional approval or approval in principle) is when a bank gives you an estimate of how much you can borrow.

HOW DO YOU GET A PRE-APPROVAL?
The process of getting a pre-approval involves lodging a home loan aplication with a bank who will check your finances and assess whether you will be able to repay a loan.

SHOULD I GET A PRE-APPROVAL?
A pre-approval is not compulsory: if you have found your dream home, you can apply to a bank without asking for a pre-approval. A pre-approval can be very useful when house hunting.

ADVANTAGES OF A PRE-APPROVAL?
1. Pre-approval lets you go to home inspections with a firmer understanding of how much you can afford to spend.
2. Pre-approval gives you the ability to make a serious offer on a home on the spot.
3. Pre-approval means you have done the legwork to secure finance and can speed up the process once the offer has been accepted.

HOW TO APPLY FOR A PRE-APPROVAL?
Our team at Mentor1 Lending can assist with your application for pre-approval. We will review your finances, including your income, household expenses, what assets you own and how much you owe. We will compare suitable banks and their products, such as variable vs fixed interest rates, ones with offset vs redraw.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: Pinterest

07/09/2021

USING A MORTGAGE BROKER IS THE SMART WAY TO GO

We provide real choice, looking to find you the right deal.

We work with multiple lenders, keeping competition alive.

We may negotiate a better outcome.

We help at a time and place that suits you.

We do the legwork for you.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: InteriorsOnline

07/09/2021

INTEREST RATE UPDATE

The Reserve Bank of Australia has confirmed the official cash rate will remain at 0.10%.

Rates are at a record low and lenders continue to offer very competitive rates.

We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: Pinterest

27/07/2021

HOW UNIVERSITY FEES AFFECT YOUR HOME LOAN
Government loans makes university accessible for many people. However, large student debt could impact your long-term financial future. It could even reduce your borrowing power while seeking a loan to buy your first home.

You begin to repay your university debt once you join the workforce. Under HELP, repayments begin to be deduct 1% from your salary once you earn $46,620. This ratchets up 10% if your income hits $136,740.

A HELP debt must be factored into your expectations of how much you might be able to borrow for your first home. HELP debt tends to be viewed in much the same way as the money you owe on a credit card or personal loan, so it could have a major impact.

Read more: https://www.smh.com.au/money/borrowing/how-university-fee-debt-can-affect-your-ability-to-get-a-home-loan-20210625-p584ct.html?btis

We can help you get an idea of your borrowing capacity to buy your first home. Contact us at [email protected] or 1300 765 811.

https://www.mentor1.com.au/lending/

Pic: The Stables

26/07/2021

DOES YOUR SPENDING AFFECT YOUR HOME LOAN?

It has never been easier for your bank to see how much you are spending. Data mining by financial institutions provides high visibility of your spending. Each time you 'Tap & Go', you show your spending patterns that banks will assess when you lodge a home loan application to determine if you are a good or bad credit risk. We can show you what spending to be aware of in the lead up to making an application.

Start getting your ducks in a row early. It’s far easier to apply for a loan with the right spending history than it is to justify a bad one. Ideally, you want to show the bank at least three months’ worth of good spending habits to prove that you’re financially responsible.

We recommend that people come and see us as soon as they start thinking about applying for a loan. Often, we can find simple ways to cut back. Just bringing your lunch from home instead of buying it each day can save you $50 a week and give you an extra $200 per month to repay your loan.

We can also give you some advice around savings. For some people, paying off a personal loan or credit card might be the best approach. For others, stashing that money into the savings account for a larger deposit is a smarter strategy. We take a tailored approach to each client’s unique situation to help them reach their goals.

Read more: https://www.smh.com.au/money/banking/how-big-data-shapes-your-ability-to-get-a-loan-20210628-p5850k.html?btis

Visit our website https://www.mentor1.com.au/lending/ or contact our team at [email protected] or 1300 765 811.

Pic: Amazon

01/06/2021

WHY SHOULD YOU USE MENTOR1 LENDING?

- We provide real choice, looking to find you the right deal.
- We work with multiple lenders, keeping the competition alive
- We may negotiate a better outcome
- We help at a time and place that suits you
- We do the legwork for you

We can answer your questions and look at your circumstances to make sure your home loans are in the best position. We do this type of work every day, so we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call on 1300 765 811 or email us at [email protected]

Pic: ArchDigest