GreenSpace Finance

24/08/2026

Reducing your current interest rate

We are seeing many customers at the moment ring their current lender for a lower rate

Get ready before you call........

Check your current interest rate, existing loan balance and repayment history.
Speak to a broker about competitor rates and/or bring in a written offer of a lower rate from another institution.
Know the estimated value of your property and your loan-to-value ratio (LVR).

When you call keep it simple

"I would like to request a discharge form as i'm refinancing to this lender"

Ensure you have details on hand for the new lenders including loan type and rates etc

17/08/2026

INCOME TYPES

Full time

Full-time income refers to the total regular earnings obtained from working a standard full-time schedule, which is typically around 38 hours per week in Australia. This income is generally accompanied by statutory benefits such as paid annual leave, sick leave, and public holiday pay etc. #

Permanent part time

Permanent part-time work is a continuous employment arrangement in which you work fewer hours per week. You have set minimum hours per week but can work more than that. Permanent part-time employees have job security and full-time benefits, such as paid yearly leave and sick leave, which are determined on a pro rata basis, unlike casual employes.

With industry experience some lenders will consider full time or part time employees with only a few weeks in the role
**subject to individual assessment**

Causal

Casual income employment is a type of work arrangement in which an employee does not have a firm commitment to continuous, guaranteed hours. Employees can accept or reject shifts, are paid by the hour or task, and receive a higher pay rate known as “casual loading” in lieu of paid leave benefits.

No set hours: Weekly schedule modifications are made in response to business requirements.

Overtime, Bonus and allowances

Banks and lenders do accept overtime, bonuses, and allowances, but they hardly ever count them all unless they are consistent and long-term. Although policies differ greatly between institutions, most lenders “shade” or discount this variable income to 80% (or average it over 1 to 2 years) to account for potential fluctuations.

For regular employees, overtime and shift allowances are frequently accepted at 80% of their total value. Police, nurses, paramedics, and other emergency services personnel are often eligible to receive 100% of their overtime and benefits.

Bonuses and commissions typically need a track record of one to two years to demonstrate reliability. Many banks may cap the bonus amount in relation to your base pay based on an average of the previous two years.

Maternity leave - return to work

A return-to-work income following maternity leave is accepted by many lenders. If you provide an offi

17/08/2026

Income types - Are you eligible for a home loan?

11/08/2026

I used to hear people say, “there aren’t enough hours in the day,” and now I truly feel that in my bones. Being a small business owner while raising young kids means finding a way to fit it all in.

**SUNDAY**

We took the family to the EKKA—it was a really great day out. The highlight was our whole family going on the dodgems. I was surprised the bank didn’t pause our card for suspicious transactions with so many dodgems purchases, haha. I had a client looking to attend an auction on Tuesday; he was receiving gifted funds from his parents. On Sunday night, he was at his parents’ house. The client kindly asked if I wouldn’t mind having a quick video call that evening with him and his parents to discuss the gift. Once the kids were home from the EKKA, showered, had dinner, unpacked the car, and settled in bed, I met the client online at 7:30 PM. It’s not because you have to, but you know that for this client, it would really help them and likely give them the confidence to bid at the auction. Small business are built on customer service and going the extra mile.



**MONDAY**

It’s the EKKA Holiday for Redcliffe. These show holidays are good in theory, but if you have clients all across Brisbane, it’s hard to close the business for that day. I did come home early, around 2:30 PM, and took Sophia to the shops to throw some stones and buy some bananas. While we were sitting and throwing rocks, one of the bank’s assessors, based in Sydney, called me. You can miss the call, but then any questions go unanswered. I took the call, and the assessor wanted a recalculation, which I did on my phone calculator while still throwing the rocks. Everything went well, and the bank issued the conditional approval within the next hour.

05/08/2026

Whats a Family Guarantee?

'In Australia, a family guarantee is a home loan arrangement in which a close relative, usually a parent, utilises the equity in their own property as additional security to assist a buyer in purchasing a home without requiring a sizeable cash deposit or paying Lenders Mortgage Insurance (LMI).

How It Operates

Split Loans: Typically, lenders divide the financing into two portions: a smaller 20% loan guaranteed by both the new property and the guarantor's equity, and an 80% loan secured by the new property.

No Cash Needed: Neither actual cash nor the property title are transferred by the guarantor, who is frequently referred to as the "Bank of Mum and Dad".

Lower LVR: By lowering the bank's effective Loan-to-Value Ratio (LVR), thousands of dollars in LMI fees are avoided.

Repayment Responsibilities: All ongoing loan repayments on both split amounts are still entirely the borrower's responsibility.

Potential risks

Guarantor Liability: The guarantor is legally responsible for repaying the guaranteed share in the event that the principal borrower defaults or fails to make payments.

29/07/2026

How It Operates

Interest Calculation: Every day, banks compute the interest on mortgages.
Net Loan Balance = (Total Loan Balance) - (Offset Account Balance) is the formula.
Example: Your mortgage balance is $500,000.In your associated offset account, you have $50,000.You only pay interest on $450,000 from the bank.

Principal Advantages

Complete Liquidity: A debit card allows you to take out, deposit, and spend money whenever you want.
Tax Efficiency: Interest saved through an offset account is 100% tax-free, whereas interest received in a regular savings account is taxable income.
Faster Payoff: More of your money automatically targets and reduces the principal loan amount because your needed minimum monthly repayments remain the same.

Possible Drawbacks

Increased Fees: Mortgages with offset facilities frequently have higher monthly or annual package fees.
Interest Rates: Compared to a simple "no-frills" loan, the underlying house loan interest rate may be marginally higher.Low Amounts:
If you do not consistently maintain a sizable amount of cash in the account, the technique is not cost-effective.

**General advice only. Seek professional advice based on individual circumstances

14/07/2026

At GreenSpace Finance we are EXPERTS in ALL of the below!

10/07/2026

Helping you find your home

08/07/2026