The short answer is no... but there are some qualifying factors. In my mind a bank cannot discriminate because of age, but if you’re talking out a 30 year loan at the age of 60 and planning to retire at 65, the bank has a reasonable expectation for you to have an ‘exit strategy’. What I mean by this is “how will you keep making the payments once retired?” Or will you keep working til 75? Or will your Superannuation be enough to … [Read More...]

Some of this may sound too obvious or simple but you’d be surprised by how many people get it wrong. The most basic rule in Real Estate in my opinion is the “buy at the bottom and sell at the top” philosophy. It may sound overly simple but, you want to buy an Investment property when prices are down and get in while the market is slow, this is normally referred to the bottom of a property cycle. To me anyway, when the property market is … [Read More...]

Well, after a little break from blogging I thought I’d recommence with some thoughts and ponderings on the year ahead. I hear many people wondering about what the year ahead will bring, more interest rate cuts perhaps? It needs to be remembered that the Reserve Bank reduces Interest Rates to help stimulate the economy. Currently house prices are relatively low and the demand for rental accommodation is high. At some point there will be a … [Read More...]

Due to the worsening global economic crisis, the Reserve Bank of Australia has decided to cut the standard cash rate further. This scenario leads to the decreasing percentage of home lenders who avail of mortgage with fixed interest rates. As the Europe debt situation continually affects the world market, interest rates for a 3-year mortgage deal has become lesser having an average rate of 0.6% compared to the standard variable rate which … [Read More...]

I guess this is a story in two parts, me as a Mortgage Broker and me the individual. At this point in time I have almost eighteen years of experience in the Finance Industry. I believe I have the background and knowledge to see you through your loan process, but also the honesty and strength of character to be open and truthful with you on a personal and business level also. My goal is to help you experience the loan transaction in a stress … [Read More...]

Now this is just my humble opinion, so bear that in mind when reading. To me, there is no better time to consider buying property than now. Even if you’re selling then buying, what you lose one way, you make up the other. There is some great value for money in the property market place at the moment as far as I’m concerned. There’s no hocus pocus, it’s just basic supply and demand as I’ll explain. During the property boom of a few … [Read More...]

I’ll try not to get on my soapbox too much with this… honest. Do I think another interest rate cut will make any difference, no not really. Let me try to explain. With the rate home bills such as gas, water, electricity and council rates costs are spiralling upwards, we’d need several interest rate reductions to even make the slightest positive impact. What data the Reserve Bank uses to make these decisions to me is … [Read More...]

Smartline and The Mortgage Gallery have announced their intention to merge, effective 1st April 2012. Smartline is a market leading mortgage broker group, with 210 franchises nationally. In 2011 Smartline won the MFAA Mortgage Broker of the Year, and has been recognized as Australia’s number one franchise by Topfranchise.com.au four years in a row. WA-based The Mortgage Gallery is a highly respected mortgage broking group in WA. It was … [Read More...]

Now there’s a question on a lot of people’s lips... There are some very good Interest Rate offerings coming out lately which are really encouraging. A fixed Rate is a nice option for a lot of home owners. It offers a guaranteed interest rate and therefore fixed repayments which can really give peace of mind in difficult times. The downside being, that a lot of fixed rate loans are quite a handcuff. You can be limited to how much extra you … [Read More...]

by Sara Hendon | Nov 01, 2011 Statement by Glenn Stevens, Governor: Monetary Policy Decision At its meeting today, the Board decided to lower the cash rate by 25 basis points to 4.5 per cent, effective 2 November 2011. Recent information is consistent with a moderation in the pace of global growth, though fears of a major downturn have not been borne out so far. The pace of US economic expansion picked up in the September quarter, … [Read More...]

Now, this is going to be a tricky one, as these topics always push a few buttons. Remember, what I’m saying is just from personal experience and observation. What I have to say doesn’t suit everyone but, if my comments promote some thought and discussion, I’m happy. Firstly, the ratio between mortgage/home loan repayments against incomes is still virtually the same as it’s always been. Many people are shocked when I state this but you … [Read More...]

From my perspective as a Mortgage Broker, I’m seeing all avenues of Home Ownership these days. To buy, build or renovate are generally the choices for those in or entering the property market. Obviously there are pro’s and con’s with all three but I hope to shed some light on what you might consider when looking at these options. Obviously, cost is a fairly major issue. I see so many people falling in love with the idea of building … [Read More...]

Is it a good time you might ask? From my perspective, there’s no real bad time. Fixing your interest rate gives you a guaranteed repayment for a set period of time. Rates may go up or down but you have consistency which depending on your personal situation, this may suit you perfectly. I’ve always thought of fixed rate home loans as giving peace of mind. They have restrictions and don’t suit everybody but if it allows you to sleep … [Read More...]

If you use the basic premise of buying at the bottom and selling at the top of the property market, then it’s certainly time to look to buy. Most investors make the mistake of waiting until things are looking up before getting into the property market or making their next purchase. It seems to be a buyer’s paradise at the moment with lots of stock at reasonable prices with an ever increasing rental price… looks like it’s ticking all the … [Read More...]

-          First Home Buyers seem to be coming back into the market strongly -          Superannuation Fund loans are starting to gain some momentum -          Fixed Interest Rates keep falling making for some very enticing loan offers out there -          Plus a steady flow of Investors still buying There are some good old rules in property, not that I’m an expert by any stretch but they make … [Read More...]

There seem to be more and more First Home Buyer enquiries each week, which is a good sign. Not all are in a position to get a Pre-Approval to buy straight away but they’re there. The majority have some saving to do still for their first home loan but importantly, in my opinion anyway, they’re finding out what can and can’t be done... making informed choices which is always a wise decision. Another interesting sign as a Mortgage Broker is … [Read More...]

This may be obvious to some but I thought it best to give you my thoughts since I am a Mortgage Broker. And more importantly I guess, explain why I think you should use me as your Mortgage Broker. On the surface, it would be fair to say that all Mortgage Brokers offer basically the same lenders, loans, etc. BUT... I think there is a vast difference in service, both before the loan, at the time of it and ongoing service after … [Read More...]

What an interesting year it’s been as a Mortgage Broker... it seems finally there is some post GFC light at the end of the tunnel. It’s been really nice to see First Home Buyers coming back into the market in some force. Prices are obviously a bit more appealing than during the last boom plus with the ever increasing rental prices, home ownership seems a more logical option. To me anyway, if new buyers are entering the property ownership … [Read More...]

I’ve been sitting at home, full of the flu, wondering where my blogging may lead me next…what seems obvious to my lateral thinking brain is Loan Health Checks. Let me explain. For the vast majority of people, your home is your biggest and costliest asset. This Home Loan debt, in one form or another, covers a significant part of your lifetime. Let me put it another way. You’d get your car serviced at least yearly, maybe your air … [Read More...]

Personally, I’m not the biggest fan of all the scaremongering Personal Insurance adverts at the moment. They seem to drench the television, preying on the perceived negative sentiment in the market. That said, I do think it is very important that a borrower at least consider the implications of their debt level on their spouse, family, etc. should something happen. As a Mortgage Broker, I believe it is my responsibility to recommend that you … [Read More...]

There are some promising signs lately for the market moving forward for me as a Mortgage Broker and for you as a Borrower. Firstly it seems that Fixed Interest Rates are falling across the board. Personally I’ve always considered these as forward forecaster for where variable rates will go. If fixed rates are going up, variable will generally follow a few weeks/months later and vice versa when they start to fall. To me this has to be good … [Read More...]

Financial responsibility, now there’s a term to send people running. I’m sure there are better ways to say it but hopefully if you stick with me you’ll see my point. You may not agree with me, and that is perfectly fine. This is just my thoughts and opinions. The following examples are very general and I know many people who do not fit into these boxes, but I feel it needs saying anyway. I seem to see a lot of people, younger than myself, … [Read More...]

It seems more and more people are looking at a Seachange, Treechange or just something a bit more rural these days as a retirement option or even a day to day living option. The rise of more and more fly in/fly out work plus the ever expanding work from home options are really making this dreams realities. Once upon a time it really was a dream to live away from suburbia with the peace and solitude of a more remote location. It now seems on an … [Read More...]

Maybe it’s a sign of the times, a reflection of today’s society perhaps or maybe just a fluke but I seem to have done more loans for separations/divorces in the last year than I would have collectively in my 17 years in the world of finance. I’m not passing judgment, merely making comment on what appears to be occurring more often and how that may impact a finance application. That after all is what I do, I’m certainly no marriage expert … [Read More...]

First Home Buyers are a promising sign, in my line of work anyway. If they’re making enquiries and coming back into the market, to me anyway, it has to have a flow on effect to the rest of the market. New buyers coming in to the market has to be a positive stimulus, surely? What are lenders looking for from First Home Buyers? A saved deposit is always a good start. Depending on the lender it can be between 5 and 10% or the purchase price. … [Read More...]

When writing a loan, you are in effect painting a picture. The bank and the banks mortgage insurer do not know the borrower from a bar of soap. The old days of banking history and a relationship with a particular bank are long gone. We must paint this picture, highlighting the borrower’s strengths and more importantly addressing any possible or perceived weaknesses. The loan assessor does not know the borrower and due to the sheer volume of … [Read More...]