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With hundreds of loans you can choose from, each with its own interest rate, fees and degree of flexibility. Together, these key features all have an impact on how much the loan will cost you and when it will be paid off, and we help pick the right one for you.
We can negotiate with lenders on your behalf, helping you put your loan application together.
Whatever your situation, you owe it to yourself to get the best deal on your mortgage, and that's exactly where we can help you.
Yes! All Our Service To You Is Completely FREE!! No Obligation, No Commitment, No Hidden Costs!
We can even help you find a loan if a bank has turned you down.
There's really nothing to lose!
The Reserve Bank of Australia’s (RBA) decision to lift its key interest rate again is always unwelcome news.
The RBA raised the cash rate by 25 basis points to 4.0 per cent after Tuesday’s monthly board meeting, a move expected by a majority of economists. So far the lenders have reacted by following the 25 basis points increase on their books as well.
Friday afternnoon and some good news on the 2 and 3 year fixed rates. Over the past few weeks lenders have slightly decreased their fixed rates, not by much but anything decreasing your repayments at the moment is a huge bonus nowadays.
Check out this new 3 year fixed rate special from one of our lenders, really good rate and one of the most flexible fixed rates in the market today as it allows for unlimited lump sum repayments as well as 100% offset accounts.A cheaper and more flexible fixed rate than this wil lbe pretty hard to find. Click here for more information.
Australia’s big four banks say they will hold standard variable home loan rates steady after the central bank left the official interest rate unchanged on Tuesday, a move which surprised most economists.
The central bank decided to leave the rate unchanged and the major lenders hiking the rates by more than the last reserve bank rate rise has been one of the reasons why.
The Reserve Bank of Australia (RBA) left the official interest rate unchanged at 3.75 per cent on Tuesday. This is good news for our borrowers as people need a breather from their Christmas expenses and many borrowers are struggling with their mortgage repayments at the moment.
As a broker we can still find borrowing solutions for people finding it hard to cope or are struggling with repayments so please do not hesitate to contact us and discuss your situation, our advice is free.
A home loan health check once or twice a year is always a good idea. Cheers to a prosperous 2010.
As of 26th February 2010, Rams Home loans will be withdrawing from the broker market.
This has come as quite a surprise to the broker channel as Rams has been well supported since re-establishing themselves in this sector.
At the same time Westpac have announced a reduction in their LVR (loan to value ratio) to 85% for new customers. Existing clients can still access the 95% lend. By doing this it looks like they are trying to limit their mortgage lending exposure and try and sort out some funding issues.
Fortunately as a brokerage we have access to many different lenders and what the one lender does not offer we can access from another lender. Hopefully we will also see a lot more new and exciting products come through the non bank lender channel especially in the lo doc sector so watch this space!
The banks have generally across the board made a lot of changes to their lo doc policies. In the last few months we have seen most of the lenders now requiring a lot more information like BAS returns, bank statements etc which now puts the loan into a semi full doc position.
We do however still have access to a large number of lenders who still do the traditional lo doc loan up to an 80% LVR for purchases and re-finances.
If you’re interested in setting up a lo doc loan, or any of our other products, please contact us via phone or our online form.
More than 75 per cent of homeowners took advantage of low interest rates to add to their mortgage loan or take on other forms of debt, a new survey has found.
The poll by mortgage broker, Loan Market Group, found that 44 per cent of homeowners increased their home loan while interest rates were at their lowest in nearly 50 years.
One in 10 added to their credit card debt, slightly fewer took on a personal loan, and the same number made a purchase on interest-free terms, while seven per cent borrowed from their relatives.
Just 23 per cent were prudent in not taking on any more credit.
The increased debt burdens were of concern now the Reserve Bank of Australia (RBA) was raising the cash rate, Loan Market Group chief operating officer Dean Rushton said.
“Many Australians have borrowed more while the RBA reduced interest rates to near record lows of 3.0 per cent in response to the global financial crisis,” he said releasing the survey on Wednesday.”
“Hundreds of thousands of Australians are in greater debt than they were a year ago so any increase in interest rates will hurt.”
The central bank raised the cash rate for a second month in a row on Tuesday, lifting the cash to 3.5 per cent.
Economists are divided over whether the RBA will raise rates again in December, but they anticipate further moves in 2010 towards a cash rate of five per cent.
Still, the survey of 600 respondents found people without a mortgage were more careful with their budgets, with 39 per cent saying they took on no new debt when rates were in the trough.
However, 22 per cent borrowed from relatives, 16 per cent added to their credit card debt, 13 per cent took on a personal loan and 10 per cent made an interest-free purchase.
Quoted from Lending Central website
Genuine savings is a requirement from most lenders for borrowers who want to lend money over 85% or 90%, dependant on lender, of the value of the property.
Genuine savings requirement means that a lender wants to see that the borrower has the ability to save funds over a period of time. It is sort of like the lender wants to see the character of a borrower and wants to see if the borrower ahs the ability to save some funds and get into the habit of putting money aside to repay their mortgage.
Gone are the days of the 100% loans and 105% lenders
The maximum some lenders will borrow is 95% plus capitalize the lender mortgage insurance on top of that.
Genuine savings must be evidenced over 3 months in the following way:
Some lenders are less stringent than others and only require 3% genuine savings.
It would be wise to budget for further rate rises. When the interest rates hit an all time low, lenders were more generous on their serviceability calculators which meant that they were allowing the borrower to lend more money as the rates were low. As the rates steadily increase this obviously adds to higher repayments (unless you are on a fixed rate)
A lot of borrowers do not plan ahead and do not allow for the increase in repayments hoping that the rates will not go up. There are many factors that decide on rate increases and some of them can be outside the economists and financial guru’s predictions (just look at what happened last year with the global financial crisis)
Always try and plan ahead and do not lend more than you are comfortable at repaying your mortgage on a buffer of 0.5% or even 1% higher than your current interest rate.
Life is unpredictable and job loss, sickness and the economy can sometimes be totally out of your control.
What is securitisation?
Securitisation is the process of converting a pool of cash flows into tradeable securities known as asset backed securities (ABS) or Mortgage backed securities (MBS).
What is the process involved?
An originator of cash flows (e.g. loans) sells a portfolio of loans to a special-purpose vehicle (SPV). The SPV raises funds to purchase the loans by issuing debt securities to investors.
The interest and principal payments on the underlying loans are used to make the interest and principal payments on the securities.
What are the three key elements involved in securitisation?
What are the main benefits of securitisation?
What types of assets have been securitised in Australia?
Who typically is involved in the Australian securitisation market?
There are a diverse range of participants including:
We are financing professionals, here to help you through the complex process of acquiring finance for a mortgage or commercial transaction.
We have a working relationship with numerous banks and other lenders and can provide you with access to hundreds of options when it comes to financing a home, vacant land, commercial property or sourcing a specialised finance solution just for you.
This allows us to provide you with the most efficient and cost-effective method of obtaining finance that fits your financial goals and circumstances.
We’ve helped many borrowers, including low-to-moderate income borrowers with less than perfect credit histories, so go ahead and get in touch with us, we’re here to help you.
