The Australian banking environment has changed substantially over recent years. There has been an unarguable tightening in credit, which became even more restrictive following the Banking Royal Commission, along with a potentially related slowdown of housing lending during 2019.
As a result, many lenders have found that their sales activity and lending portfolio growth has subsided – meaning that the competition for new good quality loan opportunities is as fierce as we have seen in recent times. Continue reading Banks are paying home loan borrowers for their business!
There is no doubt that Banks and other Lenders within the Australian home loan market have tightened their lending standards over the last 12 months. This tightening is having a significant impact on the borrowing capacity of many Australians looking to obtain a Home Loan.
However the good news is that with some focus and financial management you can still present a strong case on your borrowing capacity to the Banks.
The below provides some tips on how to maximise your borrowing capacity. Continue reading Home Loan Tip: How to increase your borrowing capacity
The mortgage industry is a wide, wondrous world with a language all of its own. One of the many acronyms bandied about is ‘LVR’, which stands for ‘loan-to-valuation ratio’. Here’s what it means. Continue reading What is LVR?
There is no doubt that home loan lenders across Australia have tightened their lending requirements over recent years and borrowers now need to provide more detailed information to obtain a home loan.
For many borrowers this is leading to frustrating delays in applications and approvals. In many cases it is impacting the ability of potential home purchasers to obtain a home loan in the house price bracket they are seeking.
Below are some tips on how to approach your home loan application to give you the best chance of a positive result the first time!
Continue reading How to get your Home Loan Approved the first time
Within the home loan industry there are numerous offers to provide a review of your current loans, whether they call it a “Home Loan Health Check”, “Loan Review”, or similar.
What does this mean? Continue reading Why you should consider a Home Loan Health Check!
There are many different strategies to repaying your loan back quicker than the approved term, but none of them include a “magic fairy” that miraculously repays large amounts off your loan!
The cold hard facts are that to repay your loan back quickly requires you to in some way or form utilise more of your disposable income to the benefit of your loan.
Six of these strategies are:
Continue reading 6 Ways to Repay your Home Loan Sooner
With Australia currently enjoying historically low interest rates there are many borrowers asking themselves “should I fix the interest rate on my home loan?”
Indeed at many social functions the topic of interest rates is often raised and it seems that there are many views and opinions on the best strategy, which just adds to the confusion for many of us. Continue reading Fixed V’s Variable Interest Rates – Pro’s and Con’s
As a general statement Australians tend to be lethargic in reviewing their Home Loan once it has settled. It generally takes another ‘trigger’ event, such as changing homes or renovating before we consider if there is a better loan option available.
Does this mean that many Australians are paying more interest on their home loans than they need to? I would say in many cases this is definitely the case.
So lets consider a hypothetical couple called Bill & Beth.
Continue reading Does 1% p.a. make a difference?