We’ve all been hearing about the ‘RBA’ in the news, but what is it? and why does it impact how much homeowners pay on their mortgage?
17
Apr
Tag: bayside mortgage broker
02
Feb
$1,114 Increase In Monthly Loan Repayments in 2023 For Fixed-Rate Borrowers
The RBA is expecting over 800,000 households to experience a massive increase in loan repayments as there fixed-rate mortgages expire in 2023. On average, loan repayments will increase by $1,114 per month as the interest rate moves from 2% to 5.25%. To minimise the rising cost of interest, homeowners will need to refinance their home loans before increasing rates make them ‘mortgage prisoners’.
06
Dec
The Big Decision – Variable v Fixed Interest Home Loans
When assisting our clients through the process of purchasing a home, a question we often receive is; “Should we fix our interest rate or go for a variable rate?” Although there is never a clear winner between variable and fixed, the correct decision is always determined by the client’s situation and requirements, as well as the current and expected economic environment.
23
Nov
Introduction To Interest Rates & Ways To Reduce Interest Expenses
Regarding home loans, interest is basically the cost of money charged to the borrower (homebuyer) in order to compensate the lender. An interest rate is applied to the loan amount which produces a dollar amount of interest that is charged to the borrower. As such, loan repayments made by the borrower will cover the interest charged during the period and a portion of the actual loan amount (principal).
20
Sep
Extra Mortgage Repayments – Banks Don’t Want Borrowers To Know This!
As borrowers, we should know all the strategies to save as much money as possible over the loan term. If you have the spare funds, making extra repayments can save a significant amount of money over the loan term.
25
Aug
Credit Scores – How Financial Behaviour Impacts Your Borrowing Capacity
Credit Scores – They’re the hidden numbers that constantly track our credit card behaviour, bank account balances, and loan repayments. These scores can go unnoticed for years until they are really required.
21
Jul
$1,000 Gift Card Referral Competition
Every 3 months, the Chiefs will be giving away $1,000 in gift cards to a lucky winner who has referred us on to their friends and family.
15
Jul
CONVEYANCERS – THE HIDDEN GEMS OF PROPERTY TRANSFERS
The services conveyancers provide is quite broad and spans from pre-purchase all the way through to settlement when the buyer pays the remaining balance and becomes the new property owner.
04
Jul
FINANCIAL YEAR 2023 – 40,000 NEW PLACES RELEASED UNDER THE HOME GUARANTEE SCHEME
The new financial year as of July 1 2023 brings in new opportunities for first home owners to enter the property market using government schemes that reduces the required deposit, while removing costly upfront fees.
17
Jun
Minimising Interest – Offset and Redraw Facilities
We as homebuyers who have relied upon mortgages to help purchase property are always looking for ways to minimise our monthly repayments. The common strategy is refinancing to cheaper loans, however lesser known options are to utilise offset accounts and redraw facilities which can either fully remove, or minimise the interest charged to borrowers.