Mortgage Brokers connect people who are looking to borrow money to purchase property or refinance and existing loan, with a bank that is best for them. Simply, brokers provide value to clients by saving them time, money and stress.
The RBA Explained
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?
LVR – Impacting Home Loan Interest Rates & Fees
The Loan to Value Ratio (LVR) shows how much a property is being bought with debt (bank loan) compared to cash. Homebuyers should understanding this ratio as it determines how much interest and fees borrowers will pay. Click here to learn about interest.
$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’.
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.
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).
Home Equity – Impacting the Cost and Refinancing of Mortgages
When talking about property, Equity refers to the amount of the property value that is owned by the home-owner. When purchasing property, equity is initially dependent on how much of your own cash you use and is then over time is affected by changes in the property value.
Mortgage Refinancing – The Saviour of Borrowers in 2022
Refinancing… It’s been the hot topic of the housing market as rising interest rates and inflationary pressures push consumer confidence down to the lowest level last seen during the Global Financial Crisis.
$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.
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.