Home Loan advice for locals in Armidale and Tamworth.
With over 7 years experience I've helped hundreds of clients in the New England area with their home loan needs. No matter if you're a:
first home buyer,investor,looking to refinancing your existing loan to move to new home, orneed to refinancing your existing loan to lower your repayments or consolidate debtI can help you find a home loan that suits your needs. And because Mortgage Choice isn't owned by a bank (unlike some other mortgage brokers), you can rest assured that I have your best interests at heart.
I get paid the same commission*, no matter which loan you choose from our panel of lenders. Best of all my residential home loan service costs you nothing. The strength of my service is testament to the many, many referrals that I received from my happy customers. Even after you've taken the loan from the bank or lender you choose I'll continue to work for you in the years to come. As part of my Client for Life philosophy I make myself available to you every year to review your situation and any new products that may have become available in the market since our last meeting. In this way you will have the home loan that's right for you, and put you in a better position to meet your financial goals.
First homebuyers' first mistakes! Over the past few months there has been a noticeable increase in the number of first homebuyers walking away empty handed. Too many first home buyers are under-prepared for purchasing and are not ticking the boxes when it comes to loan approval criteria.
First homebuyers need to be aware of the following key changes:
100% loans no longer exist. You can't borrow the full purchase price.You must have built up at least 5% deposit from genuine savings over at least three consecutive months.Taking on too much debt from other sources (e.g credit cards, personal loans) can affect your ability to have your desired loan amount approved; andRemember your First Home Owner Grant cannot be considered as part of your genuine savings.If you're a first home buyer and you are worried you don't have enough savings, afraid you won't be able to borrow the amount you want or just unsure about the loan process, I'm here to help you free of charge. There are plenty of loan options available including buying with friends and family. Give me a call today.
With interest rates moving should I refinance my loan? Refinancing should be considered when you want to take advantage of a
debt consolidation savings plan, or if you want to switch loan products to one that will pay off your loan faster or better suit your lifestyle and needs. It may also be appropriate to refinance your loan when you are
considering a major purchase such as an investment property, car or renovation. If you are considering refinancing it is important to have your break costs clearly explained before you work out your overall savings. If you want to find out if refinancing is right for you give me a call.
Guarantors, Housing Affordability & First Home BuyersMost young borrowers aren't aware that their family members, usually their parents, can act as guarantors for a home loan. This is an option that allows family members to provide a guarantee in support of a borrower's home loan application by using equity in their own property as security for the loan. So, they can assist other family members in maximising the amount they can borrow by bridging the deposit and upfront expenses gap, and hence avoid lenders mortgage insurance (LMI).
The guarantor situation is most likely to occur when a borrower's savings history (borrowing power) and/or deposit doesn't quite stretch to meet lenders' requirements for a home loan. It is targeted at those with good ability to repay a home or investment property loan but who lack the sufficient equity to secure the additional funds they need to meet upfront loan costs and associated expenses. To find out more give me a call to arrange an obligation free appointment today.
As your local Mortgage Choice broker I can service the areas of Mungindi, Boomi, Boggabilla, Yatman, North Star, Croppa Creek, Moree, Rowena, Burren Junction, Wee Waa, Gurley, Bellata, Pallamallawa, Warialda, Bingara, Narrabri, Boggabri, Mullaley, Coonabarabran, Gunnedah, Burrabra, Delungra, Inverell, Ashford, Bundarra, Tingha, Manilla, Tenterfield, Emmaville, Glen Innes, Guyra, Armidale, Uralla, Walcha, Attunga, Quirindi, Tamworth, Kootingal, Werris Creek, Currabubula, Moonbi, Bendemeer just to name a few.
Contact me today on 6771 5038 or mobile 0458 715 038*This information refers only to loans provided by our panel of up to 25 lenders with whom Mortgage Choice has an arrangement, under which it receives commissions and other payments.
How will today's rate cut help you?
Save more by revving up your loan repayment strategy
Published: 3rd May, 2012
Provided lenders pass on all or most of today's Reserve Bank cash rate cut, astute home loan holders who maximise this opportunity could save thousands of dollars in interest and shave months, or even years off their loan term, according to Australia's largest independently-operated mortgage broker, Mortgage Choice.
Company spokesperson Belinda Williamson said, "We hope today's move by the Reserve Bank to lower the cash rate by half of a percentage point to 3.75% does not become a non-event for variable rate borrowers. A decision by lenders to pull the rate lever will likely have a much needed, positive impact on property buyers' plans and borrowers' ability to repay their home loan quicker."
"It is no secret that some lenders have shown a reluctance to pass on the full rate cut in a bid to safeguard their businesses against future funding costs. However, we are hopeful that in an effort to reignite the property market, entice new customers and in the spirit of competition, lenders will lower their home loan interest rates.
"Even if lenders, regrettably, pass on only part of the cash rate cut, astute borrowers who rev up their loan repayment strategy by keeping repayments at the pre rate cut level could save thousands of dollars in loan interest and shave months, or years off their home loan term."
If a lender passes on the full 0.50% rate cut announced today, for someone with a $300,000 loan at 7.25% over 25 years, it would lower monthly loan repayments by around $96.
"If a borrower continued to repay their loan at the pre cash rate cut level, leaving the monthly savings of $96 in each repayment, it could save them $68,364 in total interest payable and may see them repay the loan two years and eight months earlier," said Ms Williamson.
"If lenders choose not to pass on all, or most of the cash rate cut, borrowers should see it as a signal to shop around for a more competitive deal. Of course, they should not move from one lender and/or loan product to another without carefully weighing up the cost versus benefit of doing so.
"Health checking a home loan with a mortgage broker is a great way to ensure you are getting the deal suited to your needs and financial circumstances."
To see the impact extra repayments can make to your home loan, visit Mortgage Choice's Extra Repayments Calculator:http://www.mortgagechoice.com.au/extra-repayments-calculator.