The Wendy Higgins Team - Specialist Home Loan Broker in Glenelg and suburbs West of Adelaide
Wendy joined the Mortgage Choice team in February 1998, after spending 24 years with the ANZ Bank, her last position as Branch Manager at Glenelg
WHY MORTGAGE CHOICE ?
We have 24 lenders on our panel to find the right home loan for you. This means we can offer you a wide range of professional Home Loan advice depending on your requirements including:
First Home Buyers
Refinancing Existing Home Loans
Debt Consolidation
Investment Property Loans
Fixed vs Variable Rate decisions
Selling or Moving Home
Top up existing loans
Wendy has won numerous awards including: - Mortgage Choice National Franchisee of the Year (three times) - Franchise Council of Australia Award Winner (four times) - Personal Australian Mortgage Awards Salesperson of the year (two times) - Mortgage Choice Hall of Fame, Inaugural Inductee 2005
Needless to say, you are in safe hands when one of Wendy's team is helping you to achieve your financial goals! Her eight specialised staff have each been hand picked for their extensive experience and knowledge of the banking and finance industry.
Supporting the local community is very important to Wendy's business, and her sponsorship of over 20 local sporting clubs and charities is a testament to her drive and enthusiasm to the Holdfast Bay area.
Wendy's office is located on the corner of Anzac Highway and Brighton Road. There is ample parking for all visitors - entry is off Anzac Highway traveling west from the city, just before you reach Brighton Road.
Cash rate break a good decision during lull
Most borrowers managing 10-year average interest rates well
With consumer and business spending, building approvals, housing finance and retail sales showing lacklustre results, Australia's largest independently-owned mortgage broker, Mortgage Choice, believes the Reserve Bank has made an accurate decision in keeping the cash rate at 4.5%.
Existing and potential property owners will be elated to hear the cash rate is on hold for a second month, as they reassess their budget for the new financial year. It means lenders will be much less likely to move mortgage interest rates up as winter takes hold.
Local Mortgage Choice franchise owner / Wendy Higgins said, "A ‘wait and see' approach from the RBA is what borrowers need at the moment. Interest rates stood at an emergency setting over much of 2009, but they rose very quickly from then on and caught many people unaware."
"We have not yet seen the full effect of the six official rate rises from October to May, or the effect of further mortgage rate increases by a number of lenders.
"Although employment is solid, our resource sector is strong and many property markets are moving at a healthy pace, consumer spending is subdued and sentiment has dropped, just as housing finance demand has over several consecutive months now. We're also seeing a slowing of housing prices and global economic uncertainty continuing.
"Slowed housing finance demand and prices is a good thing, however, for those looking to enter the market. Less competition means some local areas may become a buyers' market. Anyone with a healthy deposit or equity, a steady income, few debts, a good credit record and solid employment, may find they are well placed to build upon their financial portfolio now by buying property.
"Greater credit should also be given to Australian mortgage holders, the majority of whom are coping well with ten-year average standard variable interest rates.
"Clever borrowers used the relief of decades-low rates over late 2008 and most of 2009 to get ahead with their repayments and prepare for changes to rates and their financial situation. Many continue to do so. Our 2010 Recent First Homeowners Survey found 64% of respondents were making extra repayments, with the majority contributing as much as possible. This not only helps a borrower create a financial buffer, it shaves time off their loan term and off the overall interest owed.
"Still, we hope the RBA keeps the cash rate on hold for at least another quarter or until we see an upturn in consumer and business sentiment, spending and confidence. Another tap on the brakes may have a heavier effect than expected."
How to choose a home loan
Here are 5 essential tips that you should consider when choosing a home loan:
1. Interest rates
Interest rate is obviously important, but remember that you are not simply looking for the home loan with the lowest interest rate because there are many other considerations.
For example, the mortgage lender with the ‘best’ interest rate may have high ongoing fees and therefore your home loan may cost you more in the long term than a similar one with a higher interest rate.
Be sure to consider ‘break and switch’ costs as well because if you decide to pay out your home loan or refinance before time will you be charged exorbitant fees to do so.
Also, be wary of an introductory rate. It may be ‘cheap’ at the start but it may also revert to a much higher rate after once the introductory term has finished. You should try to negotiate an interest rate discount with your mortgage lender over the longer term.
2. Features and flexibility
What are the home loan features that you need? Home loans with the ‘best’ interest rate may not have all the features you need or be as flexible as you need it to be. For example, do you want the ability to pay extra so you can prepare yourself for future rate rises and also create a buffer if your financial circumstances change?
You also need to consider the accessibility of your mortgage lender in terms of ATM, internet, face-to-face contact, etc. Decide what you need and ask whether your chosen home loan lender has the features available.
3. Consider the current home loan approval times
Is your home loan approval time critical? If so, the lender with the ‘best’ home loan may not be able to get your loan approved in time. During peak processing periods, lender service times can vary between 2 to 20 working days.
4. Compare home loan products
Visit a reputable mortgage broker with more than 20 lenders on their panel. This way, you can research and compare a broad range of home loans and lenders all within the one visit.