June 01, 2016
This was the first news headline that greeted us at Mortgage Choice Noarlunga this afternoon.
This newspaper article wasn’t about a postcode in South Australia – but it may have shocked many people. Were you aware that your postcode influences whether a bank will give you a loan or not? And that your postcode will have a dramatic effect on your insurance premiums?
Last week Macquarie Bank introduced a ruling that borrowers will require a minimum 30% deposit for apartment purchases in more than 100 higher risk suburbs – including all capital city CBDs. And just last year National Australia Bank introduced a postcode-based risk assessment for investor loans. At the time a Mortgage Choice spokesperson said most lenders were tweaking their policies and pricing. “I wouldn’t be surprised to see other lenders do similar things,” she said.
So, the postcode where you live, or where you want to buy your investment property, does strongly influence whether a particular lender will approve your loan or not.
But how on earth is the average borrower supposed to keep up to date with all these changes? It adds just another layer of complexity when it comes to choosing the right home loan.
One of our customers commented recently: “I’m fed up of being told that I have to be a financial expert! All the ads tell me to ‘talk to my bank about this, and that’ - but when do I have the time to do that? I can’t keep taking time off work to go and ‘talk to my bank.’”
“You don’t have to be a financial expert - that’s what we’re here for!”
Thankfully, you don’t have to be a financial expert, and you don’t need to keep abreast of all the changes that lenders make to their loan policies and pricing - because that’s what we’re here for! Part of the service we offer our clients is to make sure we are on top of all the latest lender news and rule changes.
We have 25 lenders on our panel, including the big four banks, state and regional banks and many building societies. At Mortgage Choice we keep in touch with all of our lenders regularly, to make sure we are kept up to date and well informed.
That’s one reason why we take the time to get to know you, and your personal circumstances before presenting you with loan options. You can be sure when we do give you a list of your options, we will have spent time carefully considering lots of different factors which could affect your loan approval success.
And of course, you don’t pay a cent for our services, and we get paid exactly the same commission regardless of which lender we recommend to you. That is why you can be assured that our financial advice is always well-considered , personalised and impartial.
We ARE the home loan experts – but we can also help you find your car loan, business loan, get a better deal on your insurances or connect with a financial planner.
To get the best expert advice for all your financial needs – call Fiona on 0421 360 205 or Steve on 0427 390 929.