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About Me

Ray Simpson

Home Loan Manager
Mortgage Australia Group & Business and Commercial Loans Aust
North Ryde, New South Wales
I specialise in all areas of personal and commercial funding. I have qualifications in both mortgage planning and financial planning, but I find great enjoyment in leading home buyers and investors, to become debt free sooner than they imagined.

My Activity

Q: We have found a house we want to make an offer and we have saved the 10% deposit. I have just started a new job and still on probation for another month, will this have any impact on us obtaining a loan?
A: Hi Chris,
Probationary periods can be a problem, however if you have been a long term employee in the same industry/profession, it may be overlooked if you have moved to a better position or for promotion. Changes of profession, say from an accountant to a pizza shop manager, would raise concerns. Lenders look for continuity and stability, and the type of employment, making a decision.
That being said, you would need mtge insurance with a 90% home loan, and the insurers have a less generous attitude.
I hope that helps.
Ray Simpson
Mortgage Australia
1300 95 60 50
Q: I need a financial advice on my business, can you help??
A: Hi Pushpinder,
The other two answers are spot on. It is hard to give advice without knowing in which area the advice is required. You may a problem of too much income, and need advice about where to invest it; or the opposite may be the case.
Most businesses experience cash-flow shortages at some stage and there are solutions to help this, if the problem has not become too dire. Or you may want to create a business plan to expand and grow your business.
I look forward to chatting with you about your circumstance, and maybe we can solve your problem, or help in other ways.
Ray Simpson
Credit Advisor
Commercial & Business Finance Australia. 0411-563-706
Q: What's the maximum variable interest rate that I should be paying on my home loan? Not fussy about the lender - I just want to know the range of rates that are considered acceptable if I refinance.
A: That's an unusual question. Generally I'm asked "What's the lowest rate?".
But it does depend on the features you want in your loan - but I should think your variable rate should be under 4.0%.
At present there is a great loan at 3.86% (CR 4.02%) with interest-only payments up to 7 years, and free unlimited redraw, if you wanted.
Then you can add a 100% Offset Account, for only $10 a month.
But, kid you wanted a fixed rate, there is a bank loan at 3.59% for 3 years (CR 4.20%). So many options for you.
I'm just at North Ryde if you'd like to discuss them all. Mob: 0411 563 706.
Q: I've recently taken on a new mortgage and have a small amount of leftover money each month, am I better to pay it into the mortgage or are there investments that will perform well enough to offset the mortgage interest?
A: Your question is very common Rob, and one I hear regularly. If you have an Offset Account attached to your home loan, hold the extra payments in there until you identify an investment. An Offset Account allows you to have immediate access to your funds, whereas if you pay the funds into your home loan, there may be a time delay in gaining access to them.
You don't receive any interest on your savings in the Offset, but each dollar held there means that the lender is not charging you interest on your home loan for a equivalent amount. In effect, you are "earning" interest at whatever your home loan interest rate is, because you are not being charged loan interest on the amount you have in your Offset.
Q: I'm looking to purchase a new 7 seater and tossing up between the Toyota Kluger and Prado. Has anyone got any advice based on experience?
A: I can't give you any advice on the type of vehicle, but if you are a home owner/buyer, I have great bank personal loans at 4.99% (CR 5.8%). With "No Deposit" and terms up to 7 years, you can always get pre-approval and use you RE negotiation tactics to get a great deal from whichever dealer you choose.
Call me on 0411 563 706 and I'm just around the corner at North Ryde.
Q: Which lenders are still accepting foreign investor loans and what are the criteria or conditions?
A: I'd like an update on this as well, because I've found that the borrower needs to have income taxed in Australia.
My client is a foreign commercial pilot with an Aust PR visa, but his income is from an external country.