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Q: We have been researching websites like RateCity and Finder where they saw home loan rates can be as low as 3.44%. Our rate is 3.99% and we contacted our broker and they said because we have only had the loan for a year we shouldn’t refinance. They said we could refinance but it would cost them money if we did and we would have to pay the fees on their behalf. Is this normal for brokers?
A: I would be interested in finding out what you would like to do after knowing what your mortgage broker will experience. He /she will most likely lose 50% of his initial income that he earnt from you and make 100% of it back from another lender. It's not that bad but I suppose he/she does not not want to go through the hassle. Sadly, the market is the market. There is lots of competition and consumers have a right to move to a product that suits their interest. Happy to assist you with a lower rate but your mortgage repayments need to have been on time for the last twelve months and no other missed payments on credit cards, pay day loans, car loans, personal loans or any other utilities or that fancy rate is not available. It's only available for extremely good behaviour.
Let me know if I can be of assistance. 0434.528.186
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Q: Hi, I want to buy a property and it will probably need to be an investment property. I’m 33, first home buyer, single, no kids, a $2000 credit card limit and no other debts. I have been in the same job for 3 years and saved $30,000 living at home.
Income is $98,000 plus super. How much can I borrow and does anyone have any suggestions as to where I should buy?
A: Thank you for your post. There are a lot of ways to achieve your goals. First would probably be to try to get a pre-approval for an amount that you can service. Buying locally would make it easier for you to manage. Possibly buying a block of land first and then building it. Moving in for six months and making sure that you let you parents know what you are only moving out temporarily so your room doesn't become their new office. Given you will probably rent it out after 12 months of living in it. Let me know if you would like me to organise the finance piece and we can discuss the real estate options in your local area. I think you would need to private message me as my contact details cannot be posted.
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Q: I am a self-funded retiree with a share portfolio of $300,000 with a high proportion of bank shares. I feel as though they will continue to be strong but would like to ask if others think the same?
A: Given the aggressive projected home loan interest rate rises it looks to be so.
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Q: Hi
Submitted to 'Real Estate' page but also a 'Legal' question:
6 months ago I purchased a house off the plan. I negotiated a 5% deposit but will have to pay the remainder next month.
I recently enquired in the same development for a relative and realised that they are now selling the same property as mine for a significantly lower price, a large financial rebate, many added features thrown in for free and even a $12k gift card. Whilst it is not ideal, I'm considering the opportunity this may present. My question is - what are my legal rights in terms of selling before settlement or forfeiting the contract and then repurchasing in the same development with the new terms? If it is simply a matter of forfeiting my deposit, then I would still be significantly better off. Are there other ramifications which would stop people doing this? I take it they won't simply amend my contract.
Any advice would be much appreciated!
Dan
A: Just ask it never hurts.
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Q: Hi there
We have a fixed rate loan of $620,000 that matures in Nov this year. We want to do about $150,000 in renovations and would like to refinance their existing loan and borrow the extra. Home would be valued about $950,000. Is this posisblea nd would there be any fees to break the fixed loan. What rate could we get?
A: Based on your figures your LVR is 81%. You will need to check the economic costs of breaking the fixed rate before November. I can get you rates below 4% p.a. depending on your income and credit score and your current mortgage repayment behaviour.
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Q: Hi there,
I have been working for the same company for 9 years and have been offered a redundancy package. I’m trying to calculate my entitlements and I’d like to ask if I should do the calculations from the time they made the offer or to my last day which would be in 6 weeks. Do I include a percentage long service leave as an entitlement even though I’m 6 months away from 10 years’ service?
A: https://calculate.fairwork.gov.au/endingemployment
Maybe you can try the calculator.
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Q: We have been informed NAB will be increasing the rate on our home loan by 0.16%, which is very disappointing. Our loan is $780,000 and the rate will now be 4.15% - should we be looking to refinance or is NAB just the first and the other banks will be increasing their rates soon? What is the best rate we could get if we did refinance?
A: I can get you 3.54% p.a. variable rate on owner occupied. I can assist you with the refinance. You can also consider fixed rates. It will also depend on your loan to value ratio so I would need to know the value of your home before we can really quote you. I will also need your credit score and mortgage statements to see if your past behaviour is acceptable to my panel of lenders.
In answer to your first question, they will definitely be raising rates. They need to protect their business.
If cashflow is a concern for you, refinance is quick and easy. You can email me on marie@mariefergusonassociates.com.au or call me on 0434 528 186.
