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How to boost your credit score in 90 days

Do you know what your credit score is? It's a great idea to find out, so that you can stay in control of your finances. If you don't know what your credit score is, finding out at least three to six months before you want to apply for a loan or a new credit card can allow you time to boost your credit score, if it's a little lower than you expected...
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Why serviceability is the key to an affordable home loan

When you're looking for a new home loan, the question is not, 'How much can I borrow?' Instead you should be asking, 'How much can I afford to repay?' This key factor is one of the ways lenders work out the size of your loan, and it's called 'serviceability.'Everyone would love to have no home loan, but a mortgage is part of life for the majority o...
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Home loans delayed, denied and dearer post - Hayne Royal Commission

James FrostFinancial Services Writer - Financial Review Apr 23, 2019Strict interpretation of responsible lending laws has created a bottleneck of mortgage applications with massive delays in the approval process contributing to a rise in the cost of credit and vastly reduced borrowing capacity in the post-royal commission environment.  Data fr...
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​Interesting article about the last time the labor government tried to tweak the investment property sector

​What happened in 1985-87 - by John McGrathLast week I discussed the risks to everyday Australians that I see in the changes to negative gearing and capital gains tax proposed by Federal Labor if it wins the election.In short, Labor intends to abolish negative gearing on established investment properties purchased after January 1, 2020 and halve th...
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CBA makes a $4.7 Billion profit for the first 6 months of the FY, but want's you to pay a fee (not them) for the privilege of giving them your business.

The Commonwealth Bank of Australia (CBA) has reported a cash net profit after tax (NPAT) of $4.7 billion for the first half of the 2019 financial year (1H19), an increase of 1.7 per cent from 1H18.However, much of the bank's home loan growth was generated through the broker channel, which originated 45 per cent of CBA's home loan flows, up 5 per ce...
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Fee-for-Service Model: Hurting Australian Home Owners and Helping the Big Four

By Alex Anderson - Founder and CEO of Chesswork GroupThis article is in response to some of the remarks made by the Royal Commissioner and the deflections toward the broking industry made by the CBA CEO in the face of scrutiny by the commission.Currently, consumers have access to the expertise of professional mortgage brokers without having to pay ...
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New bank in 2019

​ From February 2019, a new bank called "Health Professionals Bank" will be launched under the Teachers Mutual Bank Limited brand.It joins Teachers Mutual Bank, UniBank and Firefighters Mutual Bank as the group provides finance options for various industry sectors and their families.Teachers Mutual Bank CEO Steve James said they had identified a...
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How to pay off your mortgage faster?

When was the last time you looked closely at your loan, the progress you are making on paying it off and how it compares to others in the market? Analyzing your mortgage could mean savings for you, as well as the opportunity to pay it off more quickly, invest in other assets or reach financial freedom sooner.  Consider these simpl...
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How important are mortgage brokers? The answer is VERY.

Deloitte Access Economic were commissioned by The Mortgage Brokering Industry Group (MBIG) which comprises AFG, Astute Financial, Aussie, CHOICE Aggregation, Connective, FAST, FBAA, Loan Market, MFAA, Mortgage Choice, NMB, PLAN Australia, and Smartline, to provide an independent report on the value of mortgage brokers to the consumer. Ple...
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How Have Dwelling Values Changed Over The Past Decade?

Just how have property values changed over the last ten years?Recently, CoreLogic Australia's leading property research and data hub looked at this topic and produced an interesting article that looks at just this.  Click here for the full story.
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First Home Superannuation Saver Scheme - What, How & Why?

The Government will help Australians boost their savings for their first home by allowing them to build a deposit inside superannuation. The details: From 1 July 2017, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total, to their superannuation account to purchase a first home. These contributions, which are ...
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Home prices soften, but it's not all doom and gloom

Yes, property values have softened across Sydney and other areas nationally but this needs to be put into context. There are reasons we are now seeing this trend.1. Lower prices in Sydney are off the back of record increases in a relatively short period following a sustained period of flattening.2. Tighter credit policies that have been put into pl...
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Interesting times ahead in finance

Recent changes by lenders have seen much closer attention now being given to existing loan account conduct and subsequently lending tighten up over the last few weeks.In the past when assessing a loan application, lenders would manually review existing account conduct and if a loan statement showed minor late payments of only a few days it wouldn't...
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Four differences between a credit adviser (Broker) and a bank lender

It's easy to walk into the local bank and talk to a lender, or apply online for a home loan, but it may not always be the best option. 1: Choice - When you're buying a house, do you go to one real estate agent, decide you will buy a house from them, and choose from what they have on the market? Do you make the best of what may actually be a poor fi...
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How to get ahead with your deposit?

With the number of first home buyers in the mortgage market continuing to languish near record lows and property prices peaking 1, it's clear first home buyers need a savvy savings strategy to round up a deposit.But getting ahead is often easier said than done. Life has to be lived and bills need to be paid, while hikes in basics, such as electrici...
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Generation selfish locking themselves out of property market

Selfish Generation - Lock out

The head of a Sydney real estate network has labelled Generation Y “uncompromising” and “materialistic”, saying they are at fault for cutting themselves out of home ownership.

At a time when housing affordability and home ownership, in particular the comparison between Generation Y and their Baby Boomer parents, is dominating headlines, Malcolm Gunning, principal of Gunning Real Estate said Gen Y are missing out because they aren't prepared to make sacrifices.

“There are lots of young people who are complaining that it is too hard to buy in Sydney, however they won't forgo their material possessions,” Gunning said.

“More and more we are seeing a victim mentality associated with the high cost of property, yet this 'generation selfish' sees wide screen TVs, designer clothes, international holidays and eating out as every day essentials. They simply won't do what is necessary to cut their lifestyle in order to save a deposit.

“They also aren't prepared to invest in a stepping stone property, in a less desirable location, they want the Surry Hills pad, right now and won't modify their expectations.”

However, the Household, Income and Labour Dynamics in Australia Report (HILDA) revealed that entry-level properties are more expensive than ever. The battle of the generations when it comes to home ownership was reignited when the HILDA report revealed this, suggesting that the chances for young Australians of owning a home are falling.

According to the report, the 10th percentile of homes – or the cheapest in the market – had grown 108% in value between 2001 and 2014, compared to a 47% growth for 90th percentile properties at the top of the market.

In addition, the HILDA report showed people aged over 65 are the wealthiest and the 45-to-54-year-old age group holds the largest share of investment properties.

According to Gunning, members of Generation Y residing in Sydney have themselves to blame the most.

“While we must recognise that government incentives have been reduced to new properties and the issue of bracket creep is an important one, Sydneysiders are those who have the biggest problem,” he said.

“Young people in regional areas, who are not bringing home as big a pay packet, are making sacrifices to get into the property market. They recognise that getting onto the property ladder should be a priority and do everything they can to ensure they are saving to get to their end goal.”

However, it is worth noting that house prices have risen the most substantially in Sydney. House price data from CoreLogic shows home values in Sydney have been rising for four years, and have increased by a cumulative 59% over this growth cycle. In Melbourne, the second biggest capital city for capital growth, prices have moved 41% higher over the growth cycle to date.

Australian Broker - by Julia Corderoy 27 Jul 2016

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REINSW calls for immediate stamp duty review

One of New South Wales’ peak real estate bodies has called for an immediate review of the state’s stamp duty arrangements.

According to the Real Estate Institute of New South Wales (REINSW), the government’s own budget papers show just how inefficient and restrictive current stamp duty charges are in in the state.

“The NSW Government has openly admitted that taxes imposed on transactions, such as transfer duty [stamp duty] are relatively inefficient, because people react to them by moving home less often,” REINSW president John Cunningham said.

“Over and above the revenue generated, the state-wide economic cost for every million dollars of transfer duty revenue is estimated to be around $800,000,” Cunningham said, citing the NSW Government’s 2016-17 Budget documents.

In comparison, the budget documents show a tax on unimproved land values is more efficient, with the economic cost of NSW’s land tax estimated to be around $90,000 for every million dollars of revenue it generates

According to the budget documents, land-based taxation, which includes transfer duty, land tax and insurance duty, grew on average by 8.2% a year over the last 10 years. The share of total revenue it provides has increased from 12.8% in 2005-06 to 15.6% in 2014-15.

With property taxes providing such a significant portion of the state’s revenue, it’s unlikely the government would abolish them, but Cunningham said a reduction in the cost each property transaction carries would result in a more efficient system.

“We again call for the NSW government to review stamp duty. Based on its own research the government should immediately cut stamp duty to encourage economic activity and address the inequities of bracket creep of this inefficient tax,” he said.

“The state government have openly admitted that additional transactions would result from a reduction in stamp duty and given that stamp duty would be levied on these additional transactions government revenue will not suffer. In-fact it would most likely improve based on similar changes that occurred in Western Australia and the Northern Territory when those states reformed their rates of stamp duty.”

by Australian Broker - 15 Jul 2016

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As time marches on, situations change. Perhaps you’ve changed jobs? Or there’s a new addition to the family?

Maybe it’s the advent of school fees, or perhaps the kids have flown the coop? Or maybe that leaking shower or tired kitchen has just reached the end of its life.

Maybe you would just like a better rate?

A shift in circumstances may mean it is time to revisit your home finances.

For many, the idea of refinancing a mortgage can be daunting. Fees, fixed versus variable interest rates and monthly charges all need to be considered. The right refinanced loan could help you pay off your mortgage faster and for less, clear unhealthy debt or help you upgrade and add value your home, all of which are steps in the right direction.

But where to start? We can help you weigh it all up.  CALL 02 9456 0847 , or Complete the form opposite and we will give you a call back.

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