Navigating the world of mortgages can feel like learning a new language. There are so many terms and processes involved! To help simplify things, let's break down the ABCDs (and beyond!) of mortgage broking, giving you a clearer picture of what to expect.
Your budget should be based off your take home income, from your base pay–if you receive overtime or allowances try not to include this.
Being a homeowner, you'll now have new bills to pay that you’ve never had before. So, in your homeowner budget be sure to consider; internet, gas, electricity, council rates, body corporate fees, building insurance, transport costs (tolls, petrol, car service, rego) and the big one in these hard times…. FOOD!!
While variable interest rates are continuing to rise, and will almost certainly increase further, some lenders are actually cutting their fixed rates.
Lenders started increasing their variable rates in May, once the Reserve Bank of Australia (RBA) began increasing their cash rate. However, lenders increased their fixed rates much earlier, in anticipation of future rate hikes.
RBA data shows that interest rates for fixed loans:
· with terms greater than three years have been trending up since December 2020
· with terms of three years or less have been trending up since November 2021
Recently, some lenders have concluded that the RBA will not increase the cash rate as much as they originally expected. As a result, they feel some of their fixed rates were moved too high, which is why they're now reversing course and making some reductions.
Unsure whether to go with a fixed loan, a variable loan or a split loan (which is part fixed and part variable)? I'll be happy to talk you through the pros and cons of each option.
Get in contact to explore your rates and your options!
For 21 years, the Australian Mortgage Awards have been honouring the best in the business across the nation. Set to be an in person event for the first time since 2019, this year’s event will feature 25 categories plus the two major awards – Westpac Australian Broker of the Year and Liberty Australian Brokerage of the Year.
And guess what, team?
TM Finance Group have been announced as an awardee for excellence in Diversification!
This is an event we have won in 2017, for the very same category and we are super proud to have been included in this prestigious list again!
Diversification is a category close to hearts. As a boutique firm, it takes hard work to stay atop the myriad pathways for lending. It could be easy for us to specialise in just one area of mortgage broking and cruise a long, but why, when we can make certain we service all our clients as best we can in all areas of their financial journey, not just their home loan.
TM Finance Group have a depth of knowledge any many areas of finance and we will continue to maintain our excellent service to complement these skills. Because, after all, what you want, baby we want to get it!
Thanks again for the incredible support from all of you too.
Have something diverse you need finance for? Get in touch!
Speak to one of our consultants today
