Beyond Tomorrow Finance

Mobile Mortgage Broker

  • -:¦:-Welcome-:¦:-

    I hope you find some interesting and helpful tips, articles and updates!

    Enlisting a Mortgage Broker to guide you through the maze of home and investment loans will save you time, money and stress!

    You can drop me an email or give me a call if you would like any help or have any questions.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 1 other follower

  • Archives

  • Meta

  • Advertisements

Archive for June, 2010

Shop Around

Posted by Tamara McDowell on June 19, 2010

Borrowers should be aware that the interest rates on home loans can vary significantly between home loan lenders, financial research company InfoChoice has said.

And mortgage brokers agree with the sentiment, saying that fantastic savings can be made on standard variable home loan rates, fixed home loan rates and many other types of home loans if you just know where to look.

In many cases, the difference between interest rates available can vary by half a per cent, providing borrowers with the possibility of making significant savings over the life of their loan.

Your borrowing capacity, or how much you can borrow from a particular lender, will also vary between lenders so it’s often a case of finding the right mix of borrowing capacity and interest rates, and the home loan features you require.

A good mortgage broker is an ideal tool for a borrower to use to determine the right home loan lender and product, with most mortgage brokers having access to a range of major banks and other secure home loan lenders.

Source: Sydney Morning Herald


Posted in Interest Rates, Loans, Mortgage Broker Service | Tagged: , , , , | Leave a Comment »

RBA says No Housing Crisis Here

Posted by Tamara McDowell on June 9, 2010

Speaking on recent developments in the housing market the RBA’s Head of Financial Stability, Luci Ellis recently stated that any housing collapse like that seen in the US at the start of the global financial crisis is unlikely to occur in Australia.

Ellis notes that if the current benign picture of the financing of the housing market is to continue it is crucial that lending standards in the mortgage market remain prudent.

“Past experience has clearly shown that in the long run, you don’t improve housing affordability by easing lending standards. That just gets capitalised in the price.

“In fact, easing mortgage lending standards too far can be outright damaging to long-run affordability. This has been amply demonstrated in the recent United States housing meltdown,” Ellis said.

In Australia, lending standards never eased that far, and conditions didn’t get that grim.

Ellis notes that first-home buyers have long faced greater risk than more established home owners who have more equity in their homes. She states that there appears to have not been a drop in lending standards to first-time buyers, even when the First Home Owners Boost was in effect.

“Indeed, across the mortgage market as a whole, lending standards are a little tighter than they were a couple of years ago,” says Ellis.

In summary Ellis said that the global economic slump may still have a way to go and with consumer confidence still low financial conditions could remain tight for several years.

Mortgage holders should expect then, that current lending criteria will remain in force – which generally means borrowers will be required to provide a minimum deposit of  5 per cent as well as provide evidence that genuine savings forms part of that deposit.

Borrowers who require assistance finding a home loan, or who are looking for a low deposit option, should talk to a good mortgage broker for assistance.

Posted in Bank & Lender News, House Prices, Interest Rates, Loans, Mortgage Broker Service, Real Estate News | Tagged: , , , , , , , , | Leave a Comment »

RBA Holds Cash Rate

Posted by Tamara McDowell on June 1, 2010

Tuesday 1 June 2010

The Reserve Bank of Australia today announced that the official cash rate would remain unchanged at 4.50%p.a. Click here for the full statement by the RBA Governor Glenn Stevens.

Posted in Bank & Lender News, Interest Rates | Tagged: , , , | Leave a Comment »