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Steady, steady – Interest Rates remain at 1.50%.

Steady, steady – Interest Rates remain at 1.50%. | Home Loans | Scoop.it

Nothing drastic happened in March to stir the Australian economy, so it was no surprise the Reserve Bank of Australia retained its neutral stance – the official cash rate remains at a record low 1.50%pa. The last movement on interest rates was in August 2016, and experts predict that it may well stay where it is for the foreseeable future.

This information is important to you because it helps you plan your finances. But, have you ever wondered what the RBA actually do at the monthly meetings and the factors they consider when making their interest rates decision?

In short, it is the job of the RBA to ensure the cost of living remains at a reasonable rate for Australians. The board also attempts to keep inflation between 2 and 3% (the good news being they have succeeded for many years now).

Decision on Interest Rates

Before coming to any resolution, the board members take into consideration current full time employment figures; consumer and business confidence; the stability of the Australian dollar and household debt.

They will also study overseas housing markets, currencies and consumer demand. The economic and trade conditions of the US, China and major European countries also come into play.

So, when the members meet on the first Tuesday of every month (except for January), they share pleasantries and sandwiches, read reports on national and international economic information and watch presentations from experts. Only after taking all these aspects into account will they agree on their verdict.

Then, a media release is prepared and economic journalists, traders, banking authorities and keen observers keep an eye on the RBA website, which makes the information live at precisely 2:30pm.

So, while interest rates remain stable, opportunities still abound for homeowners and investors. If you’re considering your options – an investment property, a mortgage health check or a lender change – it’s the perfect time. As always, we’re here to help with all that and more – give us a call anytime.

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Steady as she goes – interest rates remain at 1.50%

Steady as she goes – interest rates remain at 1.50% | Home Loans | Scoop.it

Once again, the Reserve Bank of Australia has chosen to keep the official cash rate at the record low 1.50%. This was no surprise – in fact, economists believe that 2018 is most likely to see interest rates stay on a ‘holding pattern’.

Traditionally, the housing market is quiet in the first few months of the year, with Australians enjoying a summer vacation in January and slowing getting back up to speed in February. Now it’s March, and people are well and truly into the swing of things – so it’s the perfect time to look at what opportunities the rest of the year holds.

Are low interest rates making you consider an investment property?

With interest rates set to remain low for the coming year, it may be time to put the equity you have in your own home to good use and start looking for that investment property you’ve been contemplating. So, where do you start? Here are some tips:

Do your homework. Find out which areas are providing good rental returns. Look at up-and-coming suburbs where infrastructure is planned or already underway. Don’t be limited by geography. The best investment property for you may well be in a city or town thousands of miles away. Do your sums. Make sure that the price you are looking at is matched by a good rental yield. Don’t forget to include stamp duty and council/strata rates. Don’t be emotional. Just because you may not want to live in the area/ the house/apartment that you are looking at doesn’t mean it’s not a good investment. Get advice. Once you’ve done the initial work, have someone look over your findings to make sure you haven’t missed anything.

Remember, your mortgage broker is here to help you make sure you are getting the best deal possible, they can advise on the correct loan structure, interest rates and loan product fees and charges. Whatever it is you are considering, please feel free to call us.

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Todd C, Varsity Lakes, QLD

Todd C, Varsity Lakes, QLD | Home Loans | Scoop.it

We where involved in an on the spot multiple offer situation. I called Brad and he guided us through. It was great to have his knowledge and it gave us the confidence in a very un-familiar situation. Going forward he would give us regular updates and coordinated between us and the bank to make everything very stress free. I have recommended his services to my friends and colleagues

https://www.oceanhomeloans.com.au/testimonial/todd-c-varsity-lakes-qld/
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New year same official interest rates

New year same official interest rates | Home Loans | Scoop.it

The holiday is over. Or is it? Mortgage holders can continue to relish record low interest rates – the longest in history – as the Reserve Bank of Australia voted to keep the cash rate on hold. It has remained at 1.50% since August 2016.

Looking back at the last quarter of 2017, there is great news for first home buyers, owner-occupiers and local investors. Economists say that, with foreign buyers pulling out of the Australian housing market, more locals looking for a home or investment are set to increase their share in the market.

NAB Chief Economist Alan Oster says first home-buyers are entering into the market at the highest levels since 2011, making up 18% of new owner-occupier loans.

He also reports that “sentiment towards Australia’s housing market remained at above-average levels in the fourth quarter of 2017” – a positive sign for 2018.

Low Interest Rates – Time to Refinance?

Experts point out that, while interest rates are expected to stay on hold for a while, they will eventually rise. That’s why many think now is the perfect time to look at refinancing.

There are currently a number of lenders offering variable rates below 4%. Refinancing now can help you get ahead on your mortgage repayments, saving you thousands in the long run.

If you’re interested in reviewing your options, as usual, your mortgage broker is always available to help.

https://www.oceanhomeloans.com.au/new-year-same-official-interest-rates/
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New year same official interest rates

New year same official interest rates | Home Loans | Scoop.it

The holiday is over. Or is it? Mortgage holders can continue to relish record low interest rates – the longest in history – as the Reserve Bank of Australia voted to keep the cash rate on hold. It has remained at 1.50% since August 2016.

Looking back at the last quarter of 2017, there is great news for first home buyers, owner-occupiers and local investors. Economists say that, with foreign buyers pulling out of the Australian housing market, more locals looking for a home or investment are set to increase their share in the market.

NAB Chief Economist Alan Oster says first home-buyers are entering into the market at the highest levels since 2011, making up 18% of new owner-occupier loans.

He also reports that “sentiment towards Australia’s housing market remained at above-average levels in the fourth quarter of 2017” – a positive sign for 2018.

Low Interest Rates – Time to Refinance?

Experts point out that, while interest rates are expected to stay on hold for a while, they will eventually rise. That’s why many think now is the perfect time to look at refinancing.

There are currently a number of lenders offering variable rates below 4%. Refinancing now can help you get ahead on your mortgage repayments, saving you thousands in the long run.

If you’re interested in reviewing your options, as usual, your mortgage broker is always available to help.

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RBA sees out 2017 with no Change to Official Interest Rates

RBA sees out 2017 with no Change to Official Interest Rates | Home Loans | Scoop.it

The Reserve Bank of Australia has ended the year with good cheer and positive news – still no movement on interest rates, which remain at a record low 1.50%.

In mid-November, economics writer, Terry McCrann reported the RBA had painted a very optimistic picture of the Australia economy in its latest assessment and outlook.

He wrote, “it’s one of overall growth picking up and running quite strongly, low inflation, pretty solid increases in jobs and even wages broadly beginning to pick up a bit of pace.”

Low Interest Rates Continue to bring Confidence

Therefore, many of us can feel confident about our future and will consider our options over the summer break. With no movement on interest rates, some investors will be looking as closely at the property market as their Christmas shopping lists.

Adopting a more leisurely pace over the summer break, it could be the ideal time to take stock and possibly spot some unexpected investment gems – perhaps even think seriously about that holiday property you’ve always dreamt of.

And, with 2018 nearly upon us, why not make a head start on your New Year’s resolutions? One we’d highly recommend is a mortgage health check, which could allow you to make big savings by taking advantage of the low interest rates to pay off your loan sooner. Another suggestion is to take the time to look around your home with fresh eyes and think about how you could add value.

Meanwhile, we would like to wish you the very best for the holiday season. With the RBA taking a January break, we’ll return to your inbox in February with more suggestions and all the latest news.

As ever, if you have any questions, we’re here to help.

https://www.oceanhomeloans.com.au/rba-sees-out-2017-with-no-change-to-official-interest-rates/
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Official Interest Rates Steady at 1.5%

Official Interest Rates Steady at 1.5% | Home Loans | Scoop.it

Interest rates aren’t necessarily on everyone’s minds at this time of year, with most of the country looking towards Flemington in Melbourne, the members of the Reserve Bank of Australia had their eyes firmly on the official cash rate.

The odds were always in favour of the Reserve Bank of Australia keeping the official rate on hold. Since August last year the cash rate has remained at the all-time low of 1.5%. And all bets are on interest rates remaining at that level for some time.

There’s a lot of good news in the Australian economy – let’s start with the international trade report for September. Australia’s surplus increased to $1.745 billion from $873 million, breezing past expectations for a smaller increase to $1.2 billion. Reserve Bank governor Philip Lowe says, “it’s time to turn a new page”. The RBA is increasingly confident that the slowing effect that the end of the mining boom had on living standards is behind us.

Low Interest Rates Help to Pay off Your Mortgage Sooner

Around this time of the year, many people look at their own home and mortgage. If you have a look at the life of your mortgage, there are a number of ways you could pay it off sooner that won’t affect your lifestyle whatsoever and with interest rates at there lowest ever, there is no time better than now.

Here’s a little trick – why not round off your monthly payments upwards – say you pay $2161 per month. Paying the extra $39 a month may allow you to pay off your mortgage up to a year earlier.

And of course, if your horse comes in today, why not put that money towards your mortgage – more equity in your home can lead to an investment property, so you win either way.

If you have any questions, we’re always here to help.

https://www.oceanhomeloans.com.au/official-interest-rates-steady-at-1-5/
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Peter H, Whittlesea, VIC

Peter H, Whittlesea, VIC | Home Loans | Scoop.it

Brad was so helpful that it made for a very easy time for me I would highly recommend Ocean Home loans

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Sam & Saul J, Quinns Rocks, WA

Sam & Saul J, Quinns Rocks, WA | Home Loans | Scoop.it

Brad Kirwan was really helpful and always available when needed even out of working hours.

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No change in interest rates

No change in interest rates | Home Loans | Scoop.it

It’s that time of the year – the weather warms, the flowers blossom and the beaches fill up. But as some things change, others remain the same – like the official cash rate. The board members of the RBA have once again decided to keep interest rates at the record low of 1.5%.

However, that’s no reason for you not to leap into action – after all, spring is a time of renewal. For example – when was the last time you re-looked at your home loan?

There’s a lot of competition between lenders – and there are many more options for mortgage holders than the big banks. It’s never a bad idea to see if you can get a better deal. Of course, your current lender won’t want to lose your business, so now is the time to get a ‘home loan health check’.

Refinance for Better Interest Rates

Refinancing your biggest asset has many advantages. You may be considering a renovation, or investing in another property. Perhaps you need funds to pay for a child’s education. Rather than seeking another loan, it’s prudent to take advantage of your current one.

If you have a number of debts on higher interest rates, like credit cards, consolidating your debts will allow those higher interest debts to being rolled into your home loan, so they would be covered by a lower interest rate.

But remember, it’s not as easy as simply switching banks to obtain a lower interest rate – it’s a complex issue that needs careful consideration. However, if you do it right, you could save a bundle.

Over the years, we’ve helped countless clients find a better mortgage deal and lower their interest rates. So if you haven’t looked at your current mortgage in years, now’s the time to give us a call – we’re here to help.

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RBA holds interest rates steady at 1.5%pa

RBA holds interest rates steady at 1.5%pa | Home Loans | Scoop.it

Neither up nor down – the official cash rate is, well, neutral. This is the 12th month in a row the RBA hasn’t moved on record low interest rates of 1.5%pa, and there are signs they will hold steady for the foreseeable future.

Although we are deep in the winter months, the usual quiet that falls upon the housing market at this time of the year hasn’t eventuated. CoreLogic Head of Research Tim Lawless says house prices have surged ahead in July. “It’s looking strong, and not slowing as much as expected.”

Low Interest Rates bring back First Home Buyers

Mr Lawless added that a return of first-home owners could be underpinning some of the strength following the introduction of stamp duty concessions or grants in several states on 1 July.

The strength in the housing market isn’t just in major cities. In what is being called ‘A push to the bush’, house prices in regional towns are steadily on the increase – many of these areas have seen prices surge by double digits in the past 12 months.

Elsewhere, the Australian economy remains strong. On the jobs market, unemployment dropped to 5.6% in June, the best reading since May 2013, leading to 9 consecutive months of job growth. Consumer confidence has jumped to its highest level in 4 years.

Homeowners and investors alike can rest assured their biggest asset continues to grow. If you’re thinking about selling, buying or just want more information about interest rates or the market, please don’t hesitate to contact mortgage broker.

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RBA Still on Hold - Interest Rates Remain at 1.5%

RBA Still on Hold - Interest Rates Remain at 1.5% | Home Loans | Scoop.it

No doubt the Reserve Bank of Australia’s lunchtime meeting on the first Tuesday of every month is more exciting than the announcement that is made at 2:30pm. However, from an outsider’s point of view, it seems not much has happened during their regular gathering as official interest rates remain on hold for the 8th month in a row.

Low Interest Rates – Continued Optimism

Despite the colder weather, housing prices across the country continue to be red-hot. Not only have prices in the bigger cities increased, but other areas are looking good as well. For example, rural optimism is high – 28% of all Australian farmers believe their economic outlook will improve further in 2017-18. On top of that, 59% of farmers expect conditions and interest rates will remain stable, giving Australian country areas much-needed good news.

As we move towards the coldest point of the year, it’s a great time to look around your house and see how to add value, even if you’re not planning to sell in the immediate future. Here are some areas to consider:

An external makeover. Never underestimate the importance of ‘curb appeal’. De-clutter your front yard, paint the outside or upgrade the landscaping. Add (or improve) a deck or terrace. The very nature of our climate means that Australians are big on outdoor living. Update your kitchen. This room can be the deciding point for many buyers. People want to picture their lifestyles as they look around a home – the latest tiles, bench tops and cabinetry will help fuel their imagination. A few easy changes even if you live in an apartment: enhance the floors with new carpet, or polish the wooden floorboards; repainting main rooms; add air-conditioning; re-tile the main bathroom or turn gloomy rooms into light, bright areas. Details, details. Yes, attention to detail is crucial – what you and your family have become used to can turn a potential buyer off in a heartbeat.

Adding value can allow you and your family to upgrade lifestyle and enjoy the fruits of your labour, and the cooler days make it easier. Come spring, you’ll be glad you did.

If you’d like an outsider’s opinion on what you can do, or discuss the latest interest rates news, your mortgage broker is always there to help.

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Interest Rates Remain on Hold with no Movement in Sight

Interest Rates Remain on Hold with no Movement in Sight | Home Loans | Scoop.it

“Stable and unwavering.” Not a campaign slogan, although it could be the current motto of the Reserve Bank of Australia’s monthly meetings to discuss the official cash rate. Once again, the board has chosen to keep interest rates on hold with no movement on 1.5%pa since August last year.

Although officially winter, the Australian economy hasn’t cooled down. It’s not unusual for housing prices and the share market to drop slightly at this time of the year. However, it’s nothing to be concerned about.

Low Interest Rates bring a Steady Economy

The Australian economy, stresses Industry Super economist and former Treasury forecaster Stephen Anthony, is still growing, but slowly.

In fact, Australia has just become the country with the longest recession-free run in the modern world – 103 quarters in succession, slipping past The Netherlands, who held the previous record.

In fact, the Wall Street Journal has called Australia the “miracle economy” – the US has had two technical recessions and Japan has had six in the same period.

While we are in the winter months, it’s a good idea for mortgage holders or investors to sip on a cup of hot tea and consider their current situation and what opportunities low interest rates provide. If you are a homeowner thinking of selling in the spring, now is the exact time to look at any improvements that could add value to your property.

If you’re not planning on buying or selling, ask yourself – when was the last time we reviewed our interest rates? If it’s been a while, it’s very possible you will be missing out on opportunities.

As usual, we are here to help you with any questions you may have about your current or future mortgage.

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Amanda & Chris J, Canungra, QLD

Amanda & Chris J, Canungra, QLD | Home Loans | Scoop.it

We first used Brad at Ocean Home Loans 5 years ago. We contacted him again because we remembered how good he was and how helpful he was at the time. We had forgotten how quick and thorough he was though. Brad doesn’t miss a trick or waste any time at all. He knows the right product for his clients and is in constant contact every step of the way and kept us updated the whole way through so we always knew exactly what was happening and when. We will never think of using anyone else again in the future with Brad’s high level of service. Amanda & Chris Scenic Rim Area

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Todd C, Varsity Lakes, QLD

Todd C, Varsity Lakes, QLD | Home Loans | Scoop.it

We where involved in an on the spot multiple offer situation. I called Brad and he guided us through. It was great to have his knowledge and it gave us the confidence in a very un-familiar situation. Going forward he would give us regular updates and coordinated between us and the bank to make everything very stress free. I have recommended his services to my friends and colleagues

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New year same official interest rates

New year same official interest rates | Home Loans | Scoop.it

The holiday is over. Or is it? Mortgage holders can continue to relish record low interest rates – the longest in history – as the Reserve Bank of Australia voted to keep the cash rate on hold. It has remained at 1.50% since August 2016.

Looking back at the last quarter of 2017, there is great news for first home buyers, owner-occupiers and local investors. Economists say that, with foreign buyers pulling out of the Australian housing market, more locals looking for a home or investment are set to increase their share in the market.

NAB Chief Economist Alan Oster says first home-buyers are entering into the market at the highest levels since 2011, making up 18% of new owner-occupier loans.

He also reports that “sentiment towards Australia’s housing market remained at above-average levels in the fourth quarter of 2017” – a positive sign for 2018.

Low Interest Rates – Time to Refinance?

Experts point out that, while interest rates are expected to stay on hold for a while, they will eventually rise. That’s why many think now is the perfect time to look at refinancing.

There are currently a number of lenders offering variable rates below 4%. Refinancing now can help you get ahead on your mortgage repayments, saving you thousands in the long run.

If you’re interested in reviewing your options, as usual, your mortgage broker is always available to help.

https://www.oceanhomeloans.com.au/new-year-same-official-interest-rates/
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New year same official interest rates

New year same official interest rates | Home Loans | Scoop.it

The holiday is over. Or is it? Mortgage holders can continue to relish record low interest rates – the longest in history – as the Reserve Bank of Australia voted to keep the cash rate on hold. It has remained at 1.50% since August 2016.

Looking back at the last quarter of 2017, there is great news for first home buyers, owner-occupiers and local investors. Economists say that, with foreign buyers pulling out of the Australian housing market, more locals looking for a home or investment are set to increase their share in the market.

NAB Chief Economist Alan Oster says first home-buyers are entering into the market at the highest levels since 2011, making up 18% of new owner-occupier loans.

He also reports that “sentiment towards Australia’s housing market remained at above-average levels in the fourth quarter of 2017” – a positive sign for 2018.

Low Interest Rates – Time to Refinance?

Experts point out that, while interest rates are expected to stay on hold for a while, they will eventually rise. That’s why many think now is the perfect time to look at refinancing.

There are currently a number of lenders offering variable rates below 4%. Refinancing now can help you get ahead on your mortgage repayments, saving you thousands in the long run.

If you’re interested in reviewing your options, as usual, your mortgage broker is always available to help.

https://www.oceanhomeloans.com.au/new-year-same-official-interest-rates/
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RBA sees out 2017 with no Change to Official Interest Rates

RBA sees out 2017 with no Change to Official Interest Rates | Home Loans | Scoop.it

The Reserve Bank of Australia has ended the year with good cheer and positive news – still no movement on interest rates, which remain at a record low 1.50%.

In mid-November, economics writer, Terry McCrann reported the RBA had painted a very optimistic picture of the Australia economy in its latest assessment and outlook.

He wrote, “it’s one of overall growth picking up and running quite strongly, low inflation, pretty solid increases in jobs and even wages broadly beginning to pick up a bit of pace.”

Low Interest Rates Continue to bring Confidence

Therefore, many of us can feel confident about our future and will consider our options over the summer break. With no movement on interest rates, some investors will be looking as closely at the property market as their Christmas shopping lists.

Adopting a more leisurely pace over the summer break, it could be the ideal time to take stock and possibly spot some unexpected investment gems – perhaps even think seriously about that holiday property you’ve always dreamt of.

And, with 2018 nearly upon us, why not make a head start on your New Year’s resolutions? One we’d highly recommend is a mortgage health check, which could allow you to make big savings by taking advantage of the low interest rates to pay off your loan sooner. Another suggestion is to take the time to look around your home with fresh eyes and think about how you could add value.

Meanwhile, we would like to wish you the very best for the holiday season. With the RBA taking a January break, we’ll return to your inbox in February with more suggestions and all the latest news.

As ever, if you have any questions, we’re here to help.

https://www.oceanhomeloans.com.au/rba-sees-out-2017-with-no-change-to-official-interest-rates/
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Official Interest Rates Steady at 1.5%

Official Interest Rates Steady at 1.5% | Home Loans | Scoop.it

Interest rates aren’t necessarily on everyone’s minds at this time of year, with most of the country looking towards Flemington in Melbourne, the members of the Reserve Bank of Australia had their eyes firmly on the official cash rate.

The odds were always in favour of the Reserve Bank of Australia keeping the official rate on hold. Since August last year the cash rate has remained at the all-time low of 1.5%. And all bets are on interest rates remaining at that level for some time.

There’s a lot of good news in the Australian economy – let’s start with the international trade report for September. Australia’s surplus increased to $1.745 billion from $873 million, breezing past expectations for a smaller increase to $1.2 billion. Reserve Bank governor Philip Lowe says, “it’s time to turn a new page”. The RBA is increasingly confident that the slowing effect that the end of the mining boom had on living standards is behind us.

Low Interest Rates Help to Pay off Your Mortgage Sooner

Around this time of the year, many people look at their own home and mortgage. If you have a look at the life of your mortgage, there are a number of ways you could pay it off sooner that won’t affect your lifestyle whatsoever and with interest rates at there lowest ever, there is no time better than now.

Here’s a little trick – why not round off your monthly payments upwards – say you pay $2161 per month. Paying the extra $39 a month may allow you to pay off your mortgage up to a year earlier.

And of course, if your horse comes in today, why not put that money towards your mortgage – more equity in your home can lead to an investment property, so you win either way.

If you have any questions, we’re always here to help.

https://www.oceanhomeloans.com.au/official-interest-rates-steady-at-1-5/
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Do you have Genuine Savings for your Home Loan Deposit

Do you have Genuine Savings for your Home Loan Deposit | Home Loans | Scoop.it

Everyone knows you need a deposit to get a home loan, but fewer people realise that the deposit must meet certain requirements and in many cases must be considered as genuine savings.

Lenders want to know how your deposit was acquired – did you save it yourself? Was it gifted to you? For lenders, this is an important indication of whether you are capable of the consistent ongoing savings required to repay a home loan.

If you are borrowing more than 80% of the property value, most lenders require proof of genuine savings. In other words, you will need to show evidence that over time you have been able to save at least 5% of the value of the property (or more if you are purchasing an investment property).

Any money your family gives you to help with a home loan deposit must meet lender requirements

Money that is gifted is usually termed as a ‘non-genuine saving’ because you have not saved it up yourself over time. For it to be considered as a genuine saving that counts towards your home deposit, it needs to sit untouched in a saving account for a least three months (or more). Some lenders, but not all, allow gifted money if parents put in writing that their money is a gift and they do not expect it to be repaid. You must be able to provide evidence that you have the funds available to you.

Savings in a redraw account may not be considered as genuine savings

Not all lenders accept redraw accounts as proof of genuine savings because lenders prefer to see that you have a savings account connected to your everyday banking from which you can show transactional proof of savings and from which money is not withdrawn.

For rent to be considered as genuine savings, your lease should be from a registered real estate agent

Some lenders may consider rental payments as partially meeting genuine savings requirements but they will often add extra conditions, such as a licensed property agent must manage your property, and that you have lived there for a minimum of 12 months.

Lump sum deposits over time don’t demonstrate your ability to save

Lump sum deposits such as commission income, bonuses, or money from the sale of a car or other asset are not viewed as genuine because they don’t show your ability to repay on a regular basis.

A non-genuine savings home loan product is not always the best solution if you don’t have enough genuine savings for a deposit

Non-genuine savings home loans are offered to borrowers who have a non-genuine deposit but don’t want to wait the required three months. These products are convenient but keep in mind they usually come with higher fees and interest rates, which could increase costs over the life of the loan.

Want to know more? Contact your mortgage broker who can talk to lenders on your behalf and advise you of the best course of action for your individual situation.

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Peter H, Whittlesea, VIC

Peter H, Whittlesea, VIC | Home Loans | Scoop.it

Brad was so helpful that it made for a very easy time for me I would highly recommend Ocean Home loans

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Sam & Saul J, Quinns Rocks, WA

Sam & Saul J, Quinns Rocks, WA | Home Loans | Scoop.it

Brad Kirwan was really helpful and always available when needed even out of working hours.

https://www.oceanhomeloans.com.au/testimonial/sam-saul-j-quinns-rocks-wa/
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Interest Rates stay at 1.5% - Property Market still Bouyant

Interest Rates stay at 1.5% - Property Market still Bouyant | Home Loans | Scoop.it

There was no spring-cleaning happening at the Reserve Bank of Australia. As expected, the Board decided to keep official interest rates on hold at the record low 1.5%pa. Nevertheless, dusting off the cobwebs after winter always brings a sprightly step into the housing market.

The psychology of spring is one of change – from diets to housing choices. It’s no wonder that, come this time of the year, more people consider a move.

Real Estate Institute of NSW president, John Cunningham, says the mood of both sellers and buyers tends to change as spring begins. “As the flowers come out and the grass grows, mindsets become more dynamic as we come out of the winter hiatus. People feel a lot more optimistic and confident, and that’s the key to all markets.”

Buying or Selling – Low Interest Rates can Help

Many people are keen to think anew and begin to consider the possibility of selling, while others decide it’s a good time to upgrade their current property. New carpet, a coat of paint and a tidier garden can completely change the ambience and help it sell faster when you are ready.

However, if you have decided to look for that new home or investment property, with interest rates so low, experts suggest that you secure your financing early. Because property sales increase in September, October and November, lenders typically need to handle an increased workload. The result – longer approval times, which might mean missing out on that perfect home or maybe locking in those low interest rates.

If a new purchase before Christmas is on the cards, give us a call now so you don’t miss out.

http://www.oceanhomeloans.com.au/interest-rates-stay-at-1-5-property-market-still-bouyant/
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How home loan redraw works and why it’s a handy loan feature

How home loan redraw works and why it’s a handy loan feature | Home Loans | Scoop.it

It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why:

The redraw facility explained

A redraw facility lets you make additional repayments to reduce your variable rate mortgage balance and save on interest. If you pay more than your minimum scheduled repayments, then you’ll have money available to redraw from your mortgage.

The redraw facility is a common feature of many home loans, it’s not available, though, on construction loans and only some lenders allow it for fixed rate loans.

You can redraw funds if, and when, they are needed, or you can keep the funds in your mortgage to pay off your principal faster. The amount available for redraw is the difference between what you have paid and how much you were required to pay, less one month’s scheduled repayment.

Accessing redraw

You can check your loan account online to view your available redraw amount at any time. Alternatively, you can call your home loan customer care team and ask them to check for you.

You can withdraw your funds from certain ATM’s depending on your lending provider, but this may attract certain fees and come with restrictions on minimum amounts.

What happens after using home loan redraw?

After you redraw money from your home loan, you continue to make your regular repayments as normal. However, be aware the interest component of the repayments you make will increase since you’re now paying interest on a higher loan principal amount.

What are the benefits?

Like an offset account, a redraw facility can help reduce the total interest paid on your loan and shorten the life of the loan. And, of course, when you need some cash it’s easily accessible.

Depending on your lender, additional payments can be made at no extra cost and redraw funds can be accessed at any time.

When comparing loans and choosing the option that best suits your financial needs, remember to consider the redraw facility.

http://www.oceanhomeloans.com.au/how-home-loan-redraw-works-and-why-its-a-handy-loan-feature/
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Penne M, Oxenford, QLD

Penne M, Oxenford, QLD | Home Loans | Scoop.it

Brad was great to work with. Worked in with my hours at work. Kept me in the loop all the way with the banks. Happy to explains thing in layman terms and was very professional in his approach to the whole experience. I would recommend him to anyone that wanted a professional broker to work with and get the right result.

http://www.oceanhomeloans.com.au/testimonial/penne-m-oxenford-qld/
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