For the last several months I have been sending a roundup to all my referral partners. I thought maybe if any one actually reads this, they might garner something from the tid bits I send out based on my take on the week in money.
I hope this finds you all well and warm seeing that climate change is not real, when we woke in Canberra today to looking a little like Colorado!
Pretty much status quo in the world of money this week. A few more lenders venturing into 2.99% territory like Newcastle permanent with a 3yr fixed rate. Newcastle would be one of my favourite lenders for clients.
There are several reasons for this, they are very proactive with their applications. The Bank reps who assist me are also positive and proactive and will always help when an application gets stuck for whatever reason.
In the last 7 years they have been consistent with great rates, they have great banking products too, with 100% offset and the ability to have multiple offset accounts. They will go up to 95% Loan to value ratio (LVR), even on refinances.
They are probably middle of the road with servicing but like all lenders tend to tighten their criteria from time to time despite what policy says, which is one of the reasons why using a broker is important. We find the lenders for you, who are best suited for your particular situation as what they say and what do can quite often be two different things.
One of the biggest new stories was around the ban of short term lending, I personally think this is fantastic and I hope that it is enforced.
I know this has been tried before however with ASIC being urged to become more proactive and litigate. I’m hopeful some of these lenders who tend to prey on the weaker or less financially literate members of society are ripped into gear and given their marching orders.
On the flip-side of all that much more scaremongering from APRA around perceived banking leniency with funding. Despite what is being reported from them around their shrinking loan books.
Perhaps this is just a warning shot across the bow of the lenders to ensure they keep their heads pulled firmly in. Which is just what we all need, being more restrictions to what is incredibly hard to get credit… Just saying..
Justin
Comments