Craig Hughes Mortgage Broking Services in Port Macquarie, New South Wales | Bank

Craig Hughes Mortgage Broking Services

Locality: Port Macquarie, New South Wales

Phone: +61 438 823 877

Address: 11 Parklands Avenue 2444 Port Macquarie, NSW, Australia

Website: http://www.professionalfinance.com.au

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18.01.2022 Are you going to apply for home finance soon ? If so, THIS IS IMPORTANT. All lenders are tightening their policies, IT IS GOING TO GET HARDER TO GET A LOAN FOLKS ! What do you need to do ? PLAN PLAN PLAN.... Living expenses - Most Banks will want to review 3 months transaction account and credit card statements to check actual living expenses to what you declare under tightened responsible lending guidelines. Tip - Do a budget a minimum 3 months before you intend to obtain finance and LIVE TO IT. This budget should take into account your anticipated loan repayment and other financial committments and a buffer for new expenses ( rates insurances, strata etc). Dont forget you need to live, make it realistic and give youself a lifestyle. We can assist here. Savings- As part of your budget, Banks will want to see regular savings, with the balance increasing. Tip- As part of your budget, build in a savings pattern, as a minimum, equal to the difference between current rent/mortgage payment and your anticipated mortgage repayment. Bank Accounts - No overdrawn accounts, dishonours, returned payments. No late payments on credit cards or other loans including rates, if you are a current home owner and above all, transactions which reflect your declared living expenses. I've been around a while and there are so many more tips I could give you to assist, but dont want to bombard you or make it sound all too hard. My intention is not to overwhelm, but gone are the days where you can wake up and say "I think I might go and buy a house today ! If you are one of the minority with bucket loads of savings low financial committments and high payng jobs, you might think this does not apply, Banks use what's called a HEM index to assess what they think you will spend. Higher the income, higher the index. If your numbers are lower than the index even though you show them over three months you are living to your budget, they will use the higher number in the assessment. If you like the advice please share and let me know if you would like more posts like this.

04.01.2022 In the first rate move since August 2016, the RBA has decided to reduce the official cash rate to 1.25% as it tries to progress reductions in unemployment, achieve more assured progress towards the inflation target and stimulate household spending.

02.01.2022 Another new years success story. Just refinanced a client from a loan at 6.18% (YES 6.18) to 3.68% saving them close to $7,000 per annum in interest. They could keep payng it off the loan, shaving years off the term, or plan to take an overseas holiday, what would you do ?