Frank Mammoliti in Mount Lawley, Western Australia | Financial service

Frank Mammoliti

Locality: Mount Lawley, Western Australia

Phone: +61 438 924 067

Address: 9 Guildford Road 6050 Mount Lawley, WA, Australia

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

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25.01.2022 WHAT WILL YOU DO WITH YOUR TAX REBATE THIS YEAR? Using your tax rebate towards payment of your mortgage or credit card is a smart way to fast-track your way out of debt as it can greatly reduce your interest charges on long-term debt. For example, if you have a $350,000 loan at an interest rate of 5%, putting a $10,000 tax rebate towards your mortgage would save you $9,326 in interest over the life of a 30 year loan.

24.01.2022 IF YOUR MORTGAGE INTEREST RATE ISN'T LESS THAN 4%, YOU ARE PROBABLY PAYING TOO MUCH. Here are some of the rates on offer this week on residential home loans: Variable rates............From 3.69% 1 year fixed ............From 3.79% 3 year fixed ............From 3.89%... 5 year fixed ............From 4.29% See more

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20.01.2022 THREE QUESTIONS TO ASK BEFORE REFINANCING. The home loan market is constantly changing, with new and attractive deals coming up all the time. Refinancing can help you secure a more competitive interest rate, access the equity in your home, add features (such as an offset account) or consolidate your debts, but there are some important questions to consider before you get the ball rolling. 1.Has my financial situation changed since I first applied for a home loan? A refinance ...is effectively a brand new loan application. All of the personal financial data you had to gather the first time around will need to be produced again. The stability of your income stream, your assets, and your credit card debts and other debts and expenses will all be reviewed, and may impact the result of your application. It’s important to think about your ongoing ability to pay off your loan, particularly if you’re planning on making big changes that will affect your financial situation, such as starting a family or quitting your job to start your own business. Of course, if you’ve just received a big pay rise or are now an empty-nester, this may also make a difference to your loan application. 2.Will the refinance really save me money? Negotiating a lower interest rate or consolidating debts may seem like a financial no-brainer, but the fees associated with switching loans can be hefty, so you need to look at all the costs to work out whether you will really be saving money. Fixed rate loans can be particularly expensive to exit, and leaving your home loan early will usually see you pay some combination of exit fees, application fees, stamp duty or even legal fees. If you’re borrowing more than 80% of the value of your property, lenders mortgage insurance (LMI) may also be required. Unfortunately, these fees and costs are not usually transferable from one loan to another, so you may need to pay them again even if you paid them when you took out your original loan. 3.Am I planning on keeping the property for much longer? If you plan to sell your property within the next few years, refinancing might be a rather big investment of time and energy for little benefit. Similarly, if you only have a small amount left to pay off your loan, you may want to consider whether it’s really worth going through the process of refinancing for the marginal cost savings you may receive. Refinancing can help you save some money, but it’s worth considering your plans and options before you decide to go ahead with it. If you need some support working out what’s best for you, contact your mortgage broker. See more

19.01.2022 Fixed, Variable, Split - Find the right fit for you In Australia, there are a number of ways to structure your home loan repayments. Finding the best option may save you time and money on your mortgage. Here is some information to help you choose the repayment structure that works best for you. Variable rate loans Variable interest rate loans are all about flexibility. Essentially, with a variable rate loan, the interest rate moves up or down as the market moves. This means y...our loan repayments may also change month-to-month. If the interest rate drops, then your repayments may drop as well. However, in the event of an interest rate rise, your repayments could also increase. Many variable rate loans come with additional features, which can reduce the amount of interest paid over the life of the loan. For example, a variable rate loan with a 100% offset arrangement links your loan account to your savings account. Any funds held in your savings account are offset against the borrowed amount, reducing the interest you have to pay. Many variable rate loans offer flexibility in terms of increased payments, allowing you to pay off your loan faster if you have additional funds available. Fixed rate loans A fixed rate loan is one where the interest rate is fixed for a limited period, and immune from any movements in the market. The most popular choices are three and five-year fixed interest loans, although options ranging from one to ten years are available. Fixed rate loans allow you to make steady, regular repayments. They’re great for borrowers on strict budgets, or if you’re entering into a mortgage at a time when interest rates are likely to rise. In the event of a drop in interest rates, being locked into a fixed rate may mean your repayments are higher than they otherwise would be. It’s also worth noting that breaking a fixed rate loan can potentially cost thousands of dollars in fees. Additionally, many banks will charge you a fee for making extra payments towards the loan during the period it has been fixed. Split rate loans a foot in each camp A split rate loan is when you break your mortgage into two loans one with a fixed rate and one with a variable rate. It’s something of an ‘each-way bet’. A split loan offers borrowers protection from rate rises (with the fixed portion of the loan) alongside the advantage of rate drops (with the variable portion of the loan). Most banks will allow you to split your loans from the outset, without having to pay for two separate loan applications. Choosing the right kind of loan depends on your personal situation, earning capacity and long-term goals for your property. Speaking with a mortgage broker can help you to figure out the best way forward, and could help you save money along the way.

17.01.2022 BANKWEST TO LIFT RATES FOR EXISTING BORROWERS The major bank subsidiary has announced significant changes to its home loan rates as it looks to balance the needs of customers, shareholders and regulators. In a note to brokers late on Friday, Bankwest announced that for customers with existing interest-only loans, the following changes will take effect in October 2017:... 0.25 per cent p.a. increase for interest-only investor home loans; and 0.35 per cent p.a. increase for interest-only owner-occupier home loans. Effective Tuesday, 25 July 2017, the following changes will apply to applications for new lending: 0.15 per cent p.a. reduction for new principal and interest investor lending on the Complete Variable and Premium Select Home Loans; 0.12 per cent p.a. reduction in the standard rate for principal and interest owner-occupier lending on the Premium Select Home Loan to match the existing acquisition special; and 0.05 per cent p.a. increase for new interest-only owner-occupier lending on the Complete Variable and Premium Select Home Loans. Bankwest said that customers with existing interest-only lending will receive correspondence from the lender closer to the effective date, and that construction loans paying interest-only until fully drawn (IOUFD) will not be impacted by this change. Bankwest is mindful of its broader obligations as a responsible lender and aims to balance the needs of customers, shareholders and regulators when reviewing products and pricing, the bank said. These changes are being made in line with regulatory guidance and customers can consider moving to our lower principal and interest rates so they pay less interest over the life of their home loan.

17.01.2022 THINGS THAT COULD TRIP YOU UP WHEN APPLYING FOR A HOME LOAN. Buying your dream home is exciting, so the last thing you want is for your home loan application to be held up. While many factors are considered in assessing an application, showing stability and consistency is key for lenders to determine whether you will be able to repay the loan. But sometimes what’s happening in your life can trip you up. Here are some things to be aware of. If you’re at the other end of your k...id-wrangling years and looking at returning to work after an extended break, it may be best to wait until you’ve been back at work for a few months before applying for a loan. This will give you time to show stability and consistency in your employment record. Having a consistent employment record doesn’t mean you need to have the same job for years, but if you’re planning on applying for a home loan, it might be best to hold off changing jobs. If you do have to, it’s worth knowing that with some lenders you’ll need to show at least two pay slips with the same employer. If you can show over 12 months in the same job that’s even better. If you have a probationary period in your new role, it could also be difficult to have a loan approved until you’ve completed it and the role is made permanent. For the self-employed, demonstrating a stable income can be particularly difficult, which is why it’s a good idea to have an accountant. They can help you put together financial statements, which you’ll need to include as part of your loan application. Generally you’ll need at least one year’s history to support your application. If overtime or shift allowances are a significant part of your income, your broker will be able to provide advice on which lenders may take these into account for loan repayment ability, as not all do.

16.01.2022 2016 CENSUS STATE-BY-STATE BREAKDOWN OF MORTGAGES There has been a rise in the number of mortgagors paying less than 30 per cent of total income towards median monthly mortgage repayments, and a decrease in those paying more, the 2016 Census has revealed. According to the 2016 Census data, released by the Australian Bureau of Statistics last week, weekly rental rates mostly increased across the nation, while mortgages mostly decreased....Continue reading

14.01.2022 DRAFT HOUSING AFFORDABILITY PACKAGE On Friday, the government has released for consultation draft legislation that aims to make it easier for first home buyers to save for their first property and for people over the age of 65 to downsize. The two measures covered by the legislation were announced in the Budget earlier this year and include the First Home Super Saver Scheme (FHSSS) and a Downsizing package....Continue reading

12.01.2022 EFFECTIVE TIPS TO HELP LAND THAT HOME LOAN Looking to enter the property market and worried about how you’re going to secure your first home loan? It’s time to start making your money work for you so you can land that loan. Qualifying for a home loan isn’t always an easy path. Aggressive interest rates, competition in the market and less than rigorous saving habits can often push people out of the property game completely but it shouldn’t. Saving enough money for a sufficie...Continue reading

11.01.2022 TWO LENDERS HAVE ANNOUNCED REDUCTIONS TO FIXED INTEREST RATES ANZ has announced a reduction to its two-year fixed residential investment loan for customers paying principal and interest (P&I), effective immediately. The rate will be cut by 31 basis points, falling from 4.34 per cent per annum (p.a.) to 4.03 per cent p.a.... ANZ reiterated that the fixed rate is set at drawdown and not at the time of the application. Bluebay Home Loans Effective 24 July, owner-occupiers with fixed rates on P&I full-doc loans with Bluebay Home Loans will see their rates reduce. One-year terms at Bluebay Home Loans will fall by 20 basis points to 4.16 per cent for loans with a maximum loan-to-value (LVR) ratio of 80 per cent. Loans with LVRs of up to 95 per cent, including lenders mortgage insurance (LMI), will have rates of 4.31 per cent. Fixed rates for two-year terms will drop by 30 basis points to 4.24 per cent for maximum LVRs of 80 per cent. LVRs inclusive of LMI of up to 95 per cent will have a new rate of 4.39 per cent. Fixed rates on three-year terms will see a reduction of 23 basis points to 4.44 per cent for maximum LVRs of 80 per cent. Rates for loans with LVRs of up to 95 per cent, including LMI, will be 4.59 per cent. Bluebay Home Loans has also increased the maximum LVR for investment loans where the borrower is paying principal and interest to 90 per cent, effective immediately.

11.01.2022 Buying property with others.

09.01.2022 Send me a message for your FREE copy of our Home Buyers Guide.

09.01.2022 NEW PLAYER TO BECOME 'FIFTH MAJOR BANK" The CEO of a Sydney real estate network is confident that a new entrant will hit the market in 2018 and become the fifth major lender in the Australian economy. Starr Partners chief executive Douglas Driscoll has said that the bank of Mum and Dad will emerge as a critical funder for first home buyers next year. His prediction comes after recent research from comparison website Mozo found that parents have lent out $65.3 billion in ord...er to help young buyers break into the property market. In 2018, a new player will emerge and turn the big four banks into the big five, Mr Driscoll said. I’m talking about the bank of Mum and Dad. With escalating prices, it is more difficult than ever to enter the market. Not to mention first home buyers fall into a higher risk category for lenders as, generally, they don’t have a long job history or established wealth. Parents often have a large amount of equity in their homes and they’re realising it might be better to support their offspring now when they most need it by releasing some of that equity, rather than leaving an inheritance down the track. However, the CEO urges any parent considering this to have a formalised document professionally prepared by a solicitor to protect all involved. The rise in the number of parents lending to their children has led to innovative products and new platforms to facilitate the process. Fintech business Credi is one platform that enables friends, family and third parties to negotiate and arrange loans among themselves. The company recently appointed Andrew Chick, former CEO of the Australian arm of the Royal Bank of Scotland, to its advisory board. Meanwhile, this intra-generational transfer of wealth was a crucial factor in the development of La Trobe Financial’s Parent to Child (P2C) loan product. Introduced in 2014, P2C is aimed at FHBs otherwise depending on their parents. With P2C, the parents choose the loan amount and stipulate the interest rate and then deposit their investment into the La Trobe Financial Australian Credit Fund, an externally rated managed fund. The child pays back the loan to La Trobe Financial while the parents receive a monthly return on investment. It became apparent to us that there’s a real option here, La Trobe Financial’s chief lending officer, Cory Bannister, said. We look at the transaction based on parents’ need to protect their investment and we were able to provide the facility to do that; they can invest it via our credit fund. They’re a registered investor protected by a registered mortgage and [the money is] then lent out to the children who make monthly repayments. Often serviceability isn’t an issue; it’s just coming up with the deposit. Source: MortgageBusiness

08.01.2022 Buying at Auction.

08.01.2022 Confused about loan pre-approvals? Ready to buy a property? You’ll need to show the seller you have enough money. For most people, this will mean getting a loan, and the first step to getting one is obtaining pre-approval for it. Pre-approval also known as conditional approval or approval in principle is an indication from a lender as to how much you can borrow. If you have pre-approval, vendors and agents know you’re serious about buying. Here are the steps you need to f...Continue reading

07.01.2022 Don't wait any longer. Do yourself a favour and let me review your home loan this Christmas.

06.01.2022 HAHA...How true! Like and share it.

04.01.2022 IF YOUR INTEREST RATE DOESN"T START WITH A 3, YOU'RE OVERPAYING. Millions of Australians are paying too much for their home loans, even though a lower interest rate is available. In fact, the Reserve Bank of Australia (RBA) estimates that the average Aussie is paying at least half a percentage point more than they should. The RBA found that only one-third of new home loans are due to refinancing; that leaves two-thirds of Aussies who could be saving on a lower interest rate. ...If it’s been a few years since you refinanced or if you’ve never refinanced now is a great time to compare loans and save. There’s no reason to pay a high interest rate on your home loan, unless you want to line your lender’s pocket with your hard-earned dollars. No matter how long you’ve been with a certain lender, it’s not a mutually beneficial relationship if you’re being treated like a number. Put your finances first by shopping around for a better deal. Stop overpaying on your home loan. If the interest rate on your home loan doesn’t start with a three, you’re probably being overcharged. The good news is, it’s easy to find a better deal and start saving. With the help of a mortgage broker, refinancing can be very easy. We can compare home loans to see what else is out there, we’ll complete all the necessary paperwork for you and the service won’t cost you a cent.

04.01.2022 Mortgage Offset Accounts Savvy borrowers have an endgame in sight before they even apply for a home loan, and with the right mortgage offset account, they could win that game even more quickly. Home buyers usually focus on the here and now, not the distant future. Rather than the size of their loan balance in 10 or 20 years, they are more likely to think about how much they can borrow and the kind of house they can afford. But smart borrowers know the future matters. The year...Continue reading

03.01.2022 More on Auctions.