Graeme Smith | Finance

Graeme Smith

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20.01.2022 Hi everyone Here is a short video which demonstrates the value of utilising the services of a Mortgage Broker. Let me know how we can assist you; # Buy your first home # Buy an Investment property... # Renovate and or refinance (you can save money) See more

16.01.2022 Hi all Comprehensive Credit Reporting (CCR) You may not know that a change is coming in respect of Credit Reporting - or how your credit score is assessed. Research suggest that 83% of the population don't know credit reporting is changing in Australia and 60% of the population have never checked their credit score. CCR is already operating in some Countries around the world, namely the UK & NZ. There are two (2) Lenders already participating in Australia and it is expected t...he rest will follow over the next 12 months, commencing September 2018. The bottom line is that Lenders will have access to more information about your credit history etc. than ever before. There is a shift n the finance world towards pricing for risk, so there is likely to be occasion where due to some adverse credit history, the best interest rate being offered by lenders may not be available to everyone. One major change is that participating Lenders will be reporting 24 month repayment history of all loan facilities provided. Any late or missed repayments recorded will adversely impact a credit score. Any Credit Cards, which may have been issued as part of a home loan package, which are not utilised and sitting around will also adversely impact a credit score, as access to the total credit limit is still available. Might be best to review and close any unused credit facilities. Establishing direct debit payments for paying accounts might also be wise, to reduce the incident of non-payment or late payment. You may access your own free credit report & score from Equifax. www.equifax.com.au More detailed information regarding the CCR can be found at the following site. www.creditsmart.com.au Should you be considering a refinance or debt consolidation proposal, now might be the time to progress such matters. Happy to assist with any such proposals, just message me to arrange a chat. This is a major change in the industry and I strongly suggest that you share this information with as many people as possible. Take care Graeme See more

15.01.2022 Can you qualify to borrow - Break in employment. There are times when breaks occur in employment for a number of reasons, career breaks, having a family etc. Most lenders require you to have a minimum of three (3) months in a new position, with a new employer, before accepting the income earned. Some lenders requiring six (6) months. However, there are opportunities for people who have accepted a new role, with a new employer and are still utilising the same skills & qualific...ations as previously demonstrated for at least a two (2) year period - even though a break in employment of six (6) months has occurred prior to the new role being accepted. So a borrower in such circumstances may still qualify for a home loan, even if they have only been employed for two (2) weeks. Should you know of anyone in this position, please let them know we can assist.

09.01.2022 Hi all, there are some interesting observations coming from the Banking Royal Commission lately. Not endorsing anything here but one that is likely unexpected is below. Homebuyers' borrowing capacity could be cut by up to 40 per cent under tougher rules http://www.abc.net.au//home-buyers-borrowing-capac/9621696