Troy McErvale. Mortgage Broker in Ballarat, Victoria | Financial service

Troy McErvale. Mortgage Broker

Locality: Ballarat, Victoria

Phone: +61 1800 203 040

Address: 339 Lydiard Street 3350 Ballarat, VIC, Australia

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

Likes: 175

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• Financial service
• Mortgage brokers

23.01.2022 Two weeks ago, a client who I had helped in the past rang me and asked if I could help him again. He had an existing mortgage with ANZ, and he had asked at the branch whether he could access an extra $30,000 to update his car. After the banker assured him that he could, the bank declined his application. After asking a few questions, this didn't make sense to me. So we put the application together and submitted to ANZ again. We received a conditional approval in 5 days and ...a full approval in 9. Brokers understand lending. They have chosen this as their specialty. As a result, many can identify and mitigate potential obstacles early, resulting in a much greater chance of approval.

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16.01.2022 It can be difficult to keep up with the range of new initiatives and benefits available through government announcements over the past 2 weeks. Here is a quick snapshot. Aside from the government backed loans for Small to Medium Businesses, each bank is also implementing their own separate assistance initiatives.

14.01.2022 Sometimes it can be difficult to keep up with lending policy changes introduced by lenders on a broker’s lender panel. This time is one of the more difficult times. Each lender is dealing with covid-19 in their own particular way. On a positive note, most lenders are allowing brokers to identify you without needing to meet you personally. We can identify you over video calls or similar services. Most lenders are allowing borrowers who are experiencing financial hardship to ...apply for repayment deferrals without the need to provide excessive information or documentation. Some lenders are currently business as usual. It is not all positive news however. Some lenders are increasing rates, or reducing discounts. Others are reducing maximum lending ratios. Others are implementing more thorough employment verification procedures. One lender advised this morning that they will no longer accept applications for refinances. If you are thinking about consolidating debt to reduce you monthly cash flow obligations, it might be wise to consider taking action sooner rather than later. If you have formerly been on a fixed rate and have since rolled over to a standard variable rate, you are paying more than you need to be. Have a look at your other options with your existing lender or even within the broader market. I would suggest that a primary objective of most people right now should be to reduce household expenditure as much as possible. Given that mortgage expense is usually the highest or second highest expense of most households, use your time wisely to at least explore what is available.

13.01.2022 As the situation around COVID-19 evolves, I recognise this can be a worrying and stressful time for you, your families and, if you are self-employed, maybe your employees. The financial services industry is more important than ever, and like all brokers and bankers I know, I am continuing to work throughout this period. We are all in the business of helping reduce the stress of dealing with lenders so we certainly encourage you or anyone you might know that needs some help w...ith anything to do with banks and lending to reach out. You don’t need to be one of my existing clients. This service is for everyone. As a broker, we receive a lot of communication from banks and non-bank lenders about initiatives they have in place to help you if you are experiencing financial difficulty, or even if you expect to experience financial difficulty. The banks are on their best behaviour currently (post Royal Commission) and are genuinely prepared to assist those that proactively and honestly ask for help. If you are uncertain or cautious about doing this, then give me a call first and I can work through it with you. I’ll give you as much time as you need. When dealing with lenders, please take into account the circumstances and context in which all of us are currently operating within when considering complaints. There is enormous pressure on staff due to low staffing levels to meet the unprecedented demand, branch staff who continue to front up to serve you each day, hardship staff, everyone they have their own problems too: probably the same ones you do. Most are probably working remotely, and everyone is doing their best. So let's be kind to one another - we are all in this together.

12.01.2022 Whilst our banks and mortgage funders are dealing with a spike of financial hardship requests from existing customers, they are also continuing to assess and approve new loan requests. We are starting to see the impact of covid-19 on lending policy, especially given the ever increasing uncertainty around employment in many sectors. As part of their responsible lending obligations, it is important that lenders ensure new borrowers are able to afford their loan repayments with...out undue hardship. This also applies to existing customers seeking additional credit. Sectors that are particularly vulnerable include Tourism, Hospitality, Entertainment / Recreation (gyms, cinemas etc), Retail, Personal transport (taxis, Uber etc), Personal services (hairdressers, beauty practitioners) and Sports professionals and associated personnel. Many more industries may be impacted as time progresses. The impact of this is that lenders may ask for additional information around your employment and income than normal. Your broker or banker can help you through these requirements, as well as create some commentary that will support your application and increase its probability of approval. This policy will apply to all new applications, as well as applications that have not been approved yet. In contrast, other occupations such as Nurses & Medical/healthcare professionals, Teachers, IT consultants and Ambulance Officers, Fire Fighters and Police Officers will largely remain unaffected by these policy updates. This is a rapidly changing market environment, and policies will continue to change and adapt. As an example, yesterday the government announced a significant package for employers to retain and pay staff a minimum wage, even if they have no work for staff to do. We are yet to know specifically how that will impact applications, but will continue to monitor and report to you as this continues to develop.

11.01.2022 We're reducing variable interest rates for home loan customers, including a reduction of 0.20% p.a. for owner occupiers and a reduction of 0.30% p.a. for investors with interest only repayments.

11.01.2022 I was contacted by a new client recently who was a friend of a friend, after being told by his own bank that they couldn't help. He had a good business, but had invested much of his profit into his own property, leaving him short of cash for paying bills. We refinanced the same property, which was worth considerably more than he thought due to the improvements, and accessed a further $100k.... The loan was fixed for three years at 2.89%, which meant his payments were about the same as they were before contacting me. Great result. Brokers can help you see solutions you might not think of yourself.

10.01.2022 Brilliant result

10.01.2022 I have never seen anything like this. 1 year fixed rates from 2.19% 2 year fixed rates from 2.09% 3 year fixed rates from 2.14%... Variable rates from 2.80% If you are paying 4%, then you are losing at least $1,200 per year for every $100K you have borrowed. It is simply extraordinary.

10.01.2022 Earlier this week, tens of thousands of Australian hospitality workers lost their jobs overnight. If you are one of them, help is available. Government have implemented new measures to apply, qualify for and start receiving Jobseeker Allowance. This will go a long way to helping make it through the next period of uncertainty. Meeting your mortgage commitments may also be a cause of financial stress. Sixty percent of Australians believe they would need to sell an asset withi...n 3 months of losing their income. So if it is not a point of stress today, perhaps it will be tomorrow. Or the next day. Our Australian banks have been communicating with all brokers, and have been clear that they are there to assist anyone who genuinely needs help. What options are available to you? Call your bank or broker to discuss what these options are, and to help find a solution that best suits your circumstances. We are all working as much ever.

07.01.2022 I've never seen a home loan rate this low before. 2.99% Fixed for up to 5 years... Unbelievable.