Rate Detective in Prahran, Victoria | Mortgage brokers

Rate Detective

Locality: Prahran, Victoria

Phone: +61 1300 793 143

Address: Level 2, 19 William Street 3121 Prahran, VIC, Australia

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

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25.01.2022 This is so accurate. In the wake of the Royal Commission lenders are looking at every transaction going through your account.

25.01.2022 Those with more than 2 credit cards are going to have trouble refinancing or consolidating in 2019. Contact Rate Detective to discuss your options.

25.01.2022 The pressure of living under the weight of debt When it comes to debt Australian households are global champions. We are more indebted than any other English-speaking nation, and we are in front by a very clear margin. Our household debt-to-income ratio has hit nearly 200 per cent, a rate that ranks among the highest in the world. Low interest rates, burgeoning property prices and easy credit are among the reasons, but the reality for many Australians struggling under the wei...ght of debt is that its stressful and unsustainable. The rise of "payday lenders", offering high-cost short-term loans to "help" between pay cheques, is proof of the pressure a growing number of Australians face in meeting their financial obligations each week, fortnight or month. The National Debt Helpline, a government-funded financial counselling service, is on track to receive a record number of cases through its call centres this year particularly from older Australians who cant meet their mortgage or rent payments. The Salvation Army has reported the same thing through its financial helpline, MoneyCare. A report by the Australian Securities and Investments Commission released in July showed that one in six Australians are struggling to pay off their share of the cumulative $45 billion owing in credit card debt. If you are struggling in a financial hole, it is time to stop digging and start plotting a way out. There is a good chance recovering will be easier than living with the pressure of debt. Rate Detective works with a number of debt negotiators and lenders who specialise in assisting those experiencing the pressure of debt. Contact Phil to discuss your options.

24.01.2022 A very accurate article. At the moment most lenders calculate Credit card monthly commitment at 3% of the limit. From July 1st next year, credit card repayments must be calculated on the basis that the enitre limit can be paid off in 3 years. Tough times ahead.

23.01.2022 So very true. "An oversupply of apartments, record-low interest rates, and the big four banks reluctant to lend aggressively in the wake of the royal commissions spotlight into their business practices, the traditional brakes preventing a crash have worn out."

21.01.2022 No more needs to be said. Except 4 enquiries in 24 hours from clients wanting to refinance.

21.01.2022 Whats the difference between Good Debt and Bad Debt? If youre a homeowner, a first-time Property investor or about buy your first home or investment property, developing a sound understanding about the difference between Good Debt vs Bad Debt is a critical foundation in your property education journey. This single piece of education can mean the difference between paying your home mortgage for 30yrs or as little as 7-10 years. It will also set the foundation around the conv...ersations you should have with your accountant when investing in real estate. Understanding this lesson can even determine whether you profit from property or lose money in the exercise. This information will be critical, each time you need to make a decision about your property portfolio, cash-flow, and your mortgages. Lets start with a simple definition: Good Debt is associated with liabilities which works for you it allows you to claim tax benefits. The purpose of this type of debt is for income producing assets such as assets within a business or investing, such as an investment property or shares or a business motor vehicle. Bad Debt is the debt which is associated with liabilities which are NOT income producing, such as your personal home, personal [use] motor vehicle or personal loans. The aim is to eliminate the Bad Debt first and use the good debt to increase your asset holdings, income, and cash-flow position. This is why many educated investors dont wait till they pay off their family home before they invest in their first investment property. The investment property and associated debt is the good debt which is required to engage a sound strategy to utilize your cash-flow and the ability to eliminate your personal home loan in record time. Your mortgage broker or mortgage coach can explain this to you in great details using diagrams to demonstrate the power of this debt reduction strategy. Having a great accountant on your team is critical in determining the level of your success as a property investor and business owner. Your accountant will assist you to maximize your financial and tax position, especially when it comes to important financial, property and accounting decisions. All great mortgage brokers will have a great accountant close by, for your benefit, if you dont already have one you know and trust. All too many individuals start out with the best intentions but lose their way and may costly financial decisions largely due to not fully understanding the difference between Good Debt and Bad Debt, and therefore, swaying from your initial plan worse still, not even having a sound plan in the first place is a sure-fire way to fail in the end. Where ever you are on your property and finance journey, stop and ensure your knowledge is rock solid before you take another step. Speak to your Rate Detective straight away, youll be glad you did.

21.01.2022 Some Australian home owners looking to refinance their mortgage to reduce debt have discovered they are stuck with their current loan due to stricter rules enforced by the banking regulator. One lender says tighter controls are penalising people with a good credit history on loans granted before the Australian Prudential Regulation Authority (APRA) tightened rules in 2015, which leave them unable to take advantage of better offers. Tougher rules, refined in March, are aime...Continue reading

20.01.2022 Rate Detective has an extensive panel of equipment lenders for you to choose from. Contact us now to discuss your requirements.

20.01.2022 SPRING PREDICTIONS On : September 11, 2017 By : Deposit Power As the warmer weather approaches, we also anticipate the market to heat up again this Spring!... What does this mean? Melbourne has emerged as the hottest real estate market, following closely by Canberra and Sydney. Property prices in Melbourne have jumped 15.9% in the past year! Hobarts property prices are continuing to grow at 6.5%, while Brisbane and Adelaides growth is only just ahead of consumer price inflation. Perth and Darwin property prices have gone backward 2.1% in the past year which is an improvement as compared to previous years performance. What can we expect to see? Supply should start to increase We have been through a period of relatively low supply with many buyers in the market. This should all change in the months of October and November where should see supply start to increase. Interest rates Industry experts are predicting that the cash rate will remain on hold for the rest of the year First Home Buyers re-emerging There has been some evidence of first home buyer stamp duty concessions boosting the property market in NSW and Victoria. Thanks Deposit Power for your insights.

20.01.2022 A very accurate article and good summary of the current mortgage market.

19.01.2022 Contact Phil to discuss your options.

19.01.2022 Interest Only Loans This is a great discussion piece written by financial Planner Chris Bates which appeared recently in API Magazine. http://www.apimagazine.com.au//no-im-not-crazy-interest-on... I agree with Chris. Having been a lender and broker of mortgages for over 20 years, I have seen hundreds of customers achieve financial freedom quickly using Interest Only loans. 1 young couple in Wodonga repaid a $300,000- mortgage in 2 1/2 years. But you must be disciplined. Many clients have come back to me asking for the loan to be restructured because they were getting no where. In other words the money that should have been put aside for principle was being spent. You need to forget about the interest rate. Banks have a put a premium on interest only faclties. So rather than look at the head line rate, calculate the benefits. Whilst the rate may be higher you could actually pay less interest. See a financial planner or have a plan ready before you apply for the loan. The federal government has put pressure on banks to reduce their exposure to interest only loans. Applying for an interest only, especially owner occupier, home loan comes with a lot of questions. Some lenders will not lend on this basis. Be prepared. Be careful if you have or intend to apply for additional mortgages. The banks will calculate your affordability of an interest only loan using the remaining term on a P&I basis. So a 30 year loan with 5 years IO, will be calculated as a P&I loan over 25 years. This can reduce your servicing by hundreds each month. Because of this, a lot of investors on fixed IO loans are currently having great trouble getting additional finance or even restructuring. If you wish to discuss further, contact Phil Aldridge @ Rate Detective.

18.01.2022 A tightening of credit, Interest Only loans maturing, Investors unable to afford amended P&I repayments and FHB with not enough deposit. All are having an impact on todays property market.

17.01.2022 Give Rate Detective a call if this applies to your.

15.01.2022 Clarification of some mortgage terms.

14.01.2022 Call us to guide you through the new year maze.

13.01.2022 With all lenders implementing stricter lending policies, now more than ever, is a great time to speak with the Detectives at Rate Detective about investigating your options for a better home loan deal.

12.01.2022 I wont comment about the article as such, but I will say that if your current rates are 4.47% and 5.04% then you need to compare what is currently available. There are certainly better choices and options out there. Contact me to discuss your needs.

12.01.2022 MORTGAGE SINS.. DURING THE MORTGAGE APPLICATION PROCESS, THOU SHALL NOT: - Apply for other credit ... - Change jobs - Purchase a property without a pre - approval - Go on holidays - Accept a credit card increase offer - Announce your pregnancy to the world - Switch brokers or lenders - Contact the lender direct - Covet thy broker every day for updates See more

10.01.2022 Five reasons to consider white-label loans A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to deliver many of the same great features as bank-branded home loans, but for a lower cost to you the customer. A trend seen in supermarkets over recent years has been not only an increase in the range of white-label options on offer, but also an increase in the qua...lity of those products. This trend has continued to the extent that white-label products are now frequently of equal, or near equal, quality as their branded counterparts. In the same way, banks across Australia provide unbranded mortgage products to brokers, which increases the range of options within the market and offers customers competitive rates to generate valuable savings. Ultimately, its still a high quality product and service, just re-branded with a different name. Here are five reasons why should you consider a white-label loan Simplicity is key in white-label products, and they are perfect for home-buyers looking for a straight forward variable or fixed rate loan. White-label loans are quality, cost-effective and flexible. They offer you all the features you need (like redraw, debit card access and a customer care facility) in a home loan, and you dont have to pay for additional features you are unlikely to use. Through white-label, you essentially receive a better deal because its not branded with the name of a big bank and doesnt carry the cost of providing access to an expensive branch network that you may not need. Its like a reward for shopping around, and doing your research through a broker. You can only access white-label loans through a broker this means you are getting access to a product many in the market arent aware of, and you can take advantage of Rate Detectives expertise and guidance. Saving on price does not mean you are compromising on quality or service. Through white-label, you still get access to expert support teams and the facilities to give you quick turnaround times. Talk to Phil today about white-label, and whether it is right for you.

09.01.2022 A very good, although sometimes cynical, article. Prior to the Royal Commission lenders had started asking more questions about an applicants living expenses. But now it has been amplified. And yes, they do ask questions about one off expenditure like paying grandmas bill. I have seen plenty of examples of this happening. Apart from the normal verification documents, Lenders will now generally want to see the past 30 or 90 days of transactional statements to ascertain your ...true living expenses and look for hidden debts. As a Broker, we also have to look at and ask these questions. The reality is that what once may have been approved, may now not be. If you currently have a preapproval get it checked. Is it still valid? If you are thinking of buying or refinancing, get it preapproved now. (will generally be valid for 3 months) It is changing times ahead. So be prepared to answer a lot more questions. Give us a call if you have any concerns or need assistance.

08.01.2022 Contact Rate Detective to discuss your options.

06.01.2022 This article is so true. Three points to remember. A change in foreign investor requirements, changes to state and federal government taxes and changing lifestyle choices has seen a dramatic decrease in demand for apartments. The major banks have also introduced exposure limits, meaning each bank will only consider lending in most cases 25% of the total development in any structure. All banks have reduced the amount they are prepared to lend on an Interest Only Basis. Resulti...ng in higher interest rates and less demand from investors. The final point to remember is that there is a lot on interest only loans due for renewal in the next 12 months of which the current lender will probably not be prepared to do. The borrower will then need to decide whether to continue on a P&I basis or sell the property. Potentially creating more supply.

06.01.2022 Debt Recycling is the Success Secret Strategy youve never heard of...until now. But is it right for you? Ever wondered how some people tend to build wealth and property whilst you continue to battle the bills and lifes challenges, never really reaching the position where you can buy an investment property? It could be due to several factors....Continue reading

06.01.2022 Did you know Rate Detective has a number of lenders who can Consolidate Unlimited Debts including late or missed payments, multiple personal loans and credit cards. Even ATO debts. A client needs to meet a standard servicing test and have equity in residential property. Does this sound like you? Call Rate Detective today.

06.01.2022 Ways you may be hindering your loan application Banks are making it harder to get a home loan, especially if youre a property investor. So, now more than ever, its important not to give the banks reasons to reject your application. The lending market is very different from what it was two years ago. The days of asking for the cheapest interest rate from a broker are over. Now it is more like finding a lender who is prepared to lend. Curbs on property investor borrowing have... been introduced by the Australian Prudential Regulation Authority (APRA) to bring the lending market under control and reduce the risk of a real estate bubble causing a massive decline. They were also introduced to keep a check on a Banks capital ratio. As the ratio changes weekly, so can a banks lending appetite. However, borrowers could be hindering their own chances without even realising it in the following ways: 1. Multiple credit cards with generous limits If you have three credit cards with $10,000 limits on each, the bank will assume you need a $30,000 credit buffer to maintain your lifestyle, even if you rarely use the cards. Restrict yourself to one card. You will save on annual fees and look like a more responsible borrower. 2. A bad credit score Past unpaid bills or late payments may have impacted your credit score, even if these slips were accidental. Before you apply for a loan, ask us to obtain a copy of your credit score on your behalf. We have associates who may be able to amend any glitches. 3. Personal and unsecured loans These types of loans are the definition of bad debt in the banks eyes. Why? Because theyre not attached to any assets. If you want to improve your chances of getting approved, its wise to minimise or pay off any personal and unsecured loans before you apply. 4. Switching jobs or starting a new business Leaving your current job or starting your own business is not a wise move when youre about to apply for a home loan. Banks need proof of a stable income source for 12 months or more, and will be wary of applicants who are on probation at a new job or are struggling to get a new business off the ground. 5. Applying for too many home loans Every time you apply for a home loan or make a credit inquiry means points against your credit score, as banks will assume you were rejected by other lenders. We can help you find a loan that suits you before you apply, so contact us now.

05.01.2022 Contact to Phil to discuss your loan options. Note I will not give advice on the pregnancy.

05.01.2022 All lenders are now deep diving into your spending habits. What you could borrow 18 months has now been dramatically reduced. Coupled with house prices falling and a new calculation for credit card repayments, borrowing of any type will be significantly tougher in 2019. To navigate through these changes contact Rate Detective and take advantage of over 20 years experience in the mortgage industry.

04.01.2022 It is true that lenders are now asking more and more questions about an applicants financial position and spending habits. But an experienced broker will discuss this with the client during the interview and then lodge with the best interest of the applicant in mind. Analysing the client data both pre and post interview is the key to a successful lodgement.

03.01.2022 A CONFUSING MORTGAGE MARKET Ongoing lending changes driven by APRAs macro-prudential measures have dramatically changed the way a broker is helping his clients. While the banking regulators lending curbs have been in place for some time, lenders continue to make pricing and policy changes week by week.... Lenders rates are constantly changing, and now youve got so many other variables. Such as lenders changing credit policy and serviceability criteria and in some cases products as well. It has never been so confusing. To stay across all those variables is a challenge. Weve got variable owner-occupied principal and interest and interest-only rates. Weve got investment variable interest-only and principal and interest rates. Then weve got fixed rates for both. Times that by 35 lenders and consider that it all changes on a weekly basis. It is probably one of the most challenging times to be a mortgage broker. And just plain confusing for a borrower. Recent figures from APRA show that new interest-only lending accounts for 16 per cent, down significantly from 45 per cent two years ago. At the moment the rate differentials between interest-only and owner-occupier can be extrordinary,in some cases more than 1.00%. And these have prompted brokers to have very different conversations with clients than what we did 12 months ago. Take investment lending at 90 per cent as an example. Look at the rate now and there is sometimes more than a 1.00% difference between taking a 90 per cent IO and a 90 per cent P&I, so we are having different conversations now. The difference on a $350,000 loan may only be $200 a month, but after five years, that client will be better off to the tune of around $15,000. This just wasnt a conversation we would even have 12 to 18 months ago. With this confusion, and lenders moving to the digital age, people are going to need an expert to help them. Contact Rate Detective to discuss your options.