Rebecca Phillips in Melbourne, Victoria, Australia | Loan service

Rebecca Phillips

Locality: Melbourne, Victoria, Australia

Phone: +61 422 600 819

Address: 507/566 St Kilda Road 3004 Melbourne, VIC, Australia

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

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25.01.2022 And there it is! The Reserve Bank has cut the cash rate to 1%- the lowest cash rate in history for Australia.

25.01.2022 We'll be watching out for good news for First Home Buyers in tonight's budget announcement!

25.01.2022 Congrats, new mums and dads! Whilst you’re taking time off work to focus on your new arrival, how do the banks assess your borrowing capacity? Several lenders have great maternity leave policies in place. If your employer can confirm the date you’re due back at work and your return to work salary, this income can often be considered as long as you have funds available to cover living expenses and loan commitments whilst you’re on parental leave.

25.01.2022 First Home Buyers are out in force, with FHB purchases up by almost a third in Victoria! The article quotes that on average, FHB couples are taking 4.6 years to save a 20% deposit for a home, and 4.2 years for a unit.

24.01.2022 Are you a self-employed home owner looking to purchase a car under $150,000? Ask about our 'fast track' car loan options at great rates! (Subject to final lender approval; your ABN must have been registered for min 24 months to qualify)

24.01.2022 'Flats, apartments, semi-detached, row housing or town housing now make up 26 per cent of the housing stock as our castles are getting closer together. '

24.01.2022 Finding the right home is similar to... dating??! Happy house hunting this weekend!

24.01.2022 Happy EOFY, friends! I'll be in Japan for a week from this Sunday June 25 to Monday July 3. I'll be monitoring my emails, but please allow a little longer for a response as I may be eating sushi

24.01.2022 Bring me your property goals, and I’ll bring the haloumi! Hope everyone is having a great weekend.

23.01.2022 How exciting- a client meeting in Sydney! Yes, I can look after your interstate friends and siblings too : )

23.01.2022 Calling all Aussies (and Aussie PRs) working in Singapore! I’ll be there in 3 weeks to answer all your questions regarding purchasing or refinancing Aussie property, along with reviewing your existing loans back home in Australia. Send me a message to book an appointment, and spread the word to your Singapore based friends!

22.01.2022 As of July 1 2018, new credit information that Westpac collects "will include account open dates, credit limits and up to 24 months of repayment history". As the banks increasingly collect and report this information, making your loan repayments on time will become increasingly important for future loan applications.

22.01.2022 How much is the Victorian First Home Owner Grant (FHOG), and are you eligible? The Victorian FHOG amounts to $10,000, and is only for eligible First Home Buyers who buy a brand new property (never lived in) or off the plan (such as building a home, or buying a new apartment) valued up to $750,000. Eligible FHBs purchasing in regional areas receive a grant of $20,000 with the same conditions. You’re not missing out entirely if you’re buying an established property; eligible Vi...ctorian First Home Buyers buying new or established homes pay no Stamp Duty for purchases up to $600,000, and discounted Stamp Duty for purchases between $600,000 and $750,000. At least one eligible applicant needs to live in the home for a continuous period of twelve months (not six), commencing within twelve months of settlement. Source and full eligibility requirements: https://www.sro.vic.gov.au/first-home-owner or speak to your favourite broker! * Information is current at date of publishing. Always confirm your eligibility with the State Revenue Office.

22.01.2022 Do you know the current interest rate on your owner occupied home loan? This week, we're helping a client bring their Principal and Interest owner occupied rate down from 4.83%pa to below 4%pa!

22.01.2022 Calling all Aussies (and Aussie PRs) working in Singapore! I’ll be back shortly to answer all your questions regarding purchasing or refinancing Aussie property, along with reviewing your existing loans back home in Australia. Send me a message to book an appointment, and spread the word to your Singapore based friends!

21.01.2022 If you were to buy for $550,000 in Victoria, how much would you need to contribute as a deposit? Below are several approximate examples for a First Home Buyer purchasing without a security guarantor. If you’d like to work out your own savings goal, feel free to ask! EXAMPLE: FIRST HOME BUYER (OWNER OCCUPIED) Purchase Price: $550,000 Stamp Duty: $0... Land Transfer: $1,384 Registration Fee: $117 Allowance for Legal Fees/disbursements etc: $3,000 TOTAL REQUIRED: $554,501 LOAN AMOUNT: $440,000 (80%) LENDERS MORTGAGE INSURANCE (APPROX): $0 DEPOSIT REQUIRED: $114,501 LOAN AMOUNT: $467,500 (85%) + LMI LENDERS MORTGAGE INSURANCE (APPROX): $4984* DEPOSIT REQUIRED: $87,001 LOAN AMOUNT: $495,000 (90%) + LMI LENDERS MORTGAGE INSURANCE (APPROX): $9,690* DEPOSIT REQUIRED: $59,501 * Each lender’s LMI figures vary; Genworth/NAB’s figures have been used in these examples. Approximate figures and examples only.

21.01.2022 The value of your property can make a huge difference to your purchasing and refinancing plans. So how do banks assess the value of your home? There are several valuation types for residential properties, including a full valuation, a kerbside valuation, desktop valuation, or automated valuation. When a full valuation is ordered through a bank, a valuation firm is allocated from that lender’s approved panel. As this is not an exact science and valuations can be subjective, fu...ll valuations for the same property frequently differ between lenders when a different valuation firm has been appointed. Other forms of valuations are often acceptable to the bank, particularly when refinancing. Kerbside valuations involve a drive by viewing, and desktop and automated valuations rely on recent sales data for comparable properties. These values can also differ depending on the data used. If you plan to use equity from your existing home (perhaps for a new property purchase or renovations), I can help you compare your property valuation between various lenders.

21.01.2022 Keep paying those bills on time! For the first time, families and businesses will be able to use their positive track record of paying bills and repaying loans to get better deals with the banks, instead of being punished by lenders.

20.01.2022 We’re entering a new climate where lenders are becoming very strict with home loan applications. Having a broker on your side to compare several options at once means you can meet in the evening over a drink and leave the rest to me, rather than running between banks when one lender’s policy doesn’t suit. Thank you notes from clients make it all worthwhile

20.01.2022 In a changing market, are you aware of your borrowing capacity or whether you have a competitive interest rate and loan structure? It might be time for a chat with your favourite Mortgage Broker!

19.01.2022 This cute cafe that supports local students makes for a great temporary office in Cambodia May you be happy, healthy and chase your goals in 2018 xxx (I’ll be back on Jan 12)

19.01.2022 How do your living expenses affect your borrowing capacity? Increasingly, lenders are checking 1-3 months of living expenses by reviewing your accounts and credit card statements. This means if you’re applying for your loan and you’ve had a few big nights out, your borrowing capacity may be affected. Lenders generally look at your expenditure in the areas below:... - Basic housing expenses (including utilities) - Rent/Board (unless you're buying a home for owner occupied use) - Communications and Media (phone, net, cable TV) - Food, groceries and pets - Recreation and entertainment - Clothing and Personal Care - Medical and Health - Transport - Education and Childcare - Insurance - Other. If you’re planning to buy in the near future, you might like to use the categories above to assess and work on your budget. Be mindful of minimum spends on new credit cards for bonus point incentives, as if you’re putting all the dinner tabs on your credit card this will inflate your expenses. Happy budgeting!

18.01.2022 Congratulations, Michael and Chathuri, on kick starting your property investment journey and purchasing your first home!

18.01.2022 How much extra do you need to put into your offset account (or straight into the loan) each month to pay your loan off 10 years early? Assuming a 30 year loan term and 4%pa interest rate: $400,000 Loan:... MONTHLY REPAYMENT (principal and interest): $1,910 ADDITIONAL MONTHLY PAYMENT: $514 YEARS SAVED: 10 years $500,000 Loan: MONTHLY REPAYMENT (principal and interest): $2,387 ADDITIONAL MONTHLY PAYMENT: $643 YEARS SAVED: 10 years Keep doing your thing, compound interest. Now to find that extra cash

18.01.2022 How much do credit cards affect your borrowing capacity? When looking at your borrowing capacity, it’s the limit on your credit card (as opposed to how much you are currently owing) that is taken into account- so even that credit card you haven’t used for a few years can affect how much you can borrow. A $10,000 limit on your credit card is often calculated as a 3% monthly commitment, therefore bringing down your monthly surplus (being your income less expenses) by $300. This... in turn could bring your borrowing capacity down by approximately $40,000 - $45,000. Reducing credit card limits or cancelling credit cards you don’t need can improve your borrowing capacity when making a home loan application.

18.01.2022 Are you planning to pay your home loan off early? In the example below, an additional monthly repayment of $600 (into the loan or offset account) has reduced this loan term by 10 years.

17.01.2022 A big congratulations to Lorraine and Ben on your new home! The best part of this role, hands down, is getting to know amazing and inspiring clients. Along the way, Ben and Lorraine have helped me learn more about Destiny Rescue, who rescue and restore trafficked and sexually enslaved children. Lorraine is currently raising funds for Destiny Rescue; here’s the link if you’d like to get involved! https://give.everydayhero.com/au/run-melbourne-2018-1

17.01.2022 Not paying your credit card bill off in full each month? You’re not alone. A recent ASIC report estimates that $621 million could have been saved in a single year if Australians with credit card debt had switched to a basic card with a lower interest rate. Here are three tips to minimise excessive credit card interest payments: 1) If you’re not paying your credit card off in full by the due date, call your provider to switch to a no frills card with the lowest interest rate ...available. This could bring your rate down from around 21%pa to around 13%pa. Before you do this, make sure you’ve redeemed any points you’ve earned on your rewards card. 2) If you’re eligible for a 0%pa balance transfer to a new card consider transferring your debt. Don’t put any purchases on the new card, and pay down your new card as fast as you can. 3) Check your banking transactions and itemise your spending for the previous month, including any recurring payments. Decide where you can save money, and make it a goal to spend less in the coming month. Supercharge repayments on your debt with the remainder, working on debt attracting the highest interest rate first. Have any other credit card tips worked for you?

17.01.2022 Good news for those with a NAB home loan: NAB has broken away from CBA, ANZ and Westpac by keeping variable rates on hold... for now. It will be interesting to see when NAB makes their next move!

17.01.2022 Calling all Aussies (and Aussie PRs) working in Hong Kong! I’ll be back in 3 weeks to answer all your questions regarding purchasing or refinancing Aussie property, along with reviewing your existing loans back home in Australia. Send me a message to book an appointment, and spread the word to your Hong Kong based friends!

16.01.2022 With low fixed rates in the market (particularly for investment loans), are you comparing your fixed and variable options? You can generally choose to fix your loan for a period of 1 5 years. It’s not ideal to fix your loan if during the fixed rate period: - You plan to sell the home or pay out your loan in full, as there could be significant fixed rate break costs involved... - You’re planning to refinance your loan to pull out additional funds. If a valuation or your borrowing capacity is higher with another lender and you choose to move your loan, you may incur fixed rate break costs when refinancing - You would like to have an offset account for the loan amount you’re fixing. With many lenders, there is no offset account available whilst the loan is fixed. Some choose to fix their loan for certainty of repayments and cash flow during the fixed period. One option is to fix part of your loan and leave the remainder variable, so that you can still take advantage of an offset account.

16.01.2022 Is the rate changing on your home loan? Click the table below to see the major lenders’ recent increases to Standard Variable Rates. The gap is widening between Interest Only and Principal and Interest rates, along with Owner Occupied VS Investment loans. Get in touch if you’d like a home loan review, or you’d like to hear about Investment Loan Fixed Rates currently available with various lenders (including 3.89%pa fixed for 3 years).

16.01.2022 Lovely messages from clients work better than a coffee break! Actually, maybe both together

14.01.2022 Interest Rate Update. Below are the rate increases announced by the major banks: - ANZ: 0.16%pa increase effective September 27 - CBA: 0.15%pa increase effective October 4 - NAB: Yet to announce... - Westpac: 0.14%pa increase effective September 19 If you have any questions regarding your home loan interest rate, feel free to ask.

13.01.2022 If your home loan interest rate becomes uncompetitive, renegotiating your rate with your existing lender is sometimes all it takes. There are many reasons you may consider refinancing, such as favourable bank policies elsewhere, a lender special or a higher valuation result with another lender. Refinancing costs vary from lender to lender, and may look like this: - Discharge Fee: $350... - Victorian Government charges: $234 - Settlement Fee: $0 - $200 Approximate Total: $600 - $800 Many lenders cover this cost of refinancing as a rebate, such as Commonwealth Bank’s July refinancing cash back offer of $2,000 (conditions apply). We can help you to renegotiate with your current lender and offer refinancing options where favourable. A loan check-up can ensure your loan structure is still appropriate, and could potentially save you thousands.

12.01.2022 If that lotto ticket isn’t coming up with the goods yet... ‘Spend less than you earn, save the difference, invest... be patient’.

12.01.2022 Planning to speed up your home loan repayments? In this example, an extra $500 per month has reduced the home loan by over 10 years.

12.01.2022 Wondering what Stamp Duty now looks like for eligible First Home Buyers in Victoria? We've got that covered!

12.01.2022 Do you have a number in mind that would give you financial freedom? According to a new NAB survey, for the average Aussie that number is $830,000.

12.01.2022 Green smoothie, poached eggs and a catch up with your Mortgage Broker.

11.01.2022 ‘Like magic in the background’- the way refinancing should feel!

11.01.2022 Looking to get into the market this Spring? Ask your favourite Mortgage Broker to shout you a smashed avo and talk through your property goals.

10.01.2022 Emails like this... why I love mortgage broking

09.01.2022 If the cash rate has remained the same since early August 2016, why do home loan interest rates keep changing? Following APRA’s focus on curbing interest only lending and their recently relaxed caps on investor loans, we’ve seen lenders increasingly differentiate between interest only and principal and interest loans, investment and owner occupied. For a variable owner occupied loan with the Big 4, the premium for choosing interest only repayments currently ranges from 0.53%p...a (NAB) to 0.59%pa (Westpac). For variable investment loans, this premium currently ranges from 0.44%pa (CBA) to 0.51%pa (Westpac)*. We’re now seeing competitive fixed rates for interest only investment loans back in the market. If you’d like to check whether your home loan structure and rate still suit you, feel free to get in touch. * Based on each lender’s Standard Variable Rate

09.01.2022 First the signing, then the wine and dining. Congrats on your new home, Peline and Eric!

08.01.2022 Are all valuations created equal? When assisting clients with a purchase or refinance, I have access to various types of valuations, such as a short form valuation (where the valuer will visit the home), kerbside valuation, desktop valuation and automated valuation. A client with a strong income is preparing to purchase their second home, and asked for a valuation to ascertain the amount of equity they had available in their existing unit in Melbourne’s South East. In the tab...le are four different valuation results through four different lenders, all conducted this month. There was a $110,000 difference between the lowest and highest valuation, and a $70,000 difference between the two short form valuations. Between the lowest and highest valuation here, the client has an additional $88k they can apply to borrow (assuming a Loan to Value Ratio of 80% and subject to servicing, standard credit criteria and final lender approval) for their next purchase.

08.01.2022 An increasing number of First Home Buyers are moving back in with the folks to reduce expenses and supercharge their home deposit savings.

08.01.2022 Seeking your support to save the Mortgage Broking industry. 74,000 signatures and counting!

08.01.2022 Loan repayments leaving you with this expression? Ask us for a loan check up

08.01.2022 Melbourne, baby!

07.01.2022 Checking in on clients’ renovation progress today... I can’t wait to see the finished result!

07.01.2022 How do I manage to get such lovely clients? You guys make it all worthwhile

06.01.2022 Another awesome couple in their very own home. Congratulations to both of you!

05.01.2022 When purchasing a block of land with settlement a year or two away, what extra items do you need to be aware of? In the picture is a clause from a client’s contract. This special condition allows the vendor to buy the land back at a reduced price if the purchaser doesn’t commence construction on the land within 12 months of settlement. This client’s loan wasn’t approved by our chosen lender until this condition was removed by the vendor’s solicitor and another condition slig...htly amended. If you’ve found a dream block of land that isn’t due to settle for a while, here are some extra items to be aware of: - Please ask a conveyancer or solicitor to review your contract prior to signing (if you don’t have a contact, my favourite is Jason Li from Engage Conveyancing). - Adding a two week ‘Subject to Finance’ clause will generally make no difference, as settlement is too far away- the lenders are interested in your finances as we approach settlement. Think about the financial situation you’ll be in when settlement is due, and ideally have a savings buffer. - The settlement date may change (it’s quite common for settlement to be delayed) - There is no guarantee that the valuation will come back at purchase price. Although as a broker I can order a valuation from more than one lender if required (prior to submitting an application so as not to affect your credit score), this is another reason to have a savings buffer in place. Now that we’ve got that covered, happy shopping!

05.01.2022 There are suburbs throughout Melbourne where buying land and building is very popular. So how does it all work? If you have a block of land you’re planning to build on, once you’ve chosen your builder it’s time to arrange your construction loan. If you sign a standard HIA contract with a builder your repayment schedule should look similar to the industry standard: Deposit: 5%... Base: 10% Frame: 15% Lock Up: 35% Fixing: 25% Completion: 10% If your construction loan amount is less than the building contract price, you will need to pay your contribution to the builder before your lender releases any funds. As the builder reaches each specified stage, they will issue you with an invoice. You will then sign off on this invoice and send it to your lender to release these funds to the builder. When building, you need to take the additional expense of living elsewhere during the construction phase into account. You’ll only need to make repayments against the loan amount that has been drawn down. Once the loan is fully drawn down, occupancy permits have been issued and final checks completed, you’re ready to move into your new home! For more detailed info, feel free to ask- I’d love to help.

05.01.2022 If you’ve bought off the plan, settlement may be a year or two away. How should you best prepare for settlement in the meantime? Once settlement approaches, you’ll need the borrowing capacity and shortfall funds to finalise your purchase. Let’s take a closer look: BORROWING CAPACITY... Here are common areas which can affect your borrowing capacity: - Large credit card limits - High living expenses and fixed commitments - Personal loans, car loans or other loans with high monthly repayments To maximise your borrowing capacity, it pays to check in with your broker prior to making changes to your circumstances such as becoming self-employed, or obtaining car finance. FUNDS FOR SETTLEMENT As settlement approaches, your property will become ready for a valuation inspection. Once the plan of subdivision is registered and occupancy permits are issued, you will generally be given 14 days’ notice for settlement. Your maximum loan amount can also depend on the valuation result. Valuations often vary, and using a broker means that an additional valuation can be swiftly ordered through an alternative lender where appropriate. As valuations may be conservative, it’s ideal to put aside additional funds as a buffer to prepare for settlement. If you’d like more details, feel free to ask!

04.01.2022 Congrats, Linh and Jay! From choosing your block to building this year, you’ve finally picked up the keys to your very own place! It has been great fun working with you both along the way

04.01.2022 As lenders now share data, it’s more important than ever to ensure you’re keeping your credit facilities in check. If in doubt, run a free check on your credit report! Lenders are now able to see the number and type of credit accounts people have and whether they have been paying loans back on time, which helps them better evaluate who to provide credit to and lend more responsibly.

04.01.2022 For many First Home Buyers, saving enough of a deposit for their first home is the biggest hurdle. Guarantor loans are one option to consider- so how do they work? For First Home Buyers with excellent credit and an adequate income but limited deposit, having parents as security guarantors can allow them to borrow more than 80% of a property’s value without paying Lenders Mortgage Insurance. Generally, guarantors need to be Australian Citizens or Permanent Residents with avai...lable equity in their property. Ideally, the guarantors have an investment property with little or no debt- when this is the case, the guarantors’ own income generally does not need to be verified. Guarantors are advised to seek legal advice in order to be aware of the risks and responsibilities involved when guaranteeing a loan. With a guarantor loan, the First Home Buyer can often borrow 80% against the purchase property, and an additional amount (for example 20%) against both the purchase property and their guarantors’ property. Once that additional amount has been repaid, the guarantor can be released from further liabilities. Want to find out more about guarantor loans? Just ask!

03.01.2022 Preparing to buy your own home can be relaxing... no, really! Ask about our free tailored First Home Buyer workshops. 1) Invite up to 5 friends 2) Your place our ours? Book a 2 hour session at your home or our office 3) Answer some basic questions and the workshop will be tailored to you

02.01.2022 Wishing you a Christmas full of happiness, family and friends. Thank you for your support in 2017, and see you in the New Year!

01.01.2022 Just like that, the 2017 - 2018 financial year draws to a close. Congratulations to those of you who bought an investment, a new home, or got the keys to your first property. Here are some of the amazing properties you’ve secured this year! Here's to all of you kicking big goals in the financial year ahead.

01.01.2022 Not all Lenders Mortgage Insurance is created equal. The example below shows approximate LMI rates based on 85% of a $600,000 purchase. When selecting a home loan, we help you compare interest rates, products and relevant fees. Win!

01.01.2022 How many smashed avo brunches will First Home Buyers save if purchasing for $500,000 before VS after July 1? In the example below, this First Home Buyer has put in a deposit of 12% of the purchase price plus costs (including Stamp Duty). We've used a borrowing amount of 88% as Lenders Mortgage Insurance often jumps when borrowing over 88% of the property value.

01.01.2022 Why does borrowing capacity differ for two people on the same income? Variables include: - Your monthly expenses - Your credit card limits - Any personal loans such as car finance ... - HECS/ Fee HELP repayments - Whether you have dependant children If you’d like to find out your approximate borrowing capacity, just ask!

01.01.2022 What would you guess is the average age of an Australian First Home Buyer? According to a recent CBA report, it's now 32 years old

01.01.2022 First Home Buyer Superannuation Scheme summary: - From July 1, you can salary sacrifice additional repayments into your Super to go towards purchasing a home (max $15,000 per year; max $30,000 in total) - You can withdraw the funds from July 1 2018 to purchase a home ... - You can't access your existing Super balance to purchase the property - Given the favourable tax rate for additional contributions, you may be able to save for your home faster (example in attached fact sheet) Those First Home Buyers who don't plan to purchase before 1st July 2018 may wish to look at this option. Be aware that if these additional repayments aren't used to purchase property, the money will stay in your Superannuation fund.

01.01.2022 Breaking news! The Reserve Bank of Australia (RBA) has cut the official cash rate from 1.5 per cent down to a new record low of 1.25 per cent. This is the first cash rate movement since August 2016. Mortgage rate cuts are now expected to follow... over to you, banks!