Ryan Miller in Margaret River, Western Australia | Loan service

Ryan Miller

Locality: Margaret River, Western Australia

Phone: +61 433 252 690

Address: 1/124 Bussell Highway 6285 Margaret River, WA, Australia

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

Likes: 115

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• Financial service
• Loan service
• Mortgage brokers
• Franchise broker

24.01.2022 Pending Credit Card Assessment changes The ASIC media release below details assessment criteria changes for Credit Cards from 1 January 2019. From this time, Card providers will assess the ability to fully repay the limit within a 3 year term as opposed to deeming it as an ongoing limit. ... This effectively reduces your borrowing limit... On the surface this seems a logical decision by ASIC to further tighten responsible lending for Credit Cards. However, these changes were to extend to the assessment of other lending products, such as mortgages and personal loans. Thus, whenever a loan provider is assessing a mortgage application, or any application for a loan, they must take into account the ability of the borrower to pay the entire credit limit of every card the applicant has, over a period of three years. This applies even if the applicant has a zero balance. Under the changes credit providers will also have to assume an interest rate that is 2% above the highest rate in the market which is currently 22%. Previously the applicant simply had to show they could repay their credit card based on 3% of the limit each month as the minimum repayment. For example, the monthly repayment for assessment purposes of a $10,000 credit card limit would increase from $300 / month under current rules to $392 / month under these changes. Our industry body (FBAA) lodged a Formal Submission to ASIC to highlight the significant impact of this change to the broader availability of credit. ASIC has agreed to defer this extension to July 2019 for review. NAB has already amended their mortgage assessment policy to reflect these changes. All lenders will have to adhere if ASIC proceeds in July. https://asic.gov.au//18-257mr-asic-prescribes-three-year-/

23.01.2022 https://www.theadviser.com.au//38733-flat-fee-would-hand-p

22.01.2022 Just another reason to use a broker. Call me on 0433252690 for a no obligation consultation https://www.theadviser.com.au//38689-broker-market-share-h

22.01.2022 Keeping your Credit Score in check https://www.news.com.au///e23afa8ad1b4f24816cd8da6f481ca01

21.01.2022 Bank shares increased on release of the Royal Commission Report because it understands the ramifications of its recommendations; 1. Decimates its main competitor, Mortgage Brokers, which will hand back market share and power to the Big 4 once again 2. Costs of attaining of Mortgage Product will be transferred to the borrower. ... The current system has this cost on the supply-side, borne by the banks. Yes, this is factored into the Interest Rate but the cost is always incurred regardless of the distribution channel, ie Branch vs Broker. It is now proposed the borrower pays this cost regardless of it originated via Branch or Broker. 3. Failed to address vertical integration of financial services, ie banks owning Financial Planning and Mortgage Aggregators. Hence, existing lucrative revenue streams remain in place.

21.01.2022 An extract from this article; "Plenty of people in the government knew the banks and AMP were escaping relatively lightly. The recommendation to whack mortgage brokers, in particular, will be worth hundreds of millions of dollars to the banks if it is implemented."

21.01.2022 Call me for an obligation free consultation on 0433252690. I will help to match you with the best lending options for you and/or your property. Fast process from a long term local

20.01.2022 Further support from Finance Industry commentators....

19.01.2022 This says it all....

18.01.2022 Podcast Industry pioneer, Mark Bouriss explanation of the RC recommendations on Broker remuneration and its effect on the broader lending market is the most concise I have heard yet.

17.01.2022 Businesses are finding it more difficult to access funding via traditional means due to decreasing asset values and an increased risk aversion by lenders. An experienced and skilled Broker can consider your short and long term needs to find the most appropriate funding structure / mix.

17.01.2022 This article demonstrates why using a broker is important in todays market. Contact me on 0433252690 for a no obligation consultation. https://www.brokernews.com.au//brokers-are-solution-to-opa

16.01.2022 Is the "perception of conflict" a crime??? Especially when the perceived conflicts are mitigated under current compliance & regulation AND multiple government reviews of our industry since 2015 have found no systemic issues to Broker remuneration. Yes, regulation could be tightened further, eg Best Interests Duty. The current remuneration structure has evolved over many years to strike a balance for all stakeholders, ie Consumers, Brokers and Lenders. Why change something wh...ich is not broken... The Broking Industry needs your support to continue serving you, the consumer. The article below has links to Change.org and Broker Behind You petitions aimed at convincing politicians from all sides to retain existing remuneration structures.

16.01.2022 Why use a mortgage broker? All of your questions answered http://www.stjamesfinance.com.au/faqs/#why-use

15.01.2022 Unintended consequences of decimating the mortgage broker industry

14.01.2022 How did the big 4 banks win from the Royal Commission????

14.01.2022 4 SIMPLE WAYS TO PAY YOUR MORTGAGE SOONER; 1. Increase Payments - set your direct debit higher than the minimum contracted amount. At the very least, round up your direct debit to the nearest $100. 2. Lump Sum payments - Credit your Home Loan with windfalls or Tax Returns... 3. Utilise Home Loan Features - Salary crediting with Redraw or Offset accounts 4. Have the right Home Loan which suits your needs and review every 2-3 years with your Broker.

13.01.2022 Key findings from this article; 1. 2017 study from business intelligence company Statista, titled Banking in the Netherlands, which showed that the total number of banks in the Netherlands decreased from 99 banks in 2007 (when the market still operated on an upfront and commission model) to just 44 banks in 2017 (nine years after fees-for-service were first introduced and five years after they were completely banned). The report categorised the Dutch banking sector as one of... the most concentrated in Europe. 2. Moodys Investment Services report from last year found that one of the biggest Netherlands institutions, ABN Amro, had seen its net interest margins grow steadily since 2010, while Australias lenders have seen net interest margins decrease steadily since brokers were introduced into the sector in the mid-1990s (according to the Reserve Bank of Australia). It is very clear the real reason the big four banks in Australia are pushing for the Netherlands model. It will effectively kill off the competition coming from smaller lenders and banks and result in the banks having the lions share of the pie again,

13.01.2022 Full Article copied below due to subscription requirements RBA governor Philip Lowe backs Scott Morrison on mortage brokers James Eyers By James Eyers... Updated Feb 6, 2019 4.49pm, first published at 3.14pm Save Share RBA governor Phil Lowe has backed the federal governments decision to hedge on scrapping commission payments to mortgage brokers. Banking royal commissioner Kenneth Hayne found that the thousands of dollars in commissions paid by banks to brokers over the course of home loan were invisible to customers, "money for nothing", and should be abolished. The federal government will abolish trail commissions but said banning upfront commissions would hurt competition and force borrowers to go to the big banks. Key quotes from RBA governor Philip Lowe Dan Himbrechts Dr Lowe said he strongly agreed that mortgage brokers should have an obligation to act in the best interests of customers, another Hayne proposal, because they are "essentially are providers of financial advice" they should be subject to the same regime. "However payment for the brokers work is a more complicated issue," the governor said on Wednesday. Advertisement "In principle, I agree with trailing commission being banned and payments being upfront." "I think the government is right to be cautious about going the full way and making the borrower pay," Dr Low said. "The Productivity Commission has written extensively about this. There are legitimate competition issues." The Productivity Commissions final report into banks, released in August, recommended that trail commissions be banned, and that upfront commissions be paid based on the funds limit drawn down by customers, net of any offsets. Related RBA governor Philip Lowe blames bank executives, not regulators for scandals RBA governor Philip Lowe blames bank executives, not regulators for scandals By Aaron Patrick Here are the other key quotes from RBA governor Philip Lowes speech on Wednesday. On interest rates "Looking forward, there are scenarios where the next move in the cash rate is up and other scenarios where it is down. Advertisement "Over the past year, the next-move-is-up scenarios were more likely than the next-move-is-down scenarios. "Today, the probabilities appear to be more evenly balanced."

12.01.2022 Really interesting article about Afterpay that we are seeing pop up more and more. Seems like a good idea at the time but can affect your credit rating. https://finance.nine.com.au//12/06/15/58/afterpay-home-loan

12.01.2022 Key Findings of the Deloitte Access Economics Report; 1. >90% - Broker customers happy with service 2. 13.8 years - average level of experience of a Broker 3. 3 of 10 - Mortgages for regional & rural customers... 4. 3% - Reduced Lenders Net Interest Margins over past 30 years 5. 27,000 - Full Time equivalent jobs 6. $2.9B - Contributes to the Australian Economy See more

11.01.2022 A fantastic article. Just more reasons to use a local mortgage broker. Call me on 0433252690 for a no obligation consultation https://www.yourmortgage.com.au//how-mortgage-brok/262223/

11.01.2022 https://www.theadviser.com.au//39005-former-asic-chair-con

10.01.2022 REVEALED: What consumers think of broker remuneration https://www.theadviser.com.au//38743-revealed-what-consume

10.01.2022 Alan Kirkland, you are incorrect. Commission income is a supply-side cost of the lender which is redirected to the broker instead of the lenders branch. It is a distribution cost which is why the interest rate available from the bank is same as the broker. As brokers have increased market share, banks have decreased branch costs to compensate. Removing brokers will only increase the branch network and ultimately return market power back to the Big 4. Interest rates and fees ...will increase as a result. #brokersworkforyou See more

09.01.2022 And.............just to back up yesterdays article, check this out https://www.theadviser.com.au//38691-market-share-growth-b

09.01.2022 Please see the link below which explains the changes brokers and borrowers are experiencing, due to the way lenders are reviewing clients living expenses. https://www.realestate.com.au//banks-are-scrutinising-bo/

08.01.2022 Tips for first time home owners.... https://www.msn.com//first-home-buyer-advice-i/ar-BBQ0klL

08.01.2022 Another reason to use a broker. Contact me for a no obligation consultation https://www.theadviser.com.au//38720-brokers-send-record-v

08.01.2022 Some sound financial advice here. Contact me on 0433252690 for a no obigation consultation: https://www.news.com.au///b4fcbb1ce37d9667035616c91ecfde0f

06.01.2022 Some calculator tools for you http://www.stjamesfinance.com.au/clever-calculators/

06.01.2022 Highlighting inaccurate reporting on broker remuneration in mainstream media. #brokersworkforyou

06.01.2022 Supporting local businesses

06.01.2022 *** PLEASE SHARE IF YOU DONT WANT YOUR MORTGAGE TO COST MORE *** Further support from Banking Analysts, UBS and Moodys. Moodys says the RC Recommendations will "affect competition" & "consolidate the market position and pricing power of the four major banks". UBS says "The full swing of implementations would devastate an industry, push interest rates up because competition will be reduced in the marketplace, service standards will be eroded and the borrower will lose out big time"

01.01.2022 Another Financial Professional and respected Commentator in support.