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Updates

Home Loan Market Update – November 2019

House drawing on chalkboard

We’re well and truly into Spring, and the RBA’s official cash rate is still sitting at 0.75%… Yes, below 1% – the lowest it has ever been.

This update will walk you through what the team at OneSite are currently observing in the Home Loan and general Credit Markets. There are currently a number of factors affecting the credit markets; mainly rate cuts, property market outlook and regulatory changes.

The article will also show you the current lender specials following the RBA announcing a third rate cut in quick succession.

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Home Loan Borrowers To Receive Borrowing Capacity Boost

Couple Smiling

Borrowers are set to receive a boost to their borrowing capacity in the order of $80,000 to $100,000 thanks to a combination of changes to lending standards and interest rate cuts, new modelling shows.

Under the proposed relaxation of loan serviceability rules flagged by the Australian Prudential Regulation Authority (APRA) last week, borrowers will no longer be assessed to see if they can repay their loans against an interest rate of 7.25%.

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Home Loan Market Update May 2019

Negotiation Skills

April has started, and the RBA’s official cash rate is still sitting at 1.50%. The lowest it has ever been.

This article will walk you through what the team at OneSite are currently observing in the Home Loan and general Credit Markets. There are currently a number of factors effecting the credit market:
– General economic variables
– Property market outlook
– Regulator changes

With this in mind, the article will show you the current lender movements in the market.

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Home Loan Market Update – Feb 2019

Where will the market go next?

Another month has gone by and the RBA’s official cash rate is still sitting at 1.50%, the lowest it has ever been. The prospect of the cash rate being cut, along with stronger economic data out of other world markets have led to the Australian Dollar trading at or near 3 year lows. This will have implications for Lender’s debt financing, with a large portion of that sourced in foreign currencies and thus needing to be hedged.

With this in mind some Lenders have signalled an increase to their home loan rates. This article will run you through the latest news on the home loan as at February 2019.

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Existing Customers Pay More For Their Mortgages

House on coins

The ACCC found that existing customers pay more for their home loans. Quite a bit more in fact.

As at June 30, 2018, existing customers were paying interest rates that on average were 32 basis points higher than new customers. This is equal to more than one typical Reserve Bank rate increase.

The ACCC found a borrower with an average sized mortgage could save around $850 a year by getting the same rate as a new customer. This figure is quoted on an Australia wide basis. For a typical Sydney mortgage, the savings could add up to tens of thousands of dollars over the life of the loan.

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How Does AfterPay and ZipPay Affect Your Home Loan Application?

Home Loans

Did you know that AfterPay and ZipPay can affect your home loan application? Banks have now applied stricter requirements on lending. Customers applying for home loans are required to disclose what they owe on their AfterPay and ZipPay accounts. This is now part of most banks’ serviceability requirements.

In essence, AfterPay and ZipPay are digital credit platforms that give consumers a temporary line of credit.

With the above in mind, if you use these platforms, it is very important to make AfterPay and ZipPay repayments in a timely manner. Additionally, you need to to avoid any fees and charges for late payments. Late or missed payments can affect your home loan application process.

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Increasing The Value Of Your Property

Unlocking the Value of your property

Most home owners would like to increase the value of their property at some point in time. Whether you are thinking about selling or increasing the equity in your home; Corissa from Refurb2Invest can help to increase the value of your property.

Refurb2Invest is a team of renovation consultants who have successfully helped more than 130 families across Sydney to increase the value of their property. Most importantly, their main aim is to get you higher profits.

The first 20 OneSite Finance Clients to contact Refurb2Invest will receive a FREE Property Audit, valued at $660!

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How Does Your Credit Report Affect Your Finances?

Credit Report

Before a Lender can grant you a loan (or sell you a product on credit), they must ensure that you have the ability to pay the loan back at a later date. If you do not have the capacity to pay the loan back, the credit provider will not be able to approve the loan you are requesting.

Your credit report provides lenders a summary of your credit history. How good you are as a borrower. It helps them assess the risk of lending to you.

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Home Loan Market Update – September 2018

Couple with bills and laptop indoors

The investment and home loan market is in a state of flux. This article will run you through the latest news on the home loan as at September 2018.

Over the last couple of weeks, there have been a number of announcements that lenders will be increasing their home loan rates without waiting for the Reserve Bank of Australia (RBA).

This is due to the fact that the RBA’s official cash rate is still sitting at 1.50%. Please keep in mind, this is the lowest it has ever been.

The rate increases are mainly on variable rate home loans at this stage. However, we expect to see an increase in all mortgage rates in general as Lender’s cost of funding is starting to rise on the back of movements in the global economy.

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