Fit Loans exists to provide a fresh, honest and customer focused approach to lending.
About Us
Fit Loans was created to help borrowers find a suitable loan product and structure that fits their borrowing and financial needs. We pride ourselves on our high quality of client care and keeping you informed every step of the way.
With the market flooded with a variety of loan options, Fit Loans is here to take out the confusion and stress associated with finding a suitable loan for you.
We are dedicated to assisting you to find the loan that fits your needs. Whether you are ready to buy your first home, refinance an existing loan, looking for an investment property or simply wanting to learn more about reducing your debt, Fit Loans is here to help.
Variable, fixed, interest only, LVR, LMI…. we cut through the jargon and explain things in an easy to understand manner. We weigh up all your options and take you through our recommendations step by step.
We don’t play favourites with lenders – we find the most suitable fit for you. Fit Loans advice is free of charge.
It only takes a minute to complete our enquiry form and from there, a Fit Loans consultant will be in contact within 24 hours to provide assistance and answer any queries you may have.
All information will be kept strictly confidential and secure.
Frank Zinghini
Managing Director
Fit Loans was created to help borrowers find a suitable loan product and structure that fits their borrowing and financial needs. We pride ourselves on our high quality of client care and keeping you informed every step of the way.
With the market flooded with a variety of loan options, Fit Loans is here to take out the confusion and stress associated with finding a suitable loan for you.
We are dedicated to assisting you to find the loan that fits your needs. Whether you are ready to buy your first home, refinance an existing loan, looking for an investment property or simply wanting to learn more about reducing your debt, Fit Loans is here to help.
Variable, fixed, interest only, LVR, LMI…. we cut through the jargon and explain things in an easy to understand manner. We weigh up all your options and take you through our recommendations step by step.
We don’t play favourites with lenders – we find the most suitable fit for you. Fit Loans advice is free of charge.
It only takes a minute to complete our enquiry form and from there, a Fit Loans consultant will be in contact within 24 hours to provide assistance and answer any queries you may have.
All information will be kept strictly confidential and secure.
Frank Zinghini
Managing Director
Our Services
Home loans
Refinancing
Business lending
Investment loans
Construction loans
Commercial loans
Motor vehicle finance
Asset finance
Debt consolidation
Self managed super funds
Why Choose Us?
Whether you are a first home buyer or a seasoned investor, Fit Loans will find the right loan to fit your needs. We will provide you with quality customer service that you will value for the life of your loan.
- We have access to over 35 different lenders
- Our services are provided free of charge
- We work for you, not the lender
- We will be easy to do business with
- We will always get back to you promptly
- You will be kept informed every step of the way
- We will go the extra mile, every time
- We will listen to what you want
- We will provide a loan solution that fits your needs
- Our team is qualified and fully compliant
Education Centre
Fit Loans believe that you can never learn too much. That is why we have set up an education centre providing informative articles and check lists that can be read online or downloaded for later viewing.
Testimonials
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Would highly recommend. Amazing service. Frank was extremely efficient with his responses and always explained everything thoroughly (good and bad). We were very impressed with the service and are very thankful to have had such a great broker!
Shenae Clements
June 8, 2023Just refinanced with Frank's assistance and he made the process so smooth. It's such an advantage when your mortgage broker goes above and beyond to understand what you need, what your priorities are and what will work best for you. We will definitely keep coming back each time we need help with financing.
Harvey Jones
December 8, 2022Great experience with Fit Loans. A friend recommended them and I'm so glad they did. Frank was so helpful and approachable. He always explained things clearly and patiently answered my questions. Highly recommend.
Sarah Ryan
December 8, 2022Look no further than Frank @ Fit Loans - you won't be disappointed. Frank was recommended to us when we wanted to know more about our financial circumstances and were not in a position to buy our new home. He came on the journey with us, provided constant advice, was pro active, very responsive and when we found out perfect home went over and above to help us secure our home. Countless emails & phone calls day and night, Frank truly went above and beyond. Looking forward to our next opportunity to use Fit Loans again.
Catherine Maiuto
December 8, 2022As a first home buyer, I entered into the property market with a great deal of anxiety and trepidation. Frank at Fit Loans was a 'word of mouth' recommendation, and I felt comfortable with him immediately. Not only was he available and responsive, he took the time to explain information and processes in an accessible way - repeatedly if necessary. I was always confident that he conducted a thorough and individual assessment of my needs as a buyer, and sought the best home loan deal for me. Other brokers I had approached came across as clinical, salesy, process driven and impersonal. One of the best things about Frank is his knowledge and acumen regarding the finance and banking industry. He has exceptional interpersonal skills too. I also suspect he'd make quite a good counsellor!
Chaouen Fan
December 8, 2021Frank is excellent, he always gave us the right advice. Very responsive and gave a very clear explanation to all our doubts and patiently answered all our questions. Highly recommended.
alekhya pinisetti
December 8, 2021 -
Frank is very switched on and responsive, which helps immensely during the loan application process. Couldn't be happier!
Justin Shu
December 8, 2021Frank's service was professional, friendly and high quality from the moment we met. Frank has great attention to detail and took the time to explain the process every step of the way. Highly recommended.
David Mangano
December 8, 2021i would highly recommend Fit Loans. Frank went above and beyond for us to get our loan sorted. Frank is diligent and responsive. We cant thank Frank enough.
Terri Shannon
December 8, 2020I had a wonderful experience with Frank.. He was very open and honest and supportive throughout the whole process. His communication was excellent, very professional and he found me a great deal. He is attentive, reliable and was always available to answer any questions or concerns I had. I have friends and family that have also used his services and they’ve all been more than satisfied. Highly recommend.
Sofia Skliros
December 8, 2020Extremely easy to deal with. Frank made the whole process a breeze. Much much much simpler and also cheaper than what the bank offered. Cant recommend Frank at Fit loans enough.
Alumach Pty Ltd
December 8, 2020Frank was brilliant to deal with. He was always there when I needed him, made dealing with banks easier and also provided in depth information that allowed us to get the best out of our new home loan. I highly recommend Fit Loans!
Nathan Vellucci
December 8, 2020
Contact Us
Just as the excitement of the ‘race that stops a nation’ draws us in to celebrate and indulge, we must remain vigilant about lifestyle creep. ![]()
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Lifestyle creep, often referred to as lifestyle inflation, is a common phenomenon where individuals increase their spending as their income rises. While treating yourself after a pay rise or financial windfall can feel rewarding, unchecked lifestyle creep can have significant consequences on your financial health, particularly regarding your credit score and borrowing capacity.![]()
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While enjoying the festivities, remember that unchecked spending can undermine your credit score and borrowing capacity. ![]()
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So let’s ensure your financial strategies are as sharp as the horses racing at Flemington!![]()
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Also, if you missed our announcement on Friday regarding the winner of the Japan competition, we are thrilled to share that Haylee M is now faced with the exciting decision of choosing between an incredible holiday or taking home $7,500 in cash!![]()
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We want to extend our heartfelt thanks to everyone who entered the competition and wish you all the best of luck in our next one, that opens on Monday 2 December. So, keep an eye on this space!![]()
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Understanding lifestyle creep![]()
Lifestyle creep occurs when increased income leads to higher spending on non essential items, transforming luxuries into perceived necessities.![]()
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For example, you might start dining out more frequently, upgrading to a more expensive car or subscribing to multiple streaming services.![]()
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While these changes may enhance your quality of life in the short term, they can also lead to financial instability if not managed carefully.![]()
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In Australia, many individuals experience lifestyle creep when they receive promotions or bonuses. According to research, this phenomenon can result in living payday to payday, even for those with substantial incomes.![]()
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The key issue arises when spending increases at a rate that outpaces income growth. This leads to stagnant savings and mounting debt.![]()
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The impact of lifestyle creep on credit scores![]()
Credit scores are essential for determining your borrowing capacity and the interest rates you may receive on loans. ![]()
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Lifestyle creep can negatively affect your credit score in several ways:![]()
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Increased debt levels![]()
As you indulge in a more luxurious lifestyle, you may find yourself relying on credit cards or personal loans to fund your new expenses.![]()
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This increased reliance on credit can lead to higher debt levels that can adversely affect your credit utilisation ratio (the amount of credit you're using compared to your total available credit). A high credit utilisation ratio can lower your credit score and make lenders wary of extending further credit.![]()
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Missed payments![]()
With the increased financial obligations that come with lifestyle creep, it’s easy to lose track of payments. If you find yourself struggling to meet monthly expenses due to overspending, you may miss payments on loans or bills.![]()
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Payment history is one of the most significant factors influencing your credit score. Missed or late payments can have a long lasting negative impact.![]()
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Financial hardship![]()
If lifestyle creep leads you into financial hardship where you find it challenging to meet basic living expenses, this can further damage your credit score.![]()
In Australia, entering into financial hardship arrangements with creditors can result in negative marks on your credit report and make it more difficult to secure loans or mortgages in the future.![]()
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The broader implications for borrowing capacity![]()
Your borrowing capacity is influenced not only by your income but also by your overall financial health. Lifestyle creep can hinder this capacity in various ways:![]()
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Reduced savings for deposits![]()
As spending increases, savings often stagnate or decline. This lack of savings can prevent you from accumulating enough for significant investments such as a home deposit. ![]()
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Without a substantial deposit, you may face higher interest rates or be unable to secure a mortgage altogether.![]()
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Strained budget for future expenses![]()
When lifestyle inflation occurs, it often leaves little room in the budget for future expenses such as education costs for children or retirement savings.![]()
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This lack of foresight can lead to greater financial strain later in life and diminish your ability to borrow when needed.![]()
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Difficulty adjusting back to a lower standard of living![]()
If you find yourself needing to cut back due to financial difficulties caused by lifestyle creep, it can be challenging to downgrade your lifestyle. Many people struggle with the psychological aspect of reducing their spending after experiencing an elevated standard of living that has perpetuated financial instability.![]()
Strategies to combat lifestyle creep![]()
To safeguard your credit score and maintain a healthy borrowing capacity, consider implementing these strategies:![]()
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Set clear finance goals![]()
Establish specific short term and long term finance goals that motivate you to save rather than spend impulsively. ![]()
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Whether it's saving for a holiday or building an emergency fund, having clear targets will help you to resist the urge to indulge in unnecessary purchases.![]()
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Create and stick to a budget![]()
A well structured budget allows you to track income and expenses effectively. Use budgeting apps or spreadsheets to monitor where your money goes each month and identify areas where you can cut back on non essential spending.![]()
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Prioritise saving rather than spending![]()
When you receive a pay rise or bonus, consider allocating a portion of that increase towards savings or mortgage repayments rather than immediately increasing your spending. This practice helps ensure that you're building financial stability rather than inflating your lifestyle.![]()
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Limit exposure to social comparisons![]()
Social media often fuels feelings of inadequacy when comparing lifestyles with others. Be mindful of who you follow and how their posts influence your spending habits. Focus on appreciating what you have rather than feeling pressured to keep up with others.![]()
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Accelerate your debt repayments![]()
If possible, begin by first paying down your credit card and personal loans with the one that has the highest interest rate. Once that debt is repaid, redirect the amount you were paying on it to the next debt with the highest interest rate. Repeat this process until all your debts are cleared. This strategy not only reduces your overall debt burden but also frees up more money for savings in the long run.![]()
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Regularly review your finances![]()
Conduct monthly check ins with yourself on your financial situation to assess whether you're meeting your goals and staying within budget. This practice helps identify any signs of lifestyle creep before they become problematic.![]()
Lifestyle creep is an insidious phenomenon that can significantly impact your financial health by affecting both your credit score and borrowing capacity.![]()
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By recognising its signs and implementing proactive strategies for managing spending habits, you can enjoy the benefits of increased income without compromising your long term financial stability.![]()
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Taking control of your finances through budgeting, setting clear goals and prioritising saving will not only protect your credit score but also empower you to make informed decisions about borrowing when opportunities arise in the future.![]()
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Thanks for reading this month’s property and finance update.![]()
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We look forward to hearing from you soon.![]()
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As always…![]()
With your best interest in mind![]()
Fit Loans
MEC PF November 2024 CTA Page - Your Finance News
yourfinancenews.com.au
According to a survey by UBank, a staggering 86% of Australians are unaware of their monthly living expenses. This lack of financial awareness can have serious implications, particularly when it comes...
We’ve all heard someone, maybe even yourself, talk about a property they regret not buying - OR one they should have kept...![]()
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According to mid spring property reports, we may now be in a prime position to seize the next big opportunity in real estate!![]()
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If you’ve been hesitant in purchasing your next property while waiting for interest rates to drop, we encourage you to read this month’s update to avoid having regrets this year.![]()
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Also remember, ‘You gotta be in it to win it!’![]()
Our fantastic holiday giveaway to Japan closes soon and will be drawn at the end of this month. Be sure to enter and invite as many friends and family as possible to boost your chances of winning.![]()
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And don’t worry if Japan isn’t your thing. If you’re the winner, you can choose $7,500 in cash instead! So that’s definitely a reason to enter.![]()
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As interest rates are anticipated to decline in 2025, many potential home buyers might find themselves regretting their decision to wait. ![]()
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With a pre-spring influx of new listings in Australia's capital cities, now could be the ideal time to enter the property market.![]()
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The housing upturn has continued its rise for 18 months in a row with home prices hitting fresh record highs in many markets. And although there are always uncertainties and risks ahead, there are strong indicators that our housing market will remain strong.![]()
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Why?![]()
Increased property listings![]()
Recent data indicates that new property listings in Australian capital cities have surged to their highest levels in over a decade.![]()
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This increase provides buyers with several advantages:![]()
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More choices![]()
An abundance of listings means buyers can explore a wider variety of properties, catering to diverse preferences and budgets.![]()
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Reduced competition![]()
With more options available, competition among buyers tends to decrease, allowing for more negotiation power.![]()
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Slower price growth![]()
A larger supply of homes generally leads to a deceleration in price increases, making it easier for buyers to secure properties without facing bidding wars.![]()
According to PropTrack's Director of Economic Research Cameron Kusher, the expected interest rate cuts in 2025 could further boost buyer confidence. He notes that interest rate reductions often precede home price growth as buyers feel more financially secure and willing to invest in property.![]()
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The impact of interest rates![]()
Interest rates have a profound influence on the property market. As rates rise, borrowing costs increase and can deter potential buyers. ![]()
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However, as we approach 2025, predictions suggest that rates will begin to fall and potentially lead to a resurgence in buyer activity.![]()
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KPMG forecasts that national house and unit prices will continue to rise throughout the year. This anticipated growth underscores the importance of acting before prices escalate further.![]()
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When The Reserve Bank of Australia (RBA) finally cuts interest rates, this could enhance the borrowing capacity of many buyers. This scenario creates a sense of urgency for those currently on the fence about purchasing property. Kusher advises that waiting too long could lead to regret as prices rise and opportunities diminish.![]()
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Market dynamics and buyer sentiment![]()
The current real estate landscape is characterised by mixed performance across different capital cities. While some areas such as Brisbane and Perth are experiencing significant price increases due to strong demand and limited supply, other cities are witnessing slower growth. This variability presents unique opportunities for buyers depending on their target locations.![]()
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Important note:![]()
Slower growth in property prices does not necessarily indicate a decline. Rather, it signifies a more tempered pace of appreciation.![]()
As we have seen in previous markets, the phenomenon of ‘fear of missing out’ (FOMO) is likely to intensify as buyers become aware of rising prices and improved market conditions.![]()
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Even with slower growth, property values can still increase.![]()
For instance, as national house prices are predicted to rise, despite a cooling market, this indicates that while the rate of growth may be less aggressive than in previous years, it does not mean that prices will fall.![]()
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We have seen this so many times in previous property cycles. And those who have delayed their purchase have often found themselves wishing they had acted sooner.![]()
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Several economic factors contribute to the current property market dynamics:![]()
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Population growth![]()
Australia's population continues to grow at a robust pace, creating sustained demand for housing amidst limited supply.![]()
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Rental pressures![]()
Rising rental prices due to low vacancy rates further compel potential buyers to consider home ownership as a more viable option.![]()
Consumer confidence![]()
As interest rates stabilise and economic conditions improve, consumer sentiment is expected to rebound, encouraging more people to enter the market.![]()
With careful consideration and strategic research, entering the property market now may yield significant benefits for future homeowners.![]()
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On a final note…![]()
Purchasing property should always begin with a thorough assessment of your financial capacity. Your personal finance team is ready to support your property purchase goals. Feel free to reach out.![]()
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As always…![]()
With your best interest in mind
MEC PF October 2024 CTA Page - Comp - Your Finance News
yourfinancenews.com.au
Strategic investors are increasingly confident in the Australian property market as evidenced by a remarkable 31% rise in investor finance over the past year. This surge indicates a robust appetite fo...
Spring has sprung and following the encouraging finance and property reports from the June quarter, we anticipate continued momentum in our markets during this traditionally vibrant property season.![]()
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The Australian lending landscape has demonstrated impressive resilience during what could be considered the most challenging period since interest rates began their upward trajectory 28 months ago. This resilience has unveiled numerous opportunities for those ready to seize them.![]()
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This month's property and finance update is a must read for all current and prospective property owners.![]()
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Arming yourself with knowledge is crucial before diving into a buoyant property market. There is just no substitute for solid education.![]()
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The Australian lending landscape has shown remarkable resilience and growth in 2024. The latest data from the Australian Bureau of Statistics (ABS) revealed increases across housing, personal and business loans.![]()
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This upward trend paints a picture of a robust economy and growing consumer confidence despite the challenges faced in recent years.![]()
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Housing market leads the charge![]()
The housing sector continues to be a significant driver of lending activity.![]()
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In June:![]()
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New housing loans increased by 1.3% and reached a total value of $29.2 billion.![]()
This growth is particularly noteworthy in the investor segment that saw a 2.7% rise to $11.0 billion.![]()
Owner occupier loans also grew, albeit at a slower pace of 0.5%, and reached $18.2 billion.![]()
The disparity between investor and owner occupier growth rates highlights a shift in market dynamics. Investors appear to be capitalising on favourable conditions and are potentially driven by expectations of capital growth and rental yield opportunities. This trend could indicate a competitive rental market and may impact housing affordability for tenants.![]()
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Regional variations in loan sizes![]()
New South Wales continues to lead the nation in average loan sizes for both owner-occupiers and investors:![]()
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The average loan size in NSW reached $780,000 for owner occupiers and $818,000 for investors.![]()
These figures underscore the ongoing affordability challenges in Australia’s most populous state, particularly Sydney’s property market.![]()
Other states and territories also saw increases in loan sizes and reflect the broader trend of rising property values across the country.![]()
This situation presents both opportunities and challenges for potential homebuyers and investors depending on their financial position and long-term goals.![]()
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FIRST HOME BUYERS RE-ENTERING THE MARKET![]()
Encouragingly, first home buyers are showing renewed interest in the property market. The number of loans issued to first home buyers increased by 5.8% in the June quarter compared to the previous quarter. This resurgence could be attributed to various factors, including government incentives, stabilising interest rates and a desire to enter the market before further price increases.![]()
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BUSINESS AND PERSONAL LENDING ON THE RISE![]()
The lending growth isn’t limited to the housing sector. ![]()
Business lending has also seen significant increases:![]()
loans for business construction rose by 4.5% and![]()
business property purchases were up by 3.4%.![]()
This growth in business lending suggests increasing confidence in the commercial sector and will potentially lead to job creation and economic expansion.![]()
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Personal fixed term loans![]()
These loans have seen a modest increase of 1.1% and indicates that consumers are feeling more comfortable taking on debt for personal expenses or investments.![]()
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Building material costs stabilising![]()
In a positive development for the construction industry and homebuyers alike, the cost of building materials has shown signs of stabilisation. After experiencing record high increases during the pandemic, price growth has returned to below pre-pandemic levels. This moderation in costs could help alleviate some of the pressures on new home construction and renovations.![]()
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WHAT THIS MEANS FOR YOU!![]()
For potential homebuyers and investors, the current lending environment presents a mix of opportunities and considerations:![]()
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With investor activity on the rise, competition for properties may increase and will potentially drive up prices in desirable areas.![]()
The stabilisation of interest rates provides a more predictable environment for borrowers to plan their finances.![]()
First home buyers may find more support and opportunities to enter the market, however they should be aware of the competitive landscape.![]()
The moderation in building material costs could make new construction or renovation projects more attractive.![]()
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TAKING ACTION IN THE CURRENT MARKET![]()
Given the dynamic nature of the lending and property markets, it’s crucial for consumers to stay informed and proactive.![]()
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Here are some steps to consider:![]()
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Review your financial position and borrowing capacity in the light of current market conditions.![]()
Allow our finance team to research different loan products and lenders to find a suitable finance fit for your needs.![]()
We can provide insights into various loan options and help navigate the application process.![]()
For those considering property investment, analyse market trends and seek professional advice to make informed decisions.![]()
First home buyers should explore government incentives and support programs available in their state or territory.![]()
The Australian lending market’s growth in 2024 reflects a resilient economy and presents various opportunities for borrowers.![]()
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Whether you’re a first time homebuyer, an investor or a business owner, now might be an opportune time to review your financial goals and explore your borrowing options.![]()
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Remember, every finance decision should be made with careful consideration of your personal circumstances and long term objectives.![]()
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Reach out for a personalised finance exploration tailored to your situation.![]()
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As always…![]()
With your best interest in mind![]()
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And please remember…![]()
As you embark on your busy day, if you haven't yet entered for your chance to win the trip of a lifetime to JAPAN, now's the time to throw your hat in the ring!
MEC PF September 2024 CTA Page - Comp - Your Finance News
yourfinancenews.com.au
The Australian housing market has experienced significant changes in recent years with investor activity playing a pivotal role in shaping both housing availability and prices. This article illustrate...
The Australian property market has been a rollercoaster ride in recent years with soaring prices and record low interest rates followed by a swift upswing in interest rates from May 2022.![]()
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With predictions and empty promises earlier this year of interest rate reductions to commence next month, the expectation now is we won’t see a reduction until mid to later next year.![]()
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This volatility has left many aspiring homeowners pondering the age old question…![]()
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“Is it better to buy NOW or WAIT for interest rates to drop?”![]()
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So sit back, relax and please enjoy this month’s property and finance update.![]()
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And - Just a reminder…![]()
Before you head off into your busy day, we are halfway through our competition period. If you haven’t already entered to win the trip of a lifetime to JAPAN, then you better jump in today!![]()
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With economists not expecting rate drops until next year, waiting for lower interest rates and potential housing price reductions may be tempting. However delaying your purchase could be a more costly gamble.![]()
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The mirage of falling prices![]()
It's important to understand that the Australian housing market is unlikely to experience a significant price drop in the foreseeable future.![]()
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Several factors contribute to this.![]()
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Supply and demand imbalance![]()
The demand for housing continues to outpace supply, especially in major cities. This imbalance has created upward pressure on prices, even in the face of rising interest rates.![]()
Construction costs![]()
The cost of building materials and labour has been rising steadily, making it more expensive to construct new homes. This, in turn, has pushed up the prices of existing properties.![]()
Population growth![]()
Australia's population is growing and, with it, the demand for housing. This sustained demand further supports property prices, making a significant price drop unlikely.![]()
The hidden costs of waiting![]()
While you might save on interest payments if rates eventually fall, delaying your purchase could incur substantial opportunity costs:![]()
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Lost capital growth![]()
Property values tend to appreciate over time, even in a fluctuating market. By delaying your purchase, you're missing out on potential capital growth. This could far outweigh any savings from lower interest rates.![]()
Increased competition![]()
As interest rates eventually stabilise or start to decline, more buyers will likely enter the market. This will intensify competition and potentially drive prices even higher.![]()
Rental costs![]()
If you're currently renting, you'll continue to incur rental expenses while waiting for interest rates to drop. These payments could be put towards building equity in your own home, or at least an investment property.![]()
Inflation![]()
Inflation erodes the value of money over time. If prices continue to rise while you wait, your savings might not be sufficient to purchase the same property later.![]()
Emotional costs![]()
The stress and anxiety of waiting for the ‘perfect’ time to buy can take a toll on your mental wellbeing. The uncertainty of the market can lead to missed opportunities and regret.![]()
The power of time in the market![]()
A common misconception is that timing the market perfectly is the key to success. However, history has shown that time in the market is often more important than timing the market. By purchasing a property sooner rather than later, you allow your investment to grow and benefit from the potential compounding returns over the long term.![]()
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The importance of financial preparedness![]()
While the decision to buy or wait is a personal one, it's crucial to assess your financial readiness. Ensure you have a stable income, a healthy deposit and a clear understanding of your borrowing capacity before entering the market.![]()
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The allure of lower interest rates can be tempting, but delaying your home purchase comes with significant risks and potential costs. The Australian housing market is unlikely to become more affordable in the foreseeable future and waiting could mean missing out on valuable capital growth.![]()
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Instead of focusing on timing the market, prioritise your financial preparedness and consider the long term benefits of homeownership.![]()
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Remember, the best time to buy a property is when you're financially ready and have found a home that meets your needs and budget.![]()
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As always, our finance team awaits your call to help guide you through all your finance questions, concerns and to understand your capacity to borrow.![]()
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With interest rates on the potential downside mid to late next year, NOW may be the best opportunity for you to consider buying your first home, upsizing or investing in property.![]()
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Remember, we are only a phone call away.![]()
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Oh – and remember to keep an eye on our monthly property and finance updates for the latest developments on interest rate predictions.
MEC PF August 2024 CTA Page - Comp - Your Finance News
yourfinancenews.com.au
It's a question that's on the minds of many Australians while interest rates continue to hover at elevated levels. The allure of waiting for a potential 1% drop in two years is undeniable with the pro...
The prospect of refinancing your home loan can seem daunting, especially when high interest rates and the high cost of living are adding to your financial stress. ![]()
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Don't be discouraged!![]()
Refinancing can be a savvy move to reduce interest and potentially shorten the term of your mortgage.![]()
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Before you embark on this journey, let's clear up some common misconceptions and delve into the costs involved to help empower you to make a well informed decision.![]()
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So sit back, relax and please enjoy this month’s property and finance update.![]()
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While the allure of lower interest rates and reduced monthly payments is enticing, refinancing isn't a cost free endeavour.![]()
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It's crucial to understand the various fees associated with refinancing your home loan. We explain them here.![]()
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The price tag of refinancing – there’s more than meets the eye![]()
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Discharge fees![]()
Think of this as your old lender's ‘farewell’ gift. This fee covers the administrative costs of closing your existing loan. Depending on your lender and loan type, it could be a few hundred or even thousands of dollars.![]()
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Application fees![]()
Your new lender wants a piece of the pie too by charging an application fee to process your refinancing request. This fee can vary considerably between lenders. That’s why we research a range of lenders for you to find loan options that are suitable to your circumstances.![]()
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Valuation fees![]()
Lenders need to know the current market value of your property, so they'll commission a valuation. This fee can be a few hundred dollars or more depending on the size and complexity of your property.![]()
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Government fees![]()
Depending on your state or territory, you will need to pay registration fees and stamp duty.![]()
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Lenders' mortgage insurance (LMI)![]()
If you're borrowing more than 80% of your property's value, you'll likely need LMI. This insurance protects the lender, not you, if you default on your loan.![]()
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Other fees![]()
Remember potential legal fees, title search fees and other miscellaneous costs that could pop up during the refinancing process.![]()
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While the upfront costs might seem overwhelming, remember that the potential long term savings by obtaining a lower interest rate or shorter loan term can significantly outweigh these.![]()
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Our finance team can help you assess the overall financial impact of refinancing and determine if it's the right move for you.![]()
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Refinancing is often surrounded by myths that can deter homeowners from taking advantage of its benefits. Let's set the record straight by debunking some of these.![]()
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Myth 1 - Refinancing is an administrative nightmare.![]()
The process does involve paperwork and research, but it's not rocket science. With our finance team’s assistance, we can streamline the process and guide you through the maze of paperwork and compare different loan options on your behalf.![]()
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Myth 2 - Only those with a perfect credit score can refinance. ![]()
While a good credit score may help you secure a lower interest rate, it's not the only factor that lenders consider. They also look at your income, employment history and debt-to-income ratio. Don't assume you're ineligible just because your credit score isn't perfect.![]()
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Myth 3 - Refinancing always leads to savings.![]()
This isn't always the case. It's crucial to carefully compare your current loan with potential new ones by factoring in all the costs involved. Sometimes, the savings might not be significant enough to justify the hassle and expense of refinancing.![]()
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Myth 4 - Refinancing is a one-time deal.![]()
While there's no limit to how often you can refinance your mortgage, it's crucial to weigh the potential benefits against the costs involved each time. Refinancing does come with expenses, and those can add up. Furthermore, each loan application triggers a credit inquiry, which can temporarily affect your credit score. We'll strategically manage the refinancing process to minimise any potential drawbacks and maximise your chances of securing the most appropriate outcome.![]()
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Factors to consider when refinancing![]()
Refinancing can be a powerful tool for achieving your financial goals, but it's not a one size fits all solution. Consider the following factors before making a decision:![]()
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Your financial goals![]()
Are you looking to lower your monthly payments, shorten your loan term, or tap into your home's equity?![]()
How long do you plan to stay in your home?![]()
Refinancing usually makes sense if you plan to stay in your home long enough to recoup the closing costs through your savings.![]()
The current interest rate environment![]()
If you have rolled over from a low interest rate to a much higher one with your current lender, renegotiating with them or refinancing to another lender could be a great way to save money.![]()
Loan servicing![]()
If you are unhappy with your current lender's customer service, refinancing provides an opportunity to switch to a lender who better meets your needs.![]()
Access to additional lenders![]()
Refinancing opens doors to a wider range of lenders and loan products, potentially giving you access to more favourable terms or features not offered by your current lender.![]()
Allow us to help you![]()
By using our finance services, we will take the time to thoroughly research your options, compare lenders and crunch the numbers to determine how much your interest payments could be reduced.![]()
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Our expertise can offer valuable insights and guidance throughout the process that you may find challenging to navigate alone.![]()
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Remember, refinancing is about achieving your finance goals. So take the time to make an informed and confident decision that sets you up for success.![]()
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With your best interest always in mind
Refinancing? Don’t do it on your own!
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