George announces the cash rate the RBA has come to today and also gives you insight on what you can expect to see happen within the property and mortgage market.
Many homeowners find that refinancing their home loan can make life easier and bring monthly savings to their home budget. While it is true that refinancing for those with good credit scores is easy, for those with bad credit scores it may not be so bright. They may be faced with the challenge of finding the right mortgage lenders and the difficulty of higher interest repayments. There are a myriad of reasons why homeowners decide to refinance their current mortgage. Their principal aim is obviously to solve the problem of high monthly payments. Most of the time, home loans come with a high interest charge, which can make it harder for the borrower to pay it off. Given the current economic climate, it may be a good time to consider refinancing.
One of the many advantages of refinancing a mortgage loan is that you can opt to reduce or increase the term of the loan. If what you want is to be able to save more money and you have grown tired of paying for higher interest rates, you’d better consider refinancing. You may be able to take advantage of lower rates. What’s more if you shorten your 30-year-loan into a 15-year-loan, you can not only pay off your loan sooner, but will end up paying the banks less. Important thing to note is that while you’ll save more on the interest charges, this scheme may require you to pay a larger principal amount. If you’re planning on living in your home for a long time, refinancing may be a good move and even more so if the present interest rates are at least 2% lower than the rate you’re paying on your monthly repayments. We’ve had clients whose lives were made simpler by consolidating all their debt into one home mortgage, meaning it’s all in one place and there are less bills to pay. If you’re currently on an adjustable rate mortgage, you could also take this opportunity to lock in the interest rate, which we’ve found gives our clients peace of mind, knowing exactly how much their repayments will be. This will also mean that your monthly terms are not going to change whatever happens to the mortgage rates in the market. If you’ve had your home for any length of time, your home may have acquired its fair share of equity. That means that you may unlock this equity and be able to access it. This option allows you to receive some additional cash if you increase your loan compared to its actual amount. Of course, doing so has its own advantages and disadvantages. When the amount that you have applied for is more than 80% of the total value of your home, then, you will be required to secure private mortgage insurance. This means an additional expense on your part. But then again, the cash-out fund may be used to settle your other debts, finance a renovation or investment purchase to name a few. So refinancing can actually make things easier for you. Should you wish to proceed, you need to be aware of the pros and cons and how they fit in with your goals.
Thinking about refinancing? Refinancing your property requires a bit of thought on your part and is like any major purchasing decision. You want to be methodical about the process and make sure that it is the best option for you. This article will go through a number of steps you will need to take to make a wise decision.
What is your current situation right now? Take stock of your current financial situation and think about your goals both financial and personal. Are you renovating? Are you planning to go on vacation? Starting a family? Getting married? Looking to get a new investment property? Just want to save money? Knowing where you are and where you’re going will help you decide whether refinancing is the vehicle to get you there and what kind of terms and loan you will need.
Whether you go to a broker or a bank, you’ll need to have someone you can rely on who will give you great unbiased advice that will help you get closer to your goals. That person needs to be knowledgeable and experienced with a good track record and what’s more willing to give you a great service. As with any purchase, shop around and find out what’s available and you’ll know you’ve got the right person when you find them. Finding a good lender is often like finding a good doctor. Once you find someone you feel comfortable with, they’re the one you see whenever you need a checkup.
Understanding the different options available to you puts the ball in your court because when you go out to talk to bankers or mortgage brokers, you’ll have a better idea of which one is going to give you the best possible deal. There are many different kinds of loan products, different rates, different terms and they may not all suit your unique circumstances. That’s why having a basic understanding will help you sort the wheat from the chaff when it comes time to get help.
Finally pick the banker or mortgage broker you trust. You’ve done the homework, read the reviews, watched the testimonial videos. Now it’s time to make a sound decision. If you’ve picked the right person, they’ll do their utmost to get you a great deal with terms that suit your situation. They’ll be working to get your loan approved and doing the hard yards so that you can reap the benefits.
What’s New with Madd?
Welcome to our June Madd Market Wrap presented by Madd Loans founder, George Samios.
In this episode, George will give you some keen insights into the property and mortgage market to keep you on top of the news.
Hot off the press! George Samios presents the June RBA Announcement for all our Madd customers.
What’s New with Madd?
Welcome to our May Madd Market Wrap where Madd Loans founder, George Samios, keeps you up to date with the goings-on of the property and mortgage market.
Inside each Market Wrap video, George will show you the auction clearance rates and number sold as well as general view of the Brisbane property market and its context in Australia as a whole.
Bigger and better than ever.
We’re no stranger to the Brisbane Home Show, however, this year was a little different. George followed up from his First Home Buyers Workshop at HQ by taking part in the Brisbane Home Show Seminar Series.
The day was Jam-packed with free seminars, leading expert advice as well as 1000s of products and savings to be had, there’s something for everyone.
Thank-you to everyone who stopped by and we hope to see you all again next year!
Australia’s best broker under the age of 30 was revealed at an event in Sydney on Friday, when more than 200 brokers and industry leaders gathered to celebrate the success of the broking industry’s best young loan writers.
Taking place at the Boom Box Marquee, at The Star, Sydney, The Adviser’s Rising Stars event – partnered by Heritage Bank – saw Queensland-based broker George Samios of MADD Loans rise two places in the 30 Under Thirty ranking to take the coveted title of Young Broker of the Year 2016.
The 27-year-old founder of MADD Loans was crowned the winner after writing 346 mortgages totalling $151,714,027 in 2015/16, as well as $79,745,041 in other loans.
Despite broking for just four years, Mr Samios’ success has seen him become one of the country’s best brokers in all age groups, as earlier this year it was revealed that the broker had shot up 23 places to rank sixth in The Adviser’s Elite Business Writers 2016 ranking — a ranking of the top 50 mortgage brokers in Australia.
Speaking to The Adviser, Mr Samios said that although winning awards is humbling, he added that the “best accomplishment is when clients call me back and they come and use us again and again”.
Mr Samios said that being able to employ his mother (who works with him full-time), and support and train his two other full-time staff also makes him “feel happy”.
According to Mr Samios, being young in the industry has its perks. He told The Adviser: “When I was 20 years old, I told my old boss when she was interviewing me: ‘I have got no bad habits, I’m completely malleable, I will become whatever I need to become to be the best’. That’s the thing which a young person has. You have a good work ethic, you have energy, and you have confidence and determination. All you need is to be taught. And you can teach us anything, we can learn anything in three months.
“The best thing about our job is to have good work ethic, morals, hard work and determination and you’ll go far in this industry.”
The MADD Loans founder offered other young brokers starting out in the industry the following advice: “When you first start you have nothing. You just have to be patient. You can’t become an overnight success in one night, it takes years and years.”
However, he added: “People look at you not by your age but by how confident you are. If you’re confident in what you’re doing, then it doesn’t matter how old you are.”
Michael Trencher, head of broker distribution at Heritage Bank congratulated Mr Samios on his win, adding: “As Australia’s largest customer-owned bank, we understand the importance of supporting local communities, and we believe our approach aligns closely with the value brokers add to their clients and communities.
“We see brokers as our partners in helping customers achieve the best outcome possible, and we’re delighted to support activities that grow and build the professionalism in the mortgage broking industry.”
Overall, this year’s 30 Under Thirty ranking revealed that the country’s best young brokers, who have an average age of 27, were responsible for writing a staggering $1.9 billion worth of residential loans.
This year The Adviser welcomed 15 new entrants to its list of young achievers.
From buying your first home to refinancing, commercial or construction loans – our free service takes the stress out of getting finance. We offer our services Australia wide so why not reach out to us today. We’d love to hear from you.
Investment Property
Refinancing
First Home Buyers
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