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Monthly Archives: March 2020

Want to “Get off” your Fixed Rate ?

March 25, 2020 in Insider Tips, Latest News

Many borrowers are currently asking whether it is worth their while to “get off” their fixed rate and switch to the record low interest rates currently being offered by banks.

If you are considering a similar change to your Home Loan or Investment Property Loan please note there are several key points relating to “Fixed Rate Break Costs” you need to be aware of prior to making your decision to ensure that any change to your Home Loan or Investment Property Loan will be financially beneficial for you.

  1. The bank will charge a fixed rate break fee + an administration fee
  2. This fixed rate break fee is not a flat fee and can change on a daily basis
  3. The fixed rate break fee can be nominal or significant subject to your current interest rate and the remaining fixed rate term
  4. Banks will only quote the fixed rate break fee directly to the borrower

Q: Do I need to know the fixed rate break fee prior to breaking my fixed rate ?

A: Yes … This fee can be significant and the costs may exceed the potential savings you are hoping to achieve.

Q: How can I obtain my Fixed Rate Break Fee ?

A: Contact your bank via the telephone number which appears on your loan statement. (Note: Banks are reluctant to provide this information via email or internet banking)

As you can imagine the banks are currently experiencing high volumes of telephone calls which is resulting in extended delays in telephone queues, so I recommend you have something else to read or do whilst you are waiting for the bank to answer your call.

If you have any questions or concerns relating to your Home Loan, Investment Property Loan or Business Loan please feel free to call or email as you are a valued client of DPF Mortgage Specialists and our team is keen to help.

Once you obtain the Fixed Rate Break Cost simply email this information to and I will complete the “Financial Benefit vs Cost” calculations and contact you to discuss your options.

Banks offer COVID-19 Financial Assistance Packages

March 23, 2020 in Insider Tips, Latest News

The banks are offering Financial Assistance Packages to customers who are suffering financial hardship as a result of the COVID-19 (coronavirus) pandemic.

These assistance packages vary from bank to bank and can include:

Home Loan & Business Loan Repayments paused for 3 – 6 Months

Home Loan & Business Loan Repayments switched to Interest Only

Pausing Repayments on Credit Cards, Car Loans & Personal Loans

Frequently Asked Questions

Q: How can I apply for Financial Assistance ?

A: Contact your bank directly via telephone or you can apply online via your Internet Banking Platform.

Q: Can DPF Mortgage Specialists provide a list of the banks contact telephone numbers & links for online requests for financial assistance ?

A: Yes … Below is the list of the banks contact details to request financial assistance 

Q: Will the bank continue to charge interest on my Home Loan / Business Loan during the repayment holiday ?

A: Yes … Banks may extend the loan term to accommodate the interest or may require other arrangements (Please check with your bank).

Q: Will asking for Financial Assistance have a negative effect on my Credit Score ?

A: The banks acknowledge the Pandemic is outside the borrowers control & have advised a request for financial assistance will NOT have a negative impact on your credit history if you who make arrangements with your bank and remain with these arrangements.

Please be assured the DPF Mortgage Specialists team are here to help you as now, more than ever, we know our clients need to have access to experienced specialists who can provide them with the information they need and source the best options to help them through these challenging times.

If you have any questions or require any assistance please do not hesitate to call or click on CONTACT US

Stay safe & well.

BankLink for Online Request FormTelephone
CBACBA Online Request13 30 95
WestpacWestpac Online Request13 20 32
NABNAB Online Request1300 683 106
ANZANZ Online Request1800 252 845
Macquarie Macquarie Online Request1300 363 330
BankWestBankWest Online Request1300 769 173
St GeorgeSt George Online Request1300 303 110
SuncorpN/A13 11 55
HeritageN/A13 14 22
INGN/A1300 349 166
Bank AustraliaN/A13 28 88
BOQN/A1300 557 272
CitibankCitibank Online Request1800 722 879
ME BankN/A13 15 63
My StateN/A13 80 01
QBankN/A13 77 28
Teachers MutualN/A1800 862 265

RBA cuts OCR to 0.25% . . .

March 19, 2020 in Latest News, Rate Cuts

The Reserve Bank Board met in an emergency meeting today and voted to cut the Official Cash Rate to a new record low 0.25%

The Prime Minister has strongly urged banks to pass on this rate cut in full to support Australian families to cope with the negative financial impact of the COVID-19 pandemic.

The vast majority of banks passed on the full 0.25% rate cut announced earlier this month and borrowers will be pressuring banks to repeat this action.

If you have any concerns regarding your Home Loan please click on CONTACT US or call (07) 55 274 744

Banks pass on full 0.25% p.a. RBA Rate Cut

March 9, 2020 in Latest News, Rate Cuts

Great news for borrowers as the vast majority of banks have confirmed they are passing on 100% of the 0.25% p.a. rate cut recently announced by the Reserve Bank of Australia.

Borrowers can expect to receive the lower interest rates within 7 – 21 days (varies from bank to bank).

Q: How can you make the most of the lower interest rates ?

A: You have several options:

  1. Pay extra amounts into your Home Loan or keep your repayments at the existing higher amount as this will reduce your Home Loan debt faster which will save you even more $$$. The banks calculate how much interest you are charged based on the daily balance of your Home Loan …  The less you owe the less interest you will be charged.
  2. Reduce your loan repayments to suit the lower interest rate and you will have more $$$ left in your pocket to fund the other priorities in your life. 

If you wish to discuss which option is best to suit your circumstances please contact our experienced Mortgage Specialists.