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Rate Cuts

Lower Interest Rates for Borrowers with Good Repayment History

November 2, 2017 in Insider Tips, Latest News, Rate Cuts

Government announces mandatory credit regime

Source: Mortgage Business Publication (Author: James Mitchell) – 2 Nov 2017

The Turnbull government will introduce mandatory comprehensive credit reporting (CCR) from 1 July 2018 in what is anticipates will be a “game changer” for lenders and consumers.

Speaking in Melbourne this morning at the Fintech Australia Collab/Collide Summit, treasurer Scott Morrison said the government’s current target of 40 per cent data reporting by year end will not be met, as only a “negligible volume” of data is currently being reported in the existing voluntary comprehensive credit reporting scheme.

“Less than one percent of CCR data is currently being shared in public mode,” Mr Morrison said. “Which is why today I am announcing that the Turnbull Government will now be proceeding to introduce a mandatory comprehensive credit reporting regime from July 1 next year.”

The mandatory CCR regime will start with the four major banks, given that they provide over 80 per cent of mortgages to Australian borrowers.

Mr Morrison expects other credit providers will quickly follow suit to improve their competitive position in the market.

“The banks will be required to have 50 per cent of their credit data ready for reporting by 1 July 2018, increasing to 100 per cent a year later. This is a timetable the government believes is entirely achievable,” the treasurer said.

“We will consult further on whether to mandate additional institutions being included on a phased in basis as well as on the implementation mechanisms for this decision, including the legislation.

There is still a lot more work to be done, but that work now is about implementing this decision, rather than making it. We have reached and passed this important threshold.”

Mr Morrison believes CCR will be “a game changer for both consumers and lenders” and will lead to greater competition in lending provide better access to finance for Australian households and small businesses.

The regime will give lenders greater transparency on a borrower’s true credit position and their ability to pay a loan.

“This reduces a lender’s exposure to defaults by allowing it to calibrate its lending according to risk.

This new transparency will also open up the lending market to new players by enabling them to better assess the credit risk of customers,” Mr Morrison said.

“They will then be able to offer interest rates that undercut the major lenders without the fear of defaults weighing heavy on their decision making. Or give them the option of taking on-board more riskier customers at premium rates.”

For borrowers, CCR will lead to a better deal on mortgages, personal and business loans, Mr Morrison said.

“If you have a good credit history – you’re paying down your mortgage, you haven’t missed a payment on your car loan and your credit cards are under control – you will be able to demand a better deal on your interest rates, or shop around, armed with your data,” he said.

Borrowers with “one or two black marks” on their name will find it easier to get a loan under the new regime, provided their recent history of repayments is positive.

When will interest rates rise ?

September 5, 2017 in Insider Tips, Latest News, Rate Cuts, Rate Rises

 

 

Senior Economists from Commsec (Commonwealth Bank Securities) are predicting that the Reserve Bank may retain the Official Cash Rate at the current record low level (1.50%) for up to 1 year as the Australian Economy is continuing to perform at levels that may not require any additional stimulus from the RBA.

 

This is great news for Home Owners & Buyers who can sleep easy without the fear of imminent rate rises.

 

Home Loan Rates Down . . . Investment Rates Up … RBA Rates on Hold ???

August 1, 2017 in Insider Tips, Latest News, Rate Cuts, Rate Rises

Record Low

The Reserve Bank Board voted this afternoon to retain the Official Cash Rate on hold for the 12th consecutive month with some Senior Economist predicting another 12 months before the RBA will raise rates. 

Understandable many investors are scratching their heads asking why their interest rates have risen over the last few months … The answer is due the new capital requirements & policy restrictions which have been imposed by ASIC & APRA resulting in a higher “Cost of Funds” for investment loans & interest only loans. 

The “Good News” for home owners / buyers is many banks have recently reduced their interest rates on “Owner Occupied” Home Loans to rates under 3.99% p.a.

Some banks have also been a tad sneaky by advertising low rates for new customers but not passing on the lower rates to existing clients unless they demand a better deal.

 If your bank is charging you higher interest rates please call DPF Mortgage Specialists (07 5527 4744) ASAP or “CONTACT US” to find out how you can stop paying more than you should be.

 

 

DPF say “Thank You” with Nespresso Coffee Machines

June 6, 2017 in Insider Tips, Latest News, Rate Cuts, Rate Rises

Red Coffee Machine

The DPF Team are so very grateful for the generous support we receive from so many of our clients who regularly recommend our services to their family, friends & work colleagues.

As a means of thanking & acknowledging our wonderful clients for their efforts DPF Mortgage Specialists will be gifting a new Nespresso Coffee Machine to every client who recommends a family member, friend or work colleague who takes out a new Home Loan with DPF Mortgage Specialists (minimum new loan amount $150K).

Our clients are welcome to recommend as many family & friends as they wish as there are no restrictions as to how many coffee machine they can receive. You can have a coffee machine at home, at work, in the caravan or if you don’t like coffee we are sure your friends would love to receive a Nespresso Coffee Machine as a house warming gift.

This offer commences on 1st June 2017 & will expire on 30th September 2017.

New Home Loan amount required to be a minimum of $150,000.00.

New Home Loans to be unconditionally approved by the Bank / Lender on or before 30th October 2017 & settled in full on or before 30th November 2017.

All eligible Home Loan Applications are required to be received by 5pm (EST) 30th September 2017 & lodged with the Bank / Lender no later than 5pm (EST) on 6th October 2017.

Clients can select from either the Nespresso Breville Inissia Capsule Machine (BEC200XR) or Nespresso Delonghi Inissia Capsule Machine (EN80BAE) – Subject to availability.

This offer is restricted to clients of DPF Mortgage Specialists only.

 

 

RBA Rate Announcement … March 2017

March 7, 2017 in Insider Tips, Latest News, Rate Cuts, Rate Rises

Reserve Bank

Good News for Australian Families …

The RBA Board has voted to retain the Official Cash Rate at the current record low 1.50% p.a. for at least the next month.

 

 

How to ask your bank for a lower interest rate ?

August 31, 2016 in Insider Tips, Latest News, Rate Cuts

 

secret_box11We all know that Australian Banks are very keen to make huge profits, however, did you know that in many circumstances it is more profitable for a Bank to reduce the interest rates on a Home Loan to retain an existing customer rather than incurring the significant cost to replace a customer.

 

The amazing thing is … MOST CUSTOMERS DON’T ASK !!!

 

What do you need to do …

Step 1:    Know your current interest rate

Step 2:    Research what other Banks are offering (including offers to cover the costs of refinancing)

Step 3:    Call the phone number noted on your loan statement (i.e. NOT your Bank Manager) and advise the Bank you are considering leaving & quote the lower interest rates you can achieve with other Banks.

Step 4:    Ask the Bank if they will match this offer to retain your business.

 

PLEASE REMEMBER: If you have a Mortgage Broker please contact them first, as they are experienced with these negotiations & may have access to even lower interest rates not advertised publicly by the Banks. Your Mortgage Broker can use these lower interest rates to achieve even greater savings for you.

 

RBA Cut Rates to 1.50%p.a.

August 2, 2016 in Insider Tips, Latest News, Rate Cuts

1.50The RBA Board has reduced the Official Cash Rate to a new record low 1.50% in the hope this will stimulate the Australian Economy to combat the current low levels of inflation.  

The RBA is hoping Australian families will start spending more on ourselves if we are paying less interest to the Banks for our Home Loans.

The question is … Will the Banks play their part by passing on this rate cut in full ???

Will interest rates continue to go down

July 27, 2016 in Insider Tips, Latest News, Rate Cuts

 

RBA Cash RateBorrowers & home buyers who are asking “will interest rates continue to go down” will be pleased to learn that the lower than expected Inflation Figures have  Senior Economists confident in their predictions that the Reserve Bank will seek to stimulate the Australian Economy by  reducing the Official Cash Rate to a new record low when the RBA Board meets again on the first Tuesday of the month.

Borrowers can be comforted by this news with the majority of economists also predicting interest rates will remain low for some time to come.

RBA Announcement . . .

July 5, 2016 in Insider Tips, Latest News, Rate Cuts, Rate Rises

Turnbull ShortenThe Board of the Reserve Bank has voted to retain the Official Cash Rate at the record low 1.75% and will continue to monitor the impact on the Australian economy as it reacts to uncertainty following the federal election.

The only good news for borrowers is that hopefully the seemingly never ending election coverage will be over shortly.

 

RBA cuts rates to 1.75%

May 4, 2016 in Insider Tips, Latest News, Rate Cuts

Record LowThe Reserve Bank Board has voted to reduce the Official cash rate to the new record low level of 1.75%.

This rate cut is in response to recent economic reports confirming lower than expected inflation figures in the Australian Economy.

The good news for borrowers is the majority of banks appear to be passing on the full 0.25% p.a. interest rate cut to borrowers with the except of ANZ Bank which is only passing on 0.15% p.a.

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