- Talk to your bank BEFORE you miss a loan repayments or fall in arrears
- Request financial assistance under the bank’s “COVID-19 Financial Assistance” (i.e. NOT the banks standard “Hardship Request”)
- Remain within the terms of the arrangements you make with your bank
- Keep talking to your bank even if you require additional assistance
- Talk with your Mortgage Specialist as we can help guide you through the challenges and confusion
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.
- The bank will charge a fixed rate break fee + an administration fee
- This fixed rate break fee is not a flat fee and can change on a daily basis
- The fixed rate break fee can be nominal or significant subject to your current interest rate and the remaining fixed rate term
- 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 email@example.com and I will complete the “Financial Benefit vs Cost” calculations and contact you to discuss your options.
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.
|Bank||Link for Online Request Form||Telephone|
|CBA||CBA Online Request||13 30 95|
|Westpac||Westpac Online Request||13 20 32|
|NAB||NAB Online Request||1300 683 106|
|ANZ||ANZ Online Request||1800 252 845|
|Macquarie||Macquarie Online Request||1300 363 330|
|BankWest||BankWest Online Request||1300 769 173|
|St George||St George Online Request||1300 303 110|
|Suncorp||N/A||13 11 55|
|Heritage||N/A||13 14 22|
|ING||N/A||1300 349 166|
|Bank Australia||N/A||13 28 88|
|BOQ||N/A||1300 557 272|
|Citibank||Citibank Online Request||1800 722 879|
|ME Bank||N/A||13 15 63|
|My State||N/A||13 80 01|
|QBank||N/A||13 77 28|
|Teachers Mutual||N/A||1800 862 265|
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
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:
- 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 $$$. The banks calculate how much interest you are charged based on the daily balance of your Home Loan … The less you owe the less interest you will be charged.
- Reduce your loan repayments to suit the lower interest rate and you will have more $$$ 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.
Congratulations to Hope Kerslake & her family who are the lucky winners of this year’s DPF Christmas Basket.
We hope you and your family thoroughly enjoy all these scrumptious goodies.
The wait for First Home Buyers is finally over as the Australian Government has finally released the details relating to the new Government Guarantee Scheme.
The First Home Loan Deposit Scheme (FHLDS) will be offered to 10,000 First Home Buyers each financial year and commences from the 1st January 2020.
The Government Guarantee will enable First Home Buyers to save up to $27,265.00 and is available for FHB’s purchasing a new or existing house, unit, townhouse, duplex, etc. (i.e. not restricted to new homes)
Please Note: There are several conditions including:
• Maximum income of $125,000.00 p.a. for Singles and $200,000.00 p.a. combined income for Couples
• Maximum purchase price varies depending on the state and location of the property (e.g. QLD $475,000.00, NSW Capital City + Several Regional Centres $700,000.00 + NSW Other $450,000.00, VIC – Capital City & Geelong $600,000.00 + VIC Other $375,000.00)
• Available through a Mortgage Broker & a select group of Banks and Credit Unions (2 Major Banks + 25 Small Banks & Credit Unions – i.e. Not available through all Banks & Lenders)
CLICK HERE to view all the Eligibility Criteria or visit Australian Government Website https://www.nhfic.gov.au/what-we-do/fhlds/
Q: How do I apply ?
A: Click on CONTACT US or phone 0755274744 and talk with our Mortgage Specialists
The Team at DPF Mortgage Specialists absolutely love Christmas and to celebrate we are giving away this awesome Christmas Hamper to one of our wonderful clients.
For your chance to receive this scrumptious Christmas Hamper full of goodies all you need to do is:
- Click on “CONTACT US”
- Insert your name + contact details and type “Merry Christmas” in the message box
- Type the verification code & click “Send Enquiry Now”
As a special thank you we will also be providing an extra ticket in the draw for every client who have generously provided DPF Mortgage Specialists with a Google Review or Facebook Review throughout the year.
Good luck, Merry Christmas and of course a very special “Thank You” for all your ongoing support & for being a valued client of DPF Mortgage Specialists.
Customers who are not happy with how they are being treated by their bank can now receive up to $6,000.00 to switch to a competitor bank.
One bank is currently offering to pay $4,000.00 to new customers who refinance their existing Home Loan / Investment Property Loan to the bank PLUS an additional $2,000.00 if they also take out a new Home Loan.
Conditions apply so please contact our Mortgage Specialists to discuss your lending requirements & to confirm if you are eligible.