With a banking career spanning 15 years, I have worked for two of the four major banks as well as one of Australia's largest mutual banks. As a member of the banks business acquisition team, I saw how banks approached home loan customers wanting a mortgage for their Australian dream, and its banks interest first rather than the customers.
As a mortgage manager, I knew, the best home loan deals were always offered to borrowers bringing new business to the banks and once a customer became an existing mortgage holder, they were, from that moment, at the mercy of the bank and the opportunity to get a better interest rate usually came only when the Reserve Bank of Australia (RBA) cut their rate or when they the customer threatened to leave the bank.
As a mortgage manager, I knew, the best home loan deals were always offered to borrowers bringing new business to the banks and once a customer became an existing mortgage holder, they were, from that moment, at the mercy of the bank and the opportunity to get a better interest rate usually came only when the Reserve Bank of Australia (RBA) cut their rate or when they the customer threatened to leave the bank.
Services
Personal Loans
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Personal loans are good for consolidating multiple debts into one easy repayment, buying a vehicle, upgrading household appliances and even paying for unexpected medical expenses or ones that's not covered by private health. Most personal loans are unsecured and taken over 1 - 7 year period. This allows you to achieve your goal of paying off your debts sooner without expensive interest on the borrowed money over a long period.
Business & SME
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Small businesses can always benefit from an upgrade to existing equipment or from purchasing the very latest technology or machinery. Far too many small businesses fail to keep on top of their cash flow and this inevitably leads to the business failing. A small business loan can be invaluable when you're establishing your business or when an unforeseen setback occurs, but you don't want a loan to be short-term gain and long-term pain.
First Home Buyers
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Regardless of what comes first albeit children, marriage or real estate if you're over the age of 18 you need a Will. With Australia moving towards an American styled open banking system, in the future, a good credit score will likely equate to getting a better interest rate with your home loan. Paying off a mortgage early can save on interest, free up cash-flow each month and help you enjoy all the benefits of a debt-free lifestyle.
Investment Loan
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Deciding to buy an investment property is a major decision as it involves another financial commitment you need to meet. While it's a nice idea to own an investment property or two, knowing if you're ready to buy can be complicated as you need to factor in cost of unexpected expenses. Regardless of what comes first albeit children, marriage or real estate if you're over the age of 18 you need a Will.
Loans
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With the interest rates (cost) on offer for home loans at historically low levels, more and more borrowers are asking if they should fix their home loan and for how long?
We, Australians are a trusting bunch, even after the Banking Royal Commission in 2019 and the 2020 ACCC report on mortgages confirmed, what we all knew, banks don't have our best interest at heart, most of us still stayed loyal and continue to miss out on a better financial outcome for our future selves.For a savvy property buyer, good debt is any borrowed money which is used for investment purposes.
We, Australians are a trusting bunch, even after the Banking Royal Commission in 2019 and the 2020 ACCC report on mortgages confirmed, what we all knew, banks don't have our best interest at heart, most of us still stayed loyal and continue to miss out on a better financial outcome for our future selves.For a savvy property buyer, good debt is any borrowed money which is used for investment purposes.
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