Adam from Vista Financial

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year. Economic conditions in China have steadied, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains below most central banks’ targets, although headline inflation rates have increased recently. Globally, the outlook for inflation is more balanced than it has been for some time. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-30.html Regards Adam

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year, but growth in global industrial production and trade remains subdued. Economic conditions in China have steadied recently, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains below most central banks' targets. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-27.html Regards Adam

Hi all, *UPDATE* Please see below for most recent standout deals from our panel: Owner Occupier Variable Rate - 3.71% (no ongoing fee) Owner Occupier 2 and 3 year Fixed Rates - 3.64% (annual fee of $375) Investment 2 and 3 year Fixed Rates – 3.89% (annual fee of $375) 250,000 Velocity Points or $1,500 cash back with a new owner occupied home loan 3.75% 2 Year Fixed Rate and $1,500 refinance rebate for owner occupied loan (annual fee of $395) (Please note the above are not in conjunction with each other and will be subject to meeting the lenders terms and conditions). Please find below a useful link to a government calculator which can demonstrate potential savings from your current lender by simply inputting a few details. https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mortgage-switching-calculator Regards Adam

A big 4 bank has today announced that it will reduce its loan to value ratios (LVR) for owner occupiers from 97% to 95% for borrowers including capped mortgage insurance (adding the insurance to the loan). This will come into effect as of 22 October 2016. This now means that only 1 of the big 4 banks will lend up to 97% and only under the condition that you are an existing lending customer with that bank. There are only a handful of samller lenders who will now consider a 97% loan. Regards Adam

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year, but growth in global industrial production and trade remains subdued. Actions by Chinese policymakers have been supporting growth, but the underlying pace of growth in China has been moderating. Inflation remains below most central banks' targets. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-26.html

Hi All *UPDATE* 1. 3.64% 2 and 3 Year Fixed Rate for eligible Owner Occupied Loans 2. No Lenders Mortgage Insurance up to 85% for eligible borrowers (Please note the above are not in conjunction with each other and will be subject to meeting the lenders terms and conditions). Regards Adam

As many experts predicted, board members have opted to hold the official cash rate at its record low of 1.50 per cent. In a unanimous result, all 38 economists and experts in the finder.com.au Reserve Bank survey tipped this outcome. Many of the experts cited soft inflation and a stubborn Australian dollar as the reason the RBA chose to hold the rate, explaining that the bank remains in ‘wait and see’ mode. Australian Associated Press chief economist Garry Shilson-Josling explained: “The RBA prefers to link its cash rate moves to quarterly CPI releases and the next is not until late October.” Many of the experts also believe that if the RBA is to make another cut this year, it will most likely be in later months. Raine & Horne executive chairman Angus Raine commented: “This time of year, it will probably drop before Christmas.” CoreLogic head of research Tim Lawless echoed this sentiment, adding that a November cut is likely particularly if inflation numbers remain low. “If inflation was, say, 1.0 per cent year-on-year, that’s a pretty good reason for another rate cut,” he told The Adviser. Mr Lawless also highlighted that the RBA’s rate cuts so far this year are not reducing the Australian dollar as hoped.“To reduce the Aussie dollar, we’re going to need to start seeing the US rates starting to rise. There’s a lot more talk about that now which may take some pressure off the RBA to cut rates,” Mr Lawless commented. “It’s a very fine line they’re walking at the moment: trying to stimulate the economy without overstimulating the housing market,” he added. “We’re already seeing interest rates creating a demand, so there is some risk that lower rates will continue to add some further fuel to the fire in Sydney and Melbourne, though I think other markets like Perth, Darwin and Brisbane could probably benefit from lower interest rates,” he said

Hi Tonyl, Thanks for the question. I have just seen on Poms in Oz that you have had a reply which seems to fit what you are looking for. Best of luck. Adam.

What is it? Basically refinancing is taking your existing mortgage to another bank or lender. Why do it? People have varying reasons for refinancing although the main one seems to be to get a better deal. Others are simply unhappy with their current bank. How much could I save? Let’s use a loan of $400,000 as an example with 25 years remaining. If the current interest rate was 4.5% your monthly repayments would be approximately $2,223. If this loan was refinanced to another lender with a rate of 3.75% (which is currently available) the monthly repayment would be approximately $2,057. That is a difference of $166 per month or $1,992 per year. Keep in mind also that extra $1,992 per year is making profit for your current lender. How do I refinance? Speaking to a broker would be a good first step. They can let you know if your current rate is competitive and if it will be worth refinancing. The best thing about it is a broker will usually not charge you a fee as the bank will pay the broker for their work. If refinancing looks to be a good option then the broker will do all the leg work. You will just need to provide the documents to the broker that the bank request (payslips, bank statements etc). Many lenders offer ‘Refinance Rebates’ where you could be reimbursed for your refinance costs. Generally we allow between $750 - $1,000 for refinance costs. Currently there are lenders offering rebates of $1,250 so this should more than cover any cost involved. We regularly perform ‘Mortgage Check Up’s’ for our clients and are happy to extend this offer to Poms in Adelaide members.

Hi all, *UPDATE* Please now see this post for up to date information. The below offers are the standouts from our panel of lenders currently. 1. 3.67% Variable Rate Loan for loans below 80% Lending to Value Ratio (this includes refinancing) 2. 3.69% 3 Year Fixed Rate 3. 3.75% 2 Year Fixed Rate and $1,500 refinance rebate for Owner Occupied Loan 4. 3.89% 3 Year Fixed Rate Investment Loan (Please note the above are not in conjunction with each other and will be subject to meeting the lenders terms and conditions).

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016. The global economy is continuing to grow, at a lower than average pace. Several advanced economies have recorded improved conditions over the past year, but conditions have become more difficult for a number of emerging market economies. Actions by Chinese policymakers are supporting the near-term growth outlook, but the underlying pace of China's growth appears to be moderating. Commodity prices are above recent lows, but this follows very substantial declines over the past couple of years. Australia's terms of trade remain much lower than they had been in recent years. Financial markets have continued to function effectively. Funding costs for high-quality borrowers remain low and, globally, monetary policy remains remarkably accommodative. In Australia, recent data suggest that overall growth is continuing at a moderate pace, despite a very large decline in business investment. Other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend. Labour market indicators continue to be somewhat mixed, but are consistent with a modest pace of expansion in employment in the near term. Recent data confirm that inflation remains quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time. Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 is helping the traded sector. Financial institutions are in a position to lend for worthwhile purposes. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this. Supervisory measures have strengthened lending standards in the housing market. Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. The most recent information suggests that dwelling prices have been rising only moderately over the course of this year, with considerable supply of apartments scheduled to come on stream over the next couple of years, particularly in the eastern capital cities. Growth in lending for housing purposes has slowed a little this year. All this suggests that the likelihood of lower interest rates exacerbating risks in the housing market has diminished. Taking all these considerations into account, the Board judged that prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting.

Hi ILSA, Will send you a P.M Regards Adam

Thanks for the recommendation @MacLeods. It was a pleasure to work with you both and I hope you are enjoying your new home. Regards Adam

Hi all *UPDATE* 1. 3.99% 1 Year Fixed Rate Owner Occupied loan 2. 3.79% 3 Year Fixed Rate Owner Occupied loan (The above rates are subject to meeting the lenders terms and conditions) Please note all of the offers from previous posts are still valid. Regards Adam

At its meeting today, the Board decided to leave the cash rate unchanged at 1.75 per cent. The global economy is continuing to grow, at a lower than average pace. Several advanced economies have recorded improved conditions over the past year, but conditions have become more difficult for a number of emerging market economies. China's growth rate has moderated further, though recent actions by Chinese policymakers are supporting the near-term outlook. Commodity prices are above recent lows, but this follows very substantial declines over the past couple of years. Australia's terms of trade remain much lower than they had been in recent years. Financial markets have been volatile recently as investors have re-priced assets after the UK referendum. But most markets have continued to function effectively. Funding costs for high-quality borrowers remain low and, globally, monetary policy remains remarkably accommodative. Any effects of the referendum outcome on global economic activity remain to be seen and, outside the effects on the UK economy itself, may be hard to discern. In Australia, recent data suggest overall growth is continuing, despite a very large decline in business investment. Other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend. Labour market indicators have been more mixed of late, but are consistent with a modest pace of expansion in employment in the near term. Inflation has been quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time. Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 is helping the traded sector. Financial institutions are in a position to lend and credit growth has been moderate. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this. Indications are that the effects of supervisory measures have strengthened lending standards in the housing market. Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. Dwelling prices have risen again in many parts of the country over recent months. But considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities. Taking account of the available information, the Board judged that holding monetary policy steady would be prudent at this meeting. Over the period ahead, further information should allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.