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Carol from Vista Financial

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About Carol from Vista Financial

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  1. Carol from Vista Financial

    Current mortgage rates and special offers

    Good morning, we're halfway there! Happy Friday Eve Eve. Here are some offers from our panel of lenders: - 3.98% 5 year fixed owner occupied principal and interest - First time buyers - up to 40% off selected Samsung products (from Samsung store) and $500 cashback if you spend $500 or more - 500,000 Velocity Frequent Flyer Points for home loans $1m and over - that's a return trip for two back to The Motherland (plus taxes - can't escape those!) All the above offers are still valid. Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. Thanks all, please note I am jet-setting to Darwin to have Christmas in July with my family this weekend My next update will not be until I am back on the 25th July. If you have any questions I will get back to you as soon as I can otherwise @Andrew from Vista Financial may be able to help too. Don't miss me too much!
  2. Carol from Vista Financial

    Current mortgage rates and special offers

    Hello to all forum lurkers! Special shout out to you today! Here are some offers and other special policies from our lender panel that may be of interest: - 1 year fixed 3.58% owner occupied principal and interest - Fixed rate loan with 100% offset available - owner occupied or investment (normally fixed rates are not eligible for offset accounts, this lender allows it which is quite rare) - Maximum Loan to Value ratio of 98% including lenders mortgage insurance for owner occupied purchase (most lenders keep it under 95% these days) Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. Have a great day all
  3. Carol from Vista Financial

    RBA cash rate decision 3 July 2018

    On hold again! "Nationwide measures of housing prices are little changed over the past six months. Conditions in the Sydney and Melbourne housing markets have eased, with prices declining in both markets. Housing credit growth has declined, with investor demand having slowed noticeably. Lending standards are tighter than they were a few years ago, with APRA's supervisory measures helping to contain the build-up of risk in household balance sheets. Some further tightening of lending standards by banks is possible, although the average mortgage interest rate on outstanding loans has been declining for some time." - Media release Statement by Philip Lowe, Governor: Monetary Policy Decision accessed 4 July 2018 Read the full release here: https://www.rba.gov.au/media-releases/2018/mr-18-16.html
  4. Carol from Vista Financial

    EOFY and interest only mortgages

    Here are a few points I wanted to make today in the mortgage space. EOFY End of financial year is the busiest and most stressful time in the financial world so if you have purchased property and waiting to settle make sure you have discussed adequate time frames with your lender/broker/conveyancer as things may be slower than usual. If you planned to settle before 1 July and have settlement is not already booked in it is unlikely to happen - so check! If you hope to settle just after EOFY, keep in mind any credit assessors will have a backlog of files to look at that they have pushed back so again, check to see you have been given realistic time frames. Interest only periods This topic is relevant at any time of the year. Many people will be shortly coming up to the end of their approved interest only periods, particularly on investment loans (if you have interest only on owner occupied, that is very rare these days!). It will be harder to extend or be granted new interest only periods than when you first applied, so be prepared and don't leave it until the last minute! Once upon a time you could have asked for up to 15 years interest only on investment properties... Had 10 and finishing? Well, back in the day it would be a quick call to the bank and here you go, here's another 5 years to keep you going. Sign on the dotted line, done. Gone are those days. If you have an interest only period then you need to be able to demonstrate you can repay the full debt, principal and interest, in the remaining term after your proposed interest only period expires (e.g. if you have 5 years interest only, can you repay the higher minimum payments required to pay the debt back to the bank over the 25 years left?). The funny thing, is that this requirement is just plain responsible lending, so is actually nothing new to the industry! A prudent lender/broker/banker should always ensure you are able to pay your debts without financial difficulty, now or in the future. Lenders are being more thorough in actually verifying this information now (that should always have been doing) since financial services regulator APRA (the Australian Prudential Regulation Authority) started putting their foot down by tightening requirements to evidence serviceability and by setting a speed limit on investor lending growth in 2014. This was in light of high levels of household debt, low interest rates and concerns over an overheating property market, particularly in Sydney and Melbourne. Banks steadily increased their rates on interest only as an incentive for people to switch to principal and interest (amongst other things some may say), the Banking Royal Commission brought further concerns out into the open, and here we are today. (There is a lot more to this story, but I that is for another post!) APRA has recently dialed back on its investor cap policy but overall the responsibility of lenders, brokers and bankers alike remains now highlighted- make sure people can afford what they are doing. It does not matter what role you are in or who you work for, it comes down to the integrity of the individual to be a responsible lender and to do the right thing. If you want to understand more about the interest only story, RBA's Assistant Governor (Financial Markets) Christopher Kent spoke to the Housing Industry Association in April this year, and his speech covers off a lot of aspects nicely. What you need to do No matter what rules are in place, what checks are made or what you are told you can afford on paper, you need to be sure you can afford to repay your debt and you are comfortable with how much your repayments are. Check your options with your lender well before the end of your interest only period as the conversion to paying principal and interest can be a rude awakening! If you can't afford them, options include requesting a lower interest rate to reduce overall repayments, or refinancing or requesting a loan term extension so you have more time to repay at lower repayments per month. Reach out and ask for help to navigate your options. It is tax time, and we all know sometimes this is the only time we speak to an accountant! So when you meet with them for your tax return, also ask them if having interest only on investment property loans is still a suitable strategy for you. Interest rates are a lot higher and things in your personal circumstance may be a lot different to when you first set up your loan(s) so make sure the structures in place are still relevant to you now.
  5. Carol from Vista Financial

    Current mortgage rates and special offers

    Good morning all! Half way through the week and the sun is out! This week's offers from our panel of lenders: - up to $1,000 rebate of conveyancing costs for first home buyers - 4.09% variable investment principal and interest Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. Previous specials are still applicable, but take note that some lenders are starting to end their specials on refinance cash back offers.
  6. Carol from Vista Financial

    Current mortgage rates and special offers

    It is that time of the week again! I have my sights set on Friday One of the lenders on our panel have their sights set on frequent flyer points, with others focusing on sharp rates: Here are some standout offers this week from our panel of lenders: 200,000 Velocity frequent flyer points for new loans of $250,000 or more (owner occupied or investment) 3.64% variable owner occupied 4.19% 3 year fixed investment property interest only Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. The specials from my previous post are still applicable, if you have something specific you are after, just ask.
  7. Carol from Vista Financial

    Feeling overwhelmed!

    Hi @Thirlbs Not sure if you got an answer to this already yet so thought I might try help? I can't comment on the car loan/deposit bank account side of things but can comment on credit scores when it comes to mortgages and in general. First thing to note is that nothing from your UK credit score will carry over as far as I am aware but that may not necessarily impact your ability to seek credit - we have had some clients purchase houses within a matter of weeks of arriving, it all comes down to the lending criteria. It may well be different with car loans but regardless I would suggest at least contacting a few lenders and asking about their lending criteria before ruling out this option completely as you won't know unless you ask. Some lenders put more emphasis on credit scores than others and sometimes it is a case of explaining why you don't have one yet, and just arriving in Australia is a pretty good reason! They will also look at your employment and other aspects as well so hopefully they may consider your case on an overall basis, and not just focus on your credit score (or lack thereof). Be careful of car yards as there is a bit of a loophole in legislation that allows them to sell car finance options without being fully accredited so it is easy to get ripped off, especially when they don't disclose their commissions (they sometimes add it into your repayment without telling you!). As you will be working for SA Health you may also be given information about their salary sacrifice company who offer car loans/leases. I won't name them here, but again just be careful as the way information is displayed can look very attractive but in reality the repayments can be high due to a not very nice interest rate by a lender that they specifically partner with. If you go down this path you can still choose the salary sacrifice option and choose a different financier (hopefully with a lower rate!), it just may not be obvious that you have a choice. If you are considering a lease make sure you check with your accountant or financial planner first that it will be right for you. Hope that helps.
  8. Hello all! To celebrate the occasion of the upcoming end of the work week I would like to share some great mortgage rates and special offers from the various lenders we deal with. I will try keep you updated when things change, so check back to the end of the last post for the most up to date offers. Here are the current standout offers from our panel of lenders: First home buyers special 3.79% 3 year fixed principal and interest (owner occupied) Investment property 3.99% 2 year fixed principal and interest $2,000 refinance cash back offer Important: these are separate offers not in conjunction with each other and are subject to meeting lender terms and conditions. If you have any questions just ask.
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