Did you know that more than 2/3 home loans nationally are written by mortgage brokers. Between July and September 2021 mortgage brokers facilitated a record high of 66.9% of all new residential home loans, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA.

Before 31 October 2021, banks used a 2.5% serviceability buffer but APRA’s changes saw this increase to a minimum of 3.0%. That means if you applied for a new loan with a 2.49% interest rate, you would either be assessed on your ability to repay the loan at 5.49% (2.49% + 3.0%) or the bank’s floor rate, whichever is higher.

Owning your first home can be scary and exciting all at the same time. After chatting to past clients, we‘ve worked out 5 hurdles most people encounter when owning their first home.

If yours is a profession that classifies you as a ‘low risk’ borrower in the eyes of lenders, then you may be entitled to special discounts.

Santa isn’t the only one who needs a list for Christmas!

To find out more about paying off your loan faster, get in touch with Nectar today