Stephen Mitchell, BOQ Mobile Lending Manager

Happy Birthday Eloy.

Wishing our Owner Manager Eloy a very Happy Birthday today!
5 Facts about Eloy:
He is 1 of 2 Owner Manager's of Eagle Street and Mitchelton Branches
He's been with BOQ for 2 years and in the financial services sector for over 10.
His favorite food is tacos
If he could travel anywhere in the world it would be to Mexico to visit his parents.
In his spare time he spends time with his wife and kids, does work in the garden & DIY around the house.
He has two dogs Max & Lily.

Westpac to close branches despite Senate inquiry plea The bank has announced it will shut 20 regional and suburban branches in four states despite a request to pause while an inquiry examines the impacts on rural communities.

While recognising that significant percentage of lending is done through brokers these days I would suggest that every borrower should be asking the broker that they are using "why are you recommending this lender to me?".
I know that none of the big 4 are currently offering the best rates, the lowest fees or the best service, and yet more often than not when I ask people I meet who their Broker is recommending, it is one of the big 4 (majority of the time CBA). So if the rates and fees are higher, and the service no better than elsewhere, why is that going to be the best deal? I also see some people being directed to online banks who may be slightly cheaper, but do you really want a DIY option where every part of your future processing is done by you either online or with a call centre?
Ask the question. Don't just rely on the common belief that Brokers are looking at EVERY option available, or that they are providing you advice tailored to your particular position.
Not saying Broker's are bad as they have their place.
Just make sure you understand what they are offering and why.
If they tell you Big4, ask them why.
If they tell you online, think about whether you enjoy DIY banking and always having to use a Call Centre or Web chat.

If you want relationship banking with the people who own the branch and having the direct phone numbers for your banker and branch, BOQ's banking and lending options might be for you.

Want a second opinion of what your Broker is suggesting, give me a call or scoot me an email.
Ph: 0448820172
email: [email protected]

Bank branch closures see 182 jobs lost Dozens of major bank branches are set to be closed over the next few months which will see 182 Australians lose their jobs, according to the Finance Sector Union.

History keeps repeating with the big 4. Over the coming few months (just in time for Christmas) 37 more branches are set to close across Australia, bringing the total closures to 550 since January 2020. I know in my suburb, we have lost NAB, Westpac and ANZ over the past 18 months, with none of these banks leaving even an ATM presence for their customers.

In the meantime, BOQ's family owned banking network continues to grow and thrive within their communities.

BOQ Mitchelton and Eagle Street may only be recent conversions to this model but have extensive experience in relationship based banking across our team.

If you're looking for a more personalised alternative to the Big 4 for your business or personal lending, give me a call on 0448820172 for a discussion of how I can best assist.
For personal banking not related to Lending, you can contact our branches directly on 0738557844 or 0730057655. Yep, that's right. Local numbers to talk to us directly. No need to contact a Call Centre, or use web chat ever (unless you're into that kind of thing I guess).

Bank branch closures see 182 jobs lost Dozens of major bank branches are set to be closed over the next few months which will see 182 Australians lose their jobs, according to the Finance Sector Union.

Plenty of borrowers I speak with still don't understand how an offset account works, or the difference between offset and redraw. Put simply, an offset account is a separate bank account to your home loan, but the more funds you hold in your offset account, the less interest you pay on your home loan. Effectively the interest on your home loan is calculated on the net outstanding balance of the loan balance LESS your offset account balance.
Your offset account works exactly like a normal transaction account, so it's great for everyday banking. There's no account maintenance fee, unlimited transactions and you get a linked BOQ Visa Debit Card.
Redraw sees you hold your savings within the home loan itself with full access to any funds that are ahead of the agreed loan repayments. As these funds are held in the loan account and reduce the loan balance, accrued interest is reduced
You can find out more here: http://ow.ly/zrNH50JZchj
Pop in branch or click here to get in touch: http://ow.ly/ep2450JZchI (Mitchelton) or http://ow.ly/sPry50JZckr (167 Eagle St)
Fees, charges and criteria apply. Consider the T&Cs and if this product is right for you.

167 Eagle Street - Locate Us - BOQ (Bank of Queensland) Address: 167 Eagle Street, Brisbane QLD 4000, BSB: 124-010, Tel: (07) 3005 7655

I could put up a post about interest rates or home loans but I think this is much more interesting and quite possibly more important.

At BOQ, we think Plastic Free July should be year round. Which is why our bank cards are made of recycled materials*...and because we don’t believe in wastage – with money or materials – any manufacturing leftovers are turned into park benches, fences and flooring, with help from our friends at Placard. 🌏💚

Our leftovers contributed to 300 tonnes of plastic recycled by Placard last year alone – that’s the equivalent of a Boeing 747.

* Each debit card is made up of a chip and antenna, which can’t be recycled, and the remaining 82% of the card is made from 99% recycled material

When it comes to finding the right home loan for you, BOQ Eagle Street and Mitchelton make it easier, with low rates and personalised support from hello to approved.

Get in touch to book an appointment with myself or one of our team today.

ANZ announces $5 billion Suncorp Bank takeover Suncorp accepts a $4.9 billion bid from ANZ to take over its banking business, as the big four bank seeks to accelerate its growth.

Do you or your clients need lending solutions other than home loans?
I can do that.

So pleased and proud to be part of the 2 latest family owned BOQ branches at 167 Eagle Street and Mitchelton.

Thanks so much to Melinda Jennison PhD LREA Qld and Scott Jennison from Streamline Property Buyers Brisbane for inviting me onto their podcast this week.
Really enjoyed spending time with you both discussing the issues that can arise along a home lending journey, whether you are a First Home Buyer or a seasoned property owner.
As you can see, a good home lending outcome really is about a LOT more than just the interest rate.
If you or someone you are working with would benefit from a discussion around lending, I would love to spend some time to understand your situation, and working together on how you can best achieve the outcomes that you are looking to create.
https://lnkd.in/d6S9JEHc

EP 108 - Finance Strategy with Stephen Mitchell In this episode of the Brisbane Property Podcast, Melinda and Scott talk to Stephen Mitchell, Lending Manager for Metro North at Bank of Queensland. Stephen has over 30 years of experience in financial services, including working in banks and also 15 years as a qualified financial planner. We talk t...

Buying a property can be complicated, so you want to give it some thought.
I often have people come to me looking for a pre-approval for a home to live in, and my usual question for them is "what are you looking for". It is interesting how many of these potential buyers either really have to think about this, or sometimes cannot answer this question.
My advice to these people is to make a list of what is important to you.
Do you like to entertain?
Do you enjoy cooking?
Do you have a dog that you need to walk?
Do you enjoy cycling or running?
What/where do you want easy access to?
Do you have school aged kids (or will they be school age soon)?
Do you prefer to use public transport?
Do you prefer to drive?
Do you want local shopping nearby?
Do you want access to local restaurants and cafes?
Is it a house, townhouse, apartment?
Is it new/fully renovated or a renovators delight?
What suburbs do you like, and can afford.
Is the property type, or the suburb more important to you? You may need to make compromises.

Make a list of what is important to you and then look for a property that will allow you to tick off most of what is on that list (unless you are really lucky, you wont tick off everything ).
IMO, until you know what you are looking for, you may end up wasting a lot of time at Open Homes.
It may also be worth considering getting some professional advice to help you along your property journey. Buying property is not something that most of us do every day. There is a lot to know and a lot to learn.

Definitely something that we need to think about in QLD.
Historically our house prices were even further behind our Southern neighbours than they are now, and our Stamp Duty concessions were possibly reasonable. But now with recent surges in prices, $550k does not get you into much in the way of property in Brisbane.
I think there are a couple of issues at play here.
1. we need stamp duty concessions more in-line with our current market
2. better education needs to be available to first home buyers on the process and costs involved with their first property purchase

If you are working with First Homebuyers as an agent, or perhaps you are part of a young business groups such as BJCC - Brisbane Junior Chamber of Commerce who I presented to recently, I would love to have a conversation around running joint information sessions on the home buying process.

https://www.linkedin.com/pulse/first-home-buyers-qld-stamp-duty-concessions-time-review-bell/?trackingId=g3Yb3LmoRsOB5KEqHIu%2Bjg%3D%3D

A fantastic event organised by the BJCC - Brisbane Junior Chamber of Commerce and hosted by Place Estate Agents last night offered a great opportunity for First Home Buyers to gain insight into the how, what and when of buying their first home, along with the potential trips and traps that they may experience now and with future proposed rate rises.
Thanks to our moderator Samuel Longfield and to all the members of the panel for the insightful answers. Also a big thank you for everyone who attended. I hope you gained some benefit.

We're you at the best PLACE last night? Photos of last night's event are now up and live at our page. 🚀

Find yourself and get tagging now: 👀

https://www.facebook.com/media/set/?vanity=brisbanejcc&set=a.4748462501925258

Liberal and Labor have both agreed that negative gearing is going nowhere and support the continuation of the investment property tax program.

For those of you who don’t know, negative gearing occurs when the rental income of a property is not enough to cover the total costs of managing the rental and the repayment of the interest portion of the loan.

I’m keen to hear from people who own an investment property, to discuss whether their current investment lending strategy is working for them in Queensland's current environment of high rents and comparatively low interest rates. Queensland's property market is a very different animal to the Southern States and so what might be true in Sydney and Melbourne is not necessarily true in Queensland.

By now most of us will have seen the extension to the First Home Buyer scheme detailed in the Federal Budget. But this is only for 50000 First Home Buyers and rumour is that many banks have a waiting list of applicants on standby from the current schemes. While many dislike the cost of LMI, are there other options available to First Home Buyers that may save them some money when it comes time to fund their home loan?
Well at BOQ, we have 2 First Home Buyer campaigns running currently.
Firstly, for those who have between 15 and 20% deposit (plus Government and conveyancing costs), we offer our $1 LMI campaign.
https://lnkd.in/gr83RjPa

For those who do not qualify for the $1LMI offer, BOQ may lend up to 95% of the purchase price (inclusive of LMI cost) toward your purchase, while offering a discounted rate for First Home Buyers.
Combine this with our low fees, and this offers a great alternative for First Home Buyers.



https://www.abc.net.au/news/2022-03-28/home-buyers-to-receive-help-in-federal-budget/100943290

First home buyer schemes to be extended in federal budget With property prices rising and concerns the Australian dream of home ownership is now out of reach for many, the government will extend its home guarantee schemes and establish an additional program for people in regional areas.

First home buyer schemes to be extended in federal budget With property prices rising and concerns the Australian dream of home ownership is now out of reach for many, the government will extend its home guarantee schemes and establish an additional program for people in regional areas.

First Home Buyer trying to wade through all of the information on what you need to get into your own home?
LMI, FHOG, stamp duty, conveyancing, fees, rates etc etc etc. It's all very confusing.
Give me or the branch a call to discuss.
We'd love to help you.

FIRST HOME BUYER FRIDAY! 🏠

Happy Friday! This First Home Buyer Friday’s top tips are all about understanding how much you can borrow and the factors you should consider like:

- Using your income and debts to set a cost range
- Calculating your LVR
- Checking your credit score

Find out more here: http://ow.ly/PavH50I6zjl

If you're interested in learning more about the mortgage process and calculating how much you can borrow, pop into BOQ 167 Eagle Street for a chat or book an appointment with one of our lending specialists today!

Interest rates remain on hold at record-low 0.1 per cent Interest rates remain on hold at record-low 0.1 per cent By Stuart Marsh • Senior Producer2:30pm Mar 1, 2022 Tweet Facebook Mail Australia's official cash rate remains on hold at the record-low level of 0.1 per cent.Economists of the Reserve Bank of Australia (RBA) met this afternoon to chart Aust...

I wrote this article on Linkedin. It is my summary of a Courier Mail Article around what is currently happening in the Queensland property market. Hopefully you can read the CM article and it isn't behind their paywall.
I have had a lot of people stop looking for property "until prices drop" or because they are "waiting for prices to crash".
Well this article would point to that time not being anytime soon.
Data within the article shows:
- we have nearly 8000 less properties on the market in QLD vs this time last year
- we have about 4500 less properties on the market in South East Queensland vs the same time last year
- we have an influx of people coming to QLD from interstate
- our international borders opening see an increase to both international visitors and returning expats looking for a home

On top of this, my discussions with builders indicate that construction is still being delayed by a shortage of both building supplies and trades people.
Even available land seems to be in short supply, with may developments not even being "pegged" let alone titled.

All of this points to available properties being in short supply for the demand from buyers, which may lead to further increases in prices.
The question that buyers need to ask themselves is whether staying out of the market will allow them to save faster than prices are increasing, and whether the crash that they are relying on will happen any time soon.


https://www.couriermail.com.au/property/buyer-frustration-to-increase-with-7700-fewer-houses-for-sale-across-queensland/news-story/1e01252973c4b673a5e56d149a747c39

Buyer frustration: Massive dip in house listings Frustrated house hunters are facing an even tougher battle to secure a property in 2022 with exclusive data showing there are more than 7700 fewer homes for sale in Queensland than a year ago.

Stephen Mitchell, BOQ Mobile Lending Manager updated their phone number.

You can send a message directly to Stephen Mitchell, BOQ Mobile Lending Manager.

I often have people I meet at open homes ask me "what is your best rate?".
I guess that is a good question.
But I don't think it is as good as:
"What is your approval turnaround?"
"Will you manage my entire application from beginning to end?"
"What else can you help me with?"
"Will you help me with future loan maintenance?"
"Can I call you directly for assistance after my loan has settled?"
"What is your branch network?"
"Does this lender actually have a branch network"?
"Can I get help at any of your branches/offices?"

Yes, some people are happy to use call centres and web service, but the option to sit down face to face with someone to address a problem or maintenance need can also be quite valuable to others.

It's now easier to send Stephen Mitchell, BOQ Mobile Lending Manager a message.

Welcome all.
Just moving my business posts to a page as it makes things easier to manage.
Hopefully you; friends or clients can gain some benefit from the information that I share and the lending services that I provide.