Mortgage Choice Melbourne - Matthew Baker

Has your home loan been on ice for too long? Turn up the heat on your financial goals this winter and take some time to review your home loan.

Contact us for a home loan health check to make sure your loan still suits your needs and goals – and you’re getting the best possible rate for your circumstances.

Book an appointment today.

When calculating how much you can borrow, it’s important to consider potential changes in your employment or lifestyle, as well as any upcoming major expenses.

These factors can put a strain on your finances, especially on top of mortgage repayments.

At Mortgage Choice, we’re with you every step of the way. Chat to us today.

Ready to dive into the world of home ownership? It’s important to understand the steps involved to ensure you’re prepared.

To learn more, reach out to us to receive our Property Ownership Guide today.

HECS debt can reduce your home loan borrowing power, but not in the way you may expect.

HECS debt repayments are based on your income, not on the size of the debt itself. The more income you make, the higher your HECS debt repayments will be. For example, if you earn $60,000, the HECS debt repayment rate is 2.0%, but if you earn $90,000, your repayment rate is 5.5%.

When it comes to assessing your borrowing power, lenders will focus on what your HECS debt repayments are, rather than the size of the debt itself. This is so they can determine how much money you’d be left with in your take-home pay, and whether you could service a home loan.

If you’re interested in understanding more about how your HECS debt could affect your borrowing power, talk to us today.

The Reserve Bank of Australia has just announced that the cash rate will remain unchanged at 4.35%.

At Mortgage Choice, we continually monitor lenders for interest rate changes outside of the official rate to assist in finding you a more suitable home loan.

Remember, at Mortgage Choice you’re never a loan! Get in touch with your local Mortgage expert to discuss your options.

‘Loyalty tax’ is the price you can pay for being loyal to your loan provider.
While lenders often offer new customers a lower interest rate to attract their business, loyal customers are often stuck paying higher rates. This ‘loyalty tax’ could cost you thousands of dollars in interest over the life of your loan.

At Mortgage Choice, we can offer a variety of loan options – including some specifically designed to ensure you’ll never pay loyalty tax.

Talk to us today.

Want to feel like a winner with a home loan that works hard for you?

Here at Mortgage Choice, we’ll do the heavy lifting when it comes to finding you a home loan that suits your needs.

Talk to us today to explore your home loan options.

Click on the link below to find out the five most common reasons why people choose to refinance their loans:

Five reasons to refinance - Mortgage Choice People choose to refinance their loans for many different reasons. Here are five of the most common ones.

Why wait until December to give yourself a little treat?

Celebrate Christmas in July by speaking to your broker about reviewing your home loan to see if you could reduce your home loan repayments 🎁.

Talk to us today to learn more about refinancing.

Did you know that on average, existing customers who are loyal to their lender pay more on their mortgage than new customers? This ‘loyalty tax’ could cost thousands of dollars in interest over the life of your loan.

Mortgage Choice brokers can access thousands of home loan products from more than 35 lenders, including loan options specially designed to ensure existing customers will never pay more than a new customer on a like-for-like loan.

We can review your existing home loan to ensure you’re still on a competitive rate – or help you find a product that’s right for you.

To find out more, talk to us today.

Living expenses can play an important role in determining your borrowing power and your chances of securing home loan approval. For example, if a lender believes your living expenses outweigh your ability to repay your mortgage, your loan application could be affected.

A mortgage broker can help you calculate your living expenses and understand your borrowing power. Talk to us today.

An exciting step on your home-buying journey is receiving pre-approval (otherwise known as conditional approval). While a pre-approval does provide a level of certainty, there are still some important things to keep in mind:

◼ Watch the time span: A pre-approval is usually only valid for up to 90 days. This is because a borrower’s personal circumstances, and even the property market, can change quickly.

◼ Your circumstances or the market may change: Pre-approval is offered on the information you provide at the time of application, the current market conditions and average interest rates. If any of these factors change following pre-approval, you may no longer be eligible for the same amount of funding.

◼ Pre-approval is not a guarantee of funding: A pre-approval doesn’t always mean you will receive a home loan. The property you’re hoping to buy will act as a security for your loan, so formal approval can only be granted once you’ve chosen a property.

If you’re looking to buy a property, seeking pre-approval through your broker is a great first step. Talk to us today to learn more.

No matter what your home buying needs are, we’ve got you covered.

Whether you’re buying your first home, upgrading or downsizing, refinancing or investing, our guides will help you navigate the home lending process with confidence.
Reach out today for more information.

Mortgage Choice is proud to celebrate NAIDOC Week 2024. We’ve collaborated with and to honour this year’s theme, ‘Keep the fire burning! Blak, loud and proud’.

is a social impact venture that introduces aspiring young Aboriginal and Torres Strait Islander designers to the digital design and creative industries by providing creative opportunities and learning. Our design incorporates this year’s NAIDOC Week theme through modern, stylised elements.

🌊 A key part of the design is the healing waterway, which symbolises the role we can all play in sharing and acknowledging Australia’s First Peoples’ history and culture. Healing waterways symbolises truth-telling of our past histories, which is an integral part of our healing journey.

🔥 Campfires are also featured throughout the design to represent the sharing of this knowledge so we can join together to ‘keep the fire burning’.

Join us in celebrating this year’s NAIDOC Week.

A mortgage broker acts as your advocate with lenders. Your broker will crunch the numbers and review the options to find the best loan for your situation. They’ll also handle the application process – and all the paperwork – on your behalf.

With a mortgage broker in your corner, you’ll receive expert home loan advice and ongoing support. Talk to us today.

Bridging loans (also known as bridging finance) are short-term loans that allow you to buy a new property before selling your existing property.

When you take out a bridging loan, the lender usually takes over the mortgage on your existing property and finances the purchase of your new property. This total amount is known as Peak Debt. Once you sell your first property, the net proceeds of the sale (sale price minus sale costs/agent fees) are used to reduce the Peak Debt, with the remaining balance known as the End Debt.

Chat to us today if you’d like to learn more about bridging loans.

Mortgage Choice brokers can access thousands of home loan products from more than 35 lenders, as well as a range of loan options exclusive to Mortgage Choice customers.

There are even flexible home loan options designed to help you secure your financial freedom sooner and pay off your home loan faster.

Talk to us today.

Mortgage Choice is proud to be an award-winning brokerage – but what’s most important to us is that over the past 30 years we’ve helped more than 750,000 Australians secure their dream homes.

With access to thousands of home loan products from over 35 lenders, we offer expert advice to help you secure the right home loan for you.

At Mortgage Choice, you’re never a loan. Contact us today.

Are you getting ready to take your first step into home ownership?

Here are some ways to help you get into your own home sooner as a first home buyer.

Read on to find out more.
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How to secure a home loan as a first home buyer - Mortgage Choice Are you getting ready to take that first step into home ownership? As a first home buyer, there are some ways we may be able to help you get into your own home sooner.

The end of financial year is fast approaching, so now could be the perfect time to start planning your new financial year to-do list.

If reviewing your home loan is on your list, we can help. We can compare thousands of home loan products from more than 35 lenders, to find the right loan to suit your needs.

Life is full of uncertainties. When your financial circumstances change, you might need to adjust your debt repayment arrangements.

Some lenders will require you to have made extra repayments on your loan to be eligible for a repayment holiday, while others may grant it without that additional buffer.

If you want to know more about repayment holidays, talk to us today.

Debt consolidation is the process of rolling several different loans into a single loan. This can be an effective way to streamline multiple repayments each month and could even save you money by reducing fees and interest costs. Rolling other high-interest debts (e.g. credit cards) into your home loan could also mean you pay a lower interest rate on the total debt.

Debts you could consider consolidating may include:
Home loan
Credit cards
Personal loans
Car loans.

If you’d like to understand whether debt consolidation is right for you, speak to us today.

If you’re paying off your home loan in monthly repayments, there could be an opportunity for you to save both money and time on your loan if you switch to fortnightly repayments.

By making 26 fortnightly repayments instead of 12 monthly repayments, you’re essentially making one additional monthly payment off your loan each year. As a result, you could be shortening the life of your loan and lowering the total amount you need to pay.

If you’d like to know more about your loan repayments, reach out today.

People working in certain professions and earning over the income threshold may be exempt from paying Lenders Mortgage Insurance (LMI).

Lenders can waive LMI for specific professionals because they're considered low-risk borrowers due to their high income and stable profession - even with a high loan-to-value ratio (LVR).

Speak to us today to learn if you’re eligible for an LMI exemption or potential discount.

If you’re a business owner, a common way to drive growth is by boosting operations with new and enhanced equipment.

If the cost of new equipment seems daunting, and renting or leasing items is more suited to your business needs, we can help you with equipment finance.

Talk to us today to learn more.

Ask us for a free PropTrack report today, if you’re interested in....

◾ up-to-date information about your property
◾ a valuation estimate
◾ historical listing data that shows how the property’s value has changed over time
◾ information on what influences property valuation, including comparable sales, listings in the area and nearby schools.

The March 2024 PropTrack Home Price Index report has just been released and shares some interesting insight into the Australian property market.