Chris Rathgen - Market Street Finance

I am reaching out today to share some exciting news about the future of Compare Financial Services.
Over the past 22 years, we have been incredibly fortunate to work with clients like you, and it has been a privilege to grow and evolve, fueled by your support and collaboration.
Today, I am thrilled to announce that Compare Financial Services is merging with Market Street Finance, a respected competitor with a shared vision for excellence and client service. This strategic move is designed to leverage the strengths and resources of both companies, bringing you enhanced services, broader expertise, and even more dedication to meeting your needs.
Thank you for your continued trust and partnership.

Wondering what the banks look for when they assess your home loan application?

Let's take a look at the five Cs of credit:
- Capacity: Can you afford to pay them back?
- Capital: How do your assets stack up against liabilities?
- Character: Do you manage your money well?
- Collateral: Are you buying a quality investment?
- Conditions: Is your situation compatible with paying back the loan?

Questions on how this applies to your situation? Get in touch!

If you're new to the home buying process, it can be overwhelming to understand all the terms and jargon associated with home loans.

That's why we've all about breaking it down into easy to understand terms so you go into it with eyes wide open.

We're a jargon free zone and always explain the ins and outs of the process and products.

Understanding all things home loans will not only help you make informed decisions when you buy your first home, but will also give you confidence to keep climbing the property ladder.

So, you're thinking of investing in property? Great move!

But, before you dive in, it's important to find the right loan to finance your investment. Here are a few things to keep in mind:
- Loan Type: Decide between a variable, fixed, or split rate loan – each has its own pros and cons.
- Loan Amount: How much do you need to borrow and what's your loan-to-value ratio?
- Loan Terms: Can you swing a longer loan term with lower monthly payments or do you want to pay it off as fast as possible?
- Interest Rates: What interest rate do you need to secure to make it a worthwhile investment
- Features: Consider what you need - a redraw option, an offset account, a line of credit?
- Strategy: Do you intend to maximise capital gains, or are you seeking a cash flow positive property for passive income?

We're here to help you navigate the mortgage landscape and secure you a loan that meets your best interests. Get in touch to discuss.

Home loans can be complicated, but with the right strategy, you can make the most out of your investment.

Whether you're looking to pay off your mortgage faster, refinance your home loan, or renovate your property, we're here to help.

Our team of brokers can guide you through the process and provide you with personalised guidance to help you achieve your financial goals.

From negotiating a better interest rate to consolidating your debts, we're here to help you optimise your home loan and achieve a brighter financial future.

Drop us a message to find out more.

We're now a little way into the new year, but it's not too late to set your intentions and start good habits!

The new year brings opportunities to:
# Rejig your budget
# Set your property goals
# Make a plan to get there

Are you feeling overwhelmed by your big goals?

Get in touch if you'd like professional guidance.

In news that many of us expected, but absolutely no one (with a mortgage) wanted, the RBA have increased the cash rate to 4.1%.

This is the highest it's been in 11 years, and the 12th rate hike in 13 months. Brutal.

A lot of people with a mortgage are really feeling the squeeze right now.

We want you to know that we're here to help. Whether it's about repricing with your current lender or switching to a more competitive offer elsewhere, you may have options.

Get in touch for a no strings conversation.

The RBA have been steadily increasing the cash rate, which, if you have a home loan, will not be news to you.

Assuming the banks pass on a 0.5% increase to their loyal customers, this is the impact you can expect to see on your monthly home loan repayments.

And it's why – when we help you secure a home loan – we make sure to add a buffer. This gives us all confidence that you can cope with these interest rate increases. After all, we only want you to commit to a home loan you can live with.

Get in touch if your loan is more than 12 months old or your circumstances have changed. We'll help you understand your options.

A home loan doesn't have to be forever.

If you're keen for an early release, speak to us about how to pay down your loan sooner.

By reviewing your loan, and then negotiating on your behalf, we may be able to help you secure a more competitive deal.

Get in touch to find out more.

There's a lot of noise about the perks of refinancing your home loan. And yes, it could save you big time.

But a word of caution: make sure you consider all the costs of switching home loans, like exit fees, application fees, and any opportunity cost of doing without key features.

You also want to make sure that the product you end up with serves your best interests now and for the long term.

This is why when we refinance our clients' home loans, we make an assessment against all their needs, not just at what might seem 'the cheapest' on first glance.

Who's refinanced their loan recently? Who is thinking about it? Who is happy with their current home loan?

If you've been planning renovations or a new build then you'll know that construction costs have been creeping up, and now the data's in to prove it.

According to CoreLogic, residential construction costs increased by a whopping 11% over the 12 months to September.

These rising costs will encourage people to buy property that's ready to move in to – bumping up competition for homes that are already renovated.

Whether you want to gain an edge at auction, or you're looking to draw from your equity to fund renovations, we can help you understand your options.

When a lender assesses your home loan application, one of the elements they consider is 'character'.

What this translates to is the lender paying attention to how you manage your money and whether you have stability in your life.

They're looking at whether you overdraw your accounts, take cash advances from your credit cards, or get charged late payments. They'll even pay attention to how often you move house or change jobs.

There are a lot of data points that feed into whether you'll be approved for a home loan, and a lot of these are in your direct control.

So, if you are looking to apply for a home loan in the near future, make sure you're using your bank accounts in a way that screams 'I'm in control of my money!'

It's a simple demand vs supply equation. Is the property market currently more favourable to people buying or selling?

Australia's property market doesn't fit neatly into one category, as there's a lot of variation between regions, and even within suburbs. We also see very different patterns at the higher end of the market versus the rest.

Buyer's market: more properties for sale, lower auction clearance rates and potentially lower property prices.

Seller's market: fewer properties for sale, high auction clearance rates, higher property prices.

In our experience, even the most sophisticated investors can't accurately time the market, but by at least being aware of whether we're in a buyer's or seller's market, you can get a sense of whether you have much leverage during negotiations.

Get in touch if you're going to buy property this year.

Are you worried about what happens when your fixed rate period ends?

Our team can help you navigate this process and find a competitive offer based on your needs.

Don't let your home loan become a burden – let us help you stay on top of your finances.

It's cheaper to pay off a home loan than it is to rent in 1 in 7 Australian suburbs (according to recent research from Domain).

If you're ready to get off the renting wheel, get in touch to explore your options.

If you're one of the huge number of homeowners who made the most of the previous low interest rates and committed to a fixed your home loan, you'll be all too aware that this is coming to an end.

Before your loan switches to a variable rate we encourage you to plan ahead and get clear on your options.

Keep in mind that lenders tend to reserve their most competitive rates for new customers, so it may be worth switching to another lender.

However, as we always say, the interest rate isn't the only important factor in a home loan.

If you want to make sure your home loan is serving your best interests, get in touch and we can help you crunch the numbers and give you insight into what's on offer in the market.

Happy Mother's Day to all the Mums and mother figures out there.

Your impact is immeasurable. Thank you for all that you do 💐

Want to take charge of your home loan? Here are some ways that may help you pay it off sooner:
– Make regular extra repayments – every dollar counts!
– Switch to fortnightly instead of monthly repayments
– Secure a more competitive interest rate.

If you're feeling like your home loan is getting the better of you, get in touch for bespoke strategies to achieve your big goals.

Banks love a good acronym. Here are three you'll come across on your home buyer journey:

LVR: Loan to Value Ratio is how much you're borrowing compared to the value of the property (and accounting for all fees and taxes). An LVR of 80%, for instance, means you have a 20% deposit to contribute to the purchase once you've paid Stamp Duty and other costs.

LMI: Lenders Mortgage Insurance is what protects the bank on the off-chance you default on your loan before you've had a chance to build up your equity. Generally you'll have to take out this insurance if you have a smaller-than-usual deposit (as you'll be considered a bigger risk).

SVR: Standard Variable Rate is the interest rate of a lender's 'standard' home loan. These loan products usually include a lot of bells and whistles, and so will be more expensive than a basic variable loan.

Any questions on home loan jargon? Send us a DM.

The interest rate isn't always the most important feature of a home loan, but it's certainly part of the puzzle.

Latest data from Canstar shows the average variable rate is 5.92%.

So, how healthy is your home loan? If you're not sure, get in touch and we'll help you understand your options.

Are you dreaming of buying a home of your own?

You can't be expected to do it all.

We can guide you through the process, from understanding how it all works to finding the right home loan for your needs.

What are you waiting for?

Feeling overwhelmed by the home loan process?

We're here to help you make informed decisions and find the right loan for your needs.

With access to a range of lenders and products, we give you the choice and flexibility to find the perfect fit. Plus, we can help you navigate the complex world of finance and make the home buying process a feel like a breeze.

If 2023 is going to be your year, make sure you book in some time with us to discuss your options.

If you've had the same home loan for a few years, and haven't had a professional look over it recently, you could be missing out on opportunities for a more suitable deal.

Here are five reasons you might want to refinance your home loan:
- To save money
- To pay off your loan sooner
- To get access to more features
- To leverage your equity
- To consolidate existing debts

Get in touch with us and we'll run a health check on your home loan. No fuss, no strings.

Is a fixed interest rate right for you?

A fixed interest rate provides peace of mind with predictable monthly mortgage payments, but comes with the potential drawback of paying a higher rate if interest rates fall.

Contact us to weigh the pros and cons and make an informed decision on the best mortgage for your needs.

Covid has made a lot of us reassess where we live, with lifestyle-friendly suburbs taking off!

When you're deciding on where to buy, you may want to consider the quality of:
- Parkland and leisure
- Public transport
- Dining and culture
- Access to education
- Medical facilities

A great neighbourhood means different things to different people. Tell us, what does it mean to you?

If investing in property is on the cards for you, you've probably heard of the term 'negative gearing'.

Negative gearing is where the cost of owning your investment property exceeds the income you generate from it.

This then creates a taxable loss, which you can usually offset against your other income to reduce your tax obligations.

Want to understand your options when it comes to buying an investment property? Get in touch to discuss.

A redraw facility is synonymous with flexibility, but remember it's only going to be useful to you if you actually have a need for it.

How it works:
A home loan redraw facility allows people with a variable rate mortgage to access extra funds they have already paid off their home loan.

Basically, you'd be making additional repayments and then 'redrawing' those funds as needed.

The perk is that any additional repayments you make reduce the amount of interest you pay.

However, there are of course fees and charges associated with this facility, so you want to make sure you're getting the most out of it.

We can help you understand which features would make sense for your situation. Ask us how.

Factors that impact your credit score:
– Payment history – do you pay bills on time?
– Types of credit used – pay day lenders aren't a good look!
– Recent credit inquiries – have you been applying for multiple loans?

Need help understanding how to improve your credit score before applying for a home loan? Reach out to us for guidance.

Are you too old to get a home loan?

Not necessarily, but if you're over 40 or so, the bank will want you to have an exit strategy.

An exit strategy is basically a backup plan to give the lender assurance you'll be able to pay back the entire loan by the end of the loan term – usually 30 years.

And if you're taking out a home loan later in life, the lender will want to understand how you'll be able to pay back the loan once you stop working.

Possible exit strategies include:
- Selling an investment
- Downsizing the property
- Using superannuation
- Relying on a passive income source

So, if you're worried you're too old to secure finance, speak to us to understand your options. Where there's a will, there's a way!