MENTOR1 LENDING

The Reserve Bank today decided to increase the cash rate, by 0.50% to 0.85%. The RBA has made the decision to increase rates primarily as a lever to return inflation to its target levels, which is currently sitting higher than target at 5.1%.

Wage growth is currently at 2.4%, which in real terms is -2.7% (inflation less wages growth). This means that Australian workers would be increasingly worse off if inflation is not reigned in.

Lenders can set rates independently of RBA movements and their responses to this rate hike may vary. Our team deal with multiple lenders every day, so we know just how flexible they can be to keep or win your business. It never hurts to ask the question, so get in touch to review your options.

Contact us on 1300 765 811 or email [email protected]

Pic: RealEstate.com

Good luck Spencer! 🥇

2022 Federal Budget Analysis

mentor1liam.clientcommunity.com.au Watch the 2022 Federal Budget wrap-up with Jenneke Mills from MLC Technical. Jenneke will step through key announcements, outcomes and opportunities.

Mentor1 is proudly sponsoring Leon Phillips, one of our senior financial advisors, and Cameron Smith, who are setting off on this adventure to help raise funds for cancer research.

We wish them success in their venture and look forward to hearing their tales.

If you would like to contribute to this worthy cause please see the donation link in the newsletter, we know Leon and Cameron appreciate every cent.

Go "Team Send it"!

https://mentor1liam.clientcommunity.com.au/1285/2201/2209/2136/114169.html?TEST=31191fbfb362e03dbc9df47a3231caa4f51be384

mentor1liam.clientcommunity.com.au

As widely expected the RBA board confirmed that the official cash rate would again remain at 0.10%. With inflation now within its target band of 2-3%, markets have been speculating the RBA will increase rates as early as June this year.

The Central Bank will be closely monitoring for any signs of additional inflationary pressure. Particular focus will be on price rises due to commodity supply chain issues resulting from Russia's invasion of Ukraine and the flood disaster in Queensland and Northern NSW.

With record-low rates on hold for the moment, competitive terms are still available to borrowers who act now. I deal with multiple lenders every day, so I know just how flexible they can be to keep or win your business. It never hurts to ask the question, so get in touch to review your options.

Contact us on 1300 765 811 or [email protected]

Pic: RealEstate.com

5 TIPS TO TAKE THE STRESS OUT OF SETTLEMENT DAY
1. Sort out your finances early
The best way to ensure a hassle-free settlement is to have the right people on your team. In terms of your finance, that means locking in a reputable mortgage broker (like me). Before you even start looking for a property, ask us to organise pre-approval on your finance. That way, you’ll have a solid understanding of how much a lender is likely to lend you. When you find the right property for your needs, we’ll walk you through the home loan application process, right through to settlement and beyond.
2. Find a good conveyancer
You’ll need a reliable conveyancer to oversee the complex legal requirements and paperwork involved in a property purchase. Among other tasks, your conveyancer will ensure there is enough time between the finance approval date and nominated settlement date.
3. Negotiate a date that suits you
Remember, the settlement date is negotiable. Even if you’re buying at auction and the settlement period is in the contract, you may be able to liaise with the seller’s agent to see if they would be open to a different date. The settlement period begins the day the contract is signed and is usually between 30 and 90 days. It needs to factor in adequate time for your finance to go through (check with us), searches to be undertaken and paperwork to be completed.
4. Be vigilant about the paperwork (and we will be too!)
Failing to return paperwork on time or forgetting to sign a page or tick a box can all delay loan approval. The same goes with paperwork for your conveyancer. Pay attention to detail when filling everything in and return paperwork as soon as possible to ensure things run smoothly.
5. Enjoy the journey
Buying a property is honestly one of life’s most rewarding and exciting experiences. Settlement day should be all about celebrating what you have accomplished, rather than worrying something will go wrong. By having the right professionals on your team to support you through the process, you can concentrate on the fun stuff – like planning your housewarming! You crack the champagne. We’ll do the rest. Get in touch today!

https://www.mentor1.com.au/lending/

Email us at [email protected] or phone us on 1300 765 811.

WHAT IS A PRE-APPROVAL?
A home loan pre-approval (also known as conditional approval or approval in principle) is when a bank gives you an estimate of how much you can borrow.

HOW DO YOU GET A PRE-APPROVAL?
The process of getting a pre-approval involves lodging a home loan aplication with a bank who will check your finances and assess whether you will be able to repay a loan.

SHOULD I GET A PRE-APPROVAL?
A pre-approval is not compulsory: if you have found your dream home, you can apply to a bank without asking for a pre-approval. A pre-approval can be very useful when house hunting.

ADVANTAGES OF A PRE-APPROVAL?
1. Pre-approval lets you go to home inspections with a firmer understanding of how much you can afford to spend.
2. Pre-approval gives you the ability to make a serious offer on a home on the spot.
3. Pre-approval means you have done the legwork to secure finance and can speed up the process once the offer has been accepted.

HOW TO APPLY FOR A PRE-APPROVAL?
Our team at Mentor1 Lending can assist with your application for pre-approval. We will review your finances, including your income, household expenses, what assets you own and how much you owe. We will compare suitable banks and their products, such as variable vs fixed interest rates, ones with offset vs redraw.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: Pinterest

USING A MORTGAGE BROKER IS THE SMART WAY TO GO

We provide real choice, looking to find you the right deal.

We work with multiple lenders, keeping competition alive.

We may negotiate a better outcome.

We help at a time and place that suits you.

We do the legwork for you.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: InteriorsOnline

INTEREST RATE UPDATE

The Reserve Bank of Australia has confirmed the official cash rate will remain at 0.10%.

Rates are at a record low and lenders continue to offer very competitive rates.

We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

Visit our website https://www.mentor1.com.au/lending/

Contact us on 1300 765 811 or email us at [email protected]



Pic: Pinterest

HOW UNIVERSITY FEES AFFECT YOUR HOME LOAN
Government loans makes university accessible for many people. However, large student debt could impact your long-term financial future. It could even reduce your borrowing power while seeking a loan to buy your first home.

You begin to repay your university debt once you join the workforce. Under HELP, repayments begin to be deduct 1% from your salary once you earn $46,620. This ratchets up 10% if your income hits $136,740.

A HELP debt must be factored into your expectations of how much you might be able to borrow for your first home. HELP debt tends to be viewed in much the same way as the money you owe on a credit card or personal loan, so it could have a major impact.

Read more: https://www.smh.com.au/money/borrowing/how-university-fee-debt-can-affect-your-ability-to-get-a-home-loan-20210625-p584ct.html?btis

We can help you get an idea of your borrowing capacity to buy your first home. Contact us at [email protected] or 1300 765 811.

https://www.mentor1.com.au/lending/

Pic: The Stables

DOES YOUR SPENDING AFFECT YOUR HOME LOAN?

It has never been easier for your bank to see how much you are spending. Data mining by financial institutions provides high visibility of your spending. Each time you 'Tap & Go', you show your spending patterns that banks will assess when you lodge a home loan application to determine if you are a good or bad credit risk. We can show you what spending to be aware of in the lead up to making an application.

Start getting your ducks in a row early. It’s far easier to apply for a loan with the right spending history than it is to justify a bad one. Ideally, you want to show the bank at least three months’ worth of good spending habits to prove that you’re financially responsible.

We recommend that people come and see us as soon as they start thinking about applying for a loan. Often, we can find simple ways to cut back. Just bringing your lunch from home instead of buying it each day can save you $50 a week and give you an extra $200 per month to repay your loan.

We can also give you some advice around savings. For some people, paying off a personal loan or credit card might be the best approach. For others, stashing that money into the savings account for a larger deposit is a smarter strategy. We take a tailored approach to each client’s unique situation to help them reach their goals.

Read more: https://www.smh.com.au/money/banking/how-big-data-shapes-your-ability-to-get-a-loan-20210628-p5850k.html?btis

Visit our website https://www.mentor1.com.au/lending/ or contact our team at [email protected] or 1300 765 811.

Pic: Amazon

WHY SHOULD YOU USE MENTOR1 LENDING?

- We provide real choice, looking to find you the right deal.
- We work with multiple lenders, keeping the competition alive
- We may negotiate a better outcome
- We help at a time and place that suits you
- We do the legwork for you

We can answer your questions and look at your circumstances to make sure your home loans are in the best position. We do this type of work every day, so we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call on 1300 765 811 or email us at [email protected]

Pic: ArchDigest

The Reserve Bank held rates at 0.10% at its board meeting today. Rates are at a record low and lenders continue to offer very competitive rates.

All eyes will be on the minutes of the meeting to see if there has been any softening on the RBA's stance that rates would not increase until 2024. Since their June meeting there has been more positive economic information, including falling unemployment, despite the removal of job keeper, and an increase in business investment. The Bank will also be taking into account data that shows lending for investment property continues to gain pace.

We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call on 1300 765 811 or email us at [email protected]

Pic: Pinterest

The RBA met today and as predicted by most economic experts left the cash rate at 0.10%.

The RBA has previously stated that it does not expect rates to increase until it sees sustained wage growth and inflation returning to within its target range of 2-3%.

Rates are at a record low and lenders continue to offer very competitive rates.

We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call on 1300 765 811 or email us at [email protected]

Pic: 1Decks

Good luck to the North Sydney Bears in their 2021 season!

We look forward to getting the best deal for your home loan and giving back to a great club.

Send us a message, give us a call on 1300 765 811 or visit our website: www.mentor1.com.au/lending

𝗔 𝗚𝗥𝗘𝗔𝗧 𝗢𝗙𝗙𝗘𝗥 𝗙𝗥𝗢𝗠 𝗢𝗨𝗥 𝗡𝗘𝗪 𝗦𝗣𝗢𝗡𝗦𝗢𝗥!

Our new Partner MENTOR1 LENDING is able to obtain some great interest rates at the moment as all the banks are looking to grow market share and competition is hot.

Mentor1 Lending is offering a great deal for the Bears too. Refinance your home loan or take out a new loan through Mentor1 Lending and they will 𝗴𝗶𝘃𝗲 $𝟭,𝟬𝟬𝟬 𝗰𝗮𝘀𝗵 𝗯𝗮𝗰𝗸 𝘁𝗼 𝘁𝗵𝗲 𝗰𝗹𝘂𝗯. That’s a win/win! You get a better interest rate and we get much needed funds to help with our development programs.

Contact Mentor1 Lending today.

1300 765 811
www.mentor1.com.au

INTEREST RATES AT 1.84%
We are seeing record low interest rates, with fixed interest rates at 1.84%. Let us have a look at your home loan to ensure you’re getting the best deal. We could help you:
1. Pay off debt faster
2. Reduce your monthly repayments
3. Release equity to achieve your financial goals
4. Buy property
5. Increase your savings
6. Grow your superannuation

Give us a call on 1300 765 811 or visit our website: www.mentor1.com.au/lending

Pic: Pinterest

MENTOR1 is a proud sponsor of the North Sydney Bears in 2021. We wish all the teams the best of luck in their upcoming season!

RBA HOLDS INTEREST RATE AT 0.10%

The RBA met today, leaving the cash rate at 0.10%, in line with their previous guidance that they expected rates to remain unchanged for some time.

Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call on 1300 765 811 or visit our website: https://www.mentor1.com.au/lending

Pic: Pinterest

Parents are racing to help children onto property ladder

Rapidly increasing house prices and the fear of missing out is driving up the demand for guarantor home loans and help from the bank of mum and dad.

Interest in guarantor home loans, which enable first home buyers to avoid paying lenders mortgage insurance (LMI) when buying with less than a 20% deposit, has been climbing.

Read more: https://www.domain.com.au/news/demand-for-guarantor-home-loans-on-the-rise-as-parents-race-to-help-children-onto-the-property-ladders-1029282/

We can help first home buys and their parents assess their options for guarantor loans. Call us on 1300 765 811 or visit our website: https://www.mentor1.com.au/lending/

Pic: Urban List

Can you buy a home without a deposit?

The short answer is yes, but it is not easy. Saving a deposit is often the hardest step for aspiring homeowners, as it is typically 20% of the property's value (easily reaching six figures with Sydney's prices).

There are several ways to secure a home loan without a deposit:

1. Using a guarantor for your loan, such as parents

2. Utilise various government grants

3. Access equity on existing property

4. Recieve a huge financial gift

Read more: https://www.yourmortgage.com.au/mortgage-news/can-you-buy-a-home-without-a-deposit/275220/

Our team are available to answer any questions you have about buying your first home. Contact us on 1300 765 811 or visit our website: https://www.mentor1.com.au/lending/

Pic: Becki Owens

Is now the time to buy?

Positive sentiment among those in the property market has reached an all-time high. The rise in positive sentiment was reported across all states and territories, with 72% of those looking to buy noting that stimulus measures have made buying or investing more attractive to them. Combined with the current record-low interest rates, investing in a property is becoming an attractive option.

Contact us on 1300 765 811 or visit our website: https://www.mentor1.com.au/lending

Pic: Caitlin Marie Designs

Today the RBA met for the first time in 2021 and have decided to leave the cash rate unchanged at 0.10%.

Our central bank will have been encouraged by recent better than expected unemployment and CPI numbers. It will also be keeping a close eye on rising house prices, lending growth, the continued impact of COVID-19 on our major trading partners, the Australian dollar and its effect on exporters and the looming reduction to government support packages.

Rates are at a record low and lenders continue to offer very competitive rates. We can answer your questions and look at your circumstances to make sure you're prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because we do this type of work every day, we have a pretty good idea what lenders can do to win or keep your business.

We're here to help if you have any questions. Please don't hesitate to give us a call.

Contact us on 1300 765 811 or visit: https://www.mentor1.com.au/lending/

Pic: Elle Decor

Perks of a Pre-Approval
A pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of a home, but hasn't proceeded to a full or final approval. Some of the benefits are:

1. Move you one step closer to home ownership.
2. Learn the home loan amount you may be able to afford.
3. Provide confidence in your ability to obtain financing.
4. Demonstrate your creditworthiness to the seller for the purchase amount.
5. Reduce timelines and improves our ability to close your loan fast.

Visit our website https://www.mentor1.com.au/lending/ for more information.

Pic: Pinterest

WHAT IS A REVERT RATE?
A revert rate is the varibale rate borrowers are charged once the fixed rate perios ends, and more importantly, it tends to be a much higher rate.

With fixed rates currently significantly lower than variable rates, it is an appealing time for borrowers to lock in a rate for the next few years. However, borrowers are being urged to watch out for the revert rate detail.

Read more: https://mozo.com.au/home-loans/articles/borrowers-urged-to-avoid-costly-fixed-home-loan-revert-rate-trap

Contact us at [email protected] or visit: https://www.mentor1.com.au/lending/

Pic: Pinterest

Our team will be hosting a Property Investor Seminar on Tuesday 1st December 2020 for those interested in accelerating the growth of their property portfolio.

We will be hearing from experts within the Mentor1 Group.

The seminar will be held at Dee Why RSL from 6.30PM.

Spots are limited. Don't miss out.

Register: https://www.mentor1.com.au/event/property-investor-night-1-12-20/

WHY DIDN'T THE HOUSING MARKET CRASH?
2020 has been a devastating year for many businesses and households and Australia is now in its first recession in 28 years. Despite a small dip, housing values are on the rise again.

One reason is LOW COST DEBT. In a bid to stimulate economic activity, the reduced cash rate has lowered bank funding costs, leading to record low mortgage rates.

It is not uncommon for housing markets to increase in value during negative economic shocks, or periods of rising unemployment. This is because the monetary response to rising unemployment and falling consumption, is often to lower the price of debt. Those that still have a secure income during these shocks may be more inclined to borrow and buy as a result.

Read more: https://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/118031-why-didn-t-the-housing-market-crash-corelogic.html

We are here to answer your questions about the housing market and the future changes that could impact you. Contact us [email protected] or visit our website: https://www.mentor1.com.au/lending/

Pic: Pinterest

The Illawarra has been the best performing regional housing market in New South Wales over the last 12 months.

'Commutable’ regional areas within a reasonable travel distance to the major metropolitan centres have seen extraordinary increases in demand. House sales volumes increased by double digits across the mid north coast, Illawarra and the Hunter Valley

Read more: https://www.propertyobserver.com.au/forward-planning/investment-strategy/market-trends/117943-regional-new-south-wales-email-sent-to-cl.html

Pic: Illawarra Mercury

The Property Investor Seminar has limited spots left.

Don't miss this opportunity to accelerate the growth of your property portfolio.

Held on Tuesday 1st December 2020 at Dee Why RSL.

Register: https://www.mentor1.com.au/event/property-investor-night-1-12-20/

Pic: Elle Decor