Archives for January 2019

On 1 January 2019, Australian Prudential Regulation Authority (APRA) removed its restrictions on Interest-Only residential mortgage lending. The restrictions were put in place as a temporary measure back in March 2017, to reduce the level of Interest-Only lending and improve the quality of lender's mortgage portfolios.   So why have the Interest Only restrictions been removed now? APRA announced the move late in 2018, just weeks after CoreLogic figures showed Australia's housing … [Read more...]

Property buyers are turning to mortgage brokers in record numbers, which is good news for both of us. We know we're beating our own drum a little bit here, but please bear with us. In a time when the royal commission is dominating headlines and consumer confidence in the big banks is tanking, the mortgage broking industry as a whole is proving worthy of people's trust. During the September 2018 quarter, mortgage brokers settled an unprecedented 59.1% of all residential home … [Read more...]

Each year so many of us make New Year's resolutions that focus on our health and wellbeing. But what about making resolutions to improve your finances? Here are four ways to save money in 2019.   #1: Cut back on credit card purchases According to ASIC, the average card holder is paying around $700 in interest per year (on the assumption their credit card interest rate is between 15 and 20%.) Surely you could find better ways to spend $700! A year’s worth of home and … [Read more...]