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5 Ways to Make Moving House Less Stressful

Fridges that don't fit through doorways, precariously narrow hallways and third floor apartments are just some of the things that can make moving house a nightmare.   Congratulations! You've just secured your dream home. Now the fun begins - moving time! Here are our top five tips to guarantee less mess, less stress, and ultimately, more moving success. Make a moving list/ budget A moving budget doesn’t just help manage the cost of moving, it can also act as a checklist to make … [Read more...]

5 Common Credit Card Traps

Let face it, most of us like to spend money. Science shows us that often when we go shopping our bodies start producing greater amounts of the feel-good neurotransmitter dopamine. Credit card providers know this all too well and have plenty of tricks up their sleeve to encourage us to to load up that credit card. Here's some of their most common traps.   1. Points and bonuses Sometimes people end up spending a lot more on their credit cards than they would otherwise, simply … [Read more...]

What the 2019 federal budget means for your family’s finances

Despite the 2019-20 budget being a series of election promises rather than a set-in-stone budget, here's how it could affect your family's monthly budget. Middle-income tax relief Middle-income workers earning between $48,001 and $90,000 could receive immediate tax savings of up to $1,080 for a single or $2,160 for a dual-income family as early as July 1. Workers who earn $90,001 to $126,000 don't miss out on the action, either. However the more you earn over $90,000 the less you'll … [Read more...]

Building a House? Here’s what you need to look for in the build contract.

Congratulations! You’re thinking about building a house! Building the house of your dreams is a very exciting time, but it can also be extremely stressful. There are so many details to get your head around and about 1,000 ways you can get yourself into financial trouble (or end up with a home you don’t want). We’ve helped countless clients finance the home of their dreams and whilst you’re probably some way off reviewing building contracts, here’s a few things we suggest you keep in mind … [Read more...]

MMO in the Media: Canberra Weekly Edition 14 March 2019

Thanks to the Canberra Weekly team for sharing our story.   You can read the full article here.    … [Read more...]

Comprehensive Credit Reporting: What is it?

Many of us pay our bills on time to avoid late fees and a bad credit rating. But there's been a big change recently which means you can now be rewarded for making timely repayments. Towards the end of 2018, ANZ, NAB, Westpac and CBA all agreed to commence Comprehensive Credit Reporting (CCR). It's something that has been around since the middle of last year, but has taken a while for the larger lenders to get onboard. CCR is seen as a more “positive” reporting system than the … [Read more...]

MMO in the Media: Canberra CityNews 7 March 2019

Thanks to the team at City News for featuring our story.   You can read the full article here.      … [Read more...]

5 Ways to Improve your Home Without Increasing Loan Repayments

Not ready to upgrade your home, but keen to give it a bit of a makeover? Or maybe you’re thinking of upgrading later this year and keen to do a few things now that could help to make your house more saleable come Spring time. Here are five easy ways to improve the look and feel of your home, without increasing your loan repayments.   1. Gardening and landscaping It's time to get those hands dirty. One of the fastest ways to instantly increase the 'wow' factor of your … [Read more...]

Help us help you.

Higher interest rates, increased fees, less flexibility and fewer options. That's how borrowers could lose out if the banking Royal Commission's recommendations around how mortgage brokers are paid are implemented. By now you've seen in the news that the banking Royal Commission recently recommended that the cost of using a mortgage broker should be transferred from the banks to the customers. Now, first things first: We're here to help and will continue to act with your best interests … [Read more...]

Lack of transparency around bank-offered rate discounts is costing borrowers money

There's so much information available online these days about the latest home loan offers, interest rates or special deals. Which is great for borrowers, because it means we're all more educated and informed than ever before. This in turn allows us to make better financial decisions. BUT... only if the information we're looking at is telling us the whole story.... The Australian Competition and Consumer Commission (ACCC) released their 'Residential Mortgage Price Inquiry'  Report late last … [Read more...]

Are you thinking of switching to a fixed rate home loan? – Feb 2019

Anyone thinking about locking into a fixed rate loan will generally spend a little time considering the future movement of interest rates. Below we share some tools that can provide insight into what interest rates are expected to do over the short-medium term. We're currently looking at what these tools may be indicating and share the results below, as at 20 Feb 2019.   Cash Rate Futures Yield Curve The Cash Rate Futures Yield Curve shows how the market expects  interest rates … [Read more...]

APRA removes Interest-Only restrictions

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...]

Increasing numbers of borrowers are turning to mortgage brokers

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...]

Is your Interest-Only loan term about to end?

It's the end of the road for 900,000 borrowers on Interest-Only loans, as they'll automatically switch to Principal and Interest loans this year. If you have one of these loans, now's the time to find out what your options are. At the height of the property boom back in 2014-15, around 900,000 Interest-Only loans were taken out, according to an article published recently by the Australian Financial Review. Many of these loans are fast approaching the end of their 5 year Interest Only … [Read more...]

New Year, New You?

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...]

1 in 3 people know there are better deals out there, but still don’t take action

The latest Deloitte Access Economics' latest report makes for pretty interesting reading. It turns out the average Australian has a, “wide-ranging hesitancy to make any sort of change” when it comes to their mortgages and other financial products. In fact, a reported 41% of Australians with a mortgage don't check for interest rate changes because they either have no interest, don't know what the RBA cash rate is, or don't see its relevance. Does it surprise you that educated borrowers … [Read more...]

Download your 2018/19 Canberra Land Values & Property Prices Report (Nov, 2018)

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Canberra Housing Prices

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If you want your loan approved, here are five things to avoid

Due to the banking royal commission and increased lender regulations, it's no secret that lenders are cracking down on home loan applications. Applications that would have been approved in just a few days last year, are now being put under the microscope for much longer periods. To give yourself the best chance of having your loan approved, here's five things you want to avoid.   1. No proof of genuine savings Lenders use the term ‘genuine savings’ to describe funds you've saved … [Read more...]

What does “loan serviceability” mean? How is it calculated?

If you already have a home loan, or have started to think about getting one, you've probably heard the term "loan serviceability." Serviceability is one of the key things a lender will assess before they approve a loan, but what is it? And how is it calculated? Here's some insight into how loan serviceability is determined and why your choice of lender can dramatically impact your capacity to service a loan (and therefore secure the funds you need to buy the home you want). When a … [Read more...]

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