Good morning and Happy Wednesday,
I hope you all had a lovely long weekend, I am sure that many of you like me missed the ‘non quarantine’ dawn service this year. It certainly did seem strange standing on the balcony watching the sun rise listening to the last post.
The last week or so, I know has been mental for my accounting colleagues. With not enough hours in the day to get the job keeper up and running with a crazy deadline looming, only to have Scotty and Frydo admit they might have made a mistake and push out an extension. It seems a little bit like a bad keystone cops routine, though in their favour they have admitted they were wrong. Which as we all know is very unlike government.
News of the last week seems to be very obvious, with articles on Scotty and the boys from marketing, on their soap boxes telling banks to hurry up with their processing times. How broker workloads have increased, housing stock dropping by 40%, an impending recession and then throw in Job Keeper. Wow we are really living a dream and it’s not a great one.
In all of this there are positives. With the quarantine looking to be eased in the coming weeks, schools going back soon and relation of rules around going out, public gatherings up to ten people. Lets hope that this trend continues.
Many of the cash back refinance offers have nearly come to an end, However a new player emerged here over the weekend. Virgin Money coming out and offering a $2k cash back deal for Owner Occupied P&I refinances over $300k and under 90% LVR. These guys are super quick right now too with a 48 hour turn around. Variable rates are not amazing 3.37% up to $499k and less than 90% LVR, they do have some pretty sharp fixed from 2.29% 2yr and 2.35% 3 year fixed
Adelaide Bank likewise are pretty sharp with their 2.73% variable loan with zero application fee and offset again owner occupied under 90% and P&I. They can also get things done quickly.
I hope your week is fruitful and you find enough time to get everything done.
To all of those who served, thank you for your service.
JC
Scenarios and interest rates quoted above are suggestions and constitute general advice only.
Justin
Comments