Happy Tuesday!
The fire threat sure isn’t over yet, Though a slight reprieve I am sure is being welcomed across the country. The Banks and all of Australia have certainly made some noise with their support with some incredible donations from right across the world. I just hope that the money donated actually reaches those affected. All of the Majors have released support for victims either by way of cash support and stalling repayments, as have some of the smaller lenders. Hopefully bringing relief to those affected.
If you, your clients or family are affected my thoughts are with you. If you have been affected, then contact your bank directly and speak to them. Make sure that you have your mail re-directed. It is times like these that you can be affected adversely by missing just one payment. That could have ramifications for any borrowing you want or need in the future.
If anyone needs help in this time make sure that contact is made with your bank or feel free to use me as a conduit and I can assist either with contact numbers or get someone from that bank to help you.
One of the things that is going to hit by these fires is our GDP, we are already starting to see prices rising in the supermarkets. Speaking to some of those on the land, some of them have also had to pull crops early to prevent or reduce possible fuel loads.
There is one things for sure once this terrible time is a little behind us. Vehicles will need to be purchased, Booms, Trucks, Cars, Restaurant Equipment the list goes on and on. Not only that there will be hundreds of houses needing to be rebuilt and repaired.
I have access to some of the most competitive financiers in Australia, as well as a few who can and will do things that are not always palatable to mainstream funders.
One of the more exciting home loan products for clients who are constantly chasing best rate is the Auswide Rate Tracker Home Loan. A fully variable BASIC home loan available for borrowing under 90% Loan to Value Ratio.
For example if the RBA cash rate is 1.5% and the margin applied by Auswide Bank is 2.49%, the home loan interest rate would be 3.99%p.a. If the RBA cash rate fell by 0.25% to 1.25% the new home loan interest rate would be 3.74%p.a. Similarly if the RBA cash rate increased, so would the home loan interest rate.
The only exception is if the RBA cash rate falls to 0% or below in the future. Under those circumstances, your customer would continue to only pay the fixed margin. The current interest rate on this home loan is 3.24% as of 13/1/20
I hope you are well doing well and back in the swing this second week in.
I am always here if you need me.
Scenarios quoted above are suggestions and constitute general advice only.
Justin
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