The Roundup

Happy Monday!

I hope you are all defrosted after the weekends snow, sleet and wind. Today is certainly a much better looking day especially as we wind our way to spring next week!

The week in finance the last week was a little sporadic, with not much happening out there of any consequence. Though with Vic on what one would hope is a downturn in COVID perhaps there is light at the end of the tunnel for them. Lets hope that QLD doesn’t go the same way.

Things are still busy for me with the major issue being able to get the banks to be on time as has been the case for quite a while. Surprisingly though ANZ have really started to pick up pace here. Which is great news for the ANZ clients I have needing to complete their purchases.

On the world front it would seem Mr Trump is still causing waves as the US election hots up. As Mr Trump calls for his America First agenda and seemingly wants to pull back to what could be seen to be a 1930’s style isolationist policy. I think we could see much movement stall in the markets until someone wins that election. Dr Phillip Lowes comments over the last week that seemed to skirt around the impending election, the pandemic and 'extraordinary unlikeliness' of negative interest rates. The Article can be found here.

In Lender news Neobank 86 400 announced that it would introduce tiered rates. Ranging from 80% Loan to value ratio variable owner occupied loans at 2.74 to 70% @ 2.64% and 60% @ 2.59% 86 400 are a new lender available to me. I am yet to use them but they are certainly making waves amongst the other lenders out there, noting that currently there is a $2,000 cashback as well for refinances which goes quite a way to paying for the cost of moving.

Rates haven’t moved a great deal barring some slight movement in the variable side of things. Move Bank (used to be railway credit union) another new lender to my panel have an offset package product at 2.7%

2.59% must be the new black under 80% with no less than 4 lenders out there doing that on a basic product, AMP backing that up with an offset package offering also at 2.59%

The win for a client this week was getting a loan from submitted to approved in 5 days with Qudos bank, another new lender. Qudos used to be Qantas credit union. The client has a great rate at 3yrs fixed at 2.29% no fee’s at all!

Have a smashing week out there, If you need to run a scenario I am always here.

JC

Scenarios and interest rates quoted above are suggestions and constitute general advice only.