Adam from Vista Financial

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year. Economic conditions in China have steadied, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains below most central banks’ targets, although headline inflation rates have increased recently. Globally, the outlook for inflation is more balanced than it has been for some time. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-30.html Regards Adam

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year, but growth in global industrial production and trade remains subdued. Economic conditions in China have steadied recently, supported by growth in infrastructure and property construction, although medium-term risks to growth remain. Inflation remains below most central banks' targets. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-27.html Regards Adam

Hi all, *UPDATE* Please see below for most recent standout deals from our panel: Owner Occupier Variable Rate - 3.71% (no ongoing fee) Owner Occupier 2 and 3 year Fixed Rates - 3.64% (annual fee of $375) Investment 2 and 3 year Fixed Rates – 3.89% (annual fee of $375) 250,000 Velocity Points or $1,500 cash back with a new owner occupied home loan 3.75% 2 Year Fixed Rate and $1,500 refinance rebate for owner occupied loan (annual fee of $395) (Please note the above are not in conjunction with each other and will be subject to meeting the lenders terms and conditions). Please find below a useful link to a government calculator which can demonstrate potential savings from your current lender by simply inputting a few details. https://www.moneysmart.gov.au/tools-...ing-calculator Regards Adam

A big 4 bank has today announced that it will reduce its loan to value ratios (LVR) for owner occupiers from 97% to 95% for borrowers including capped mortgage insurance (adding the insurance to the loan). This will come into effect as of 22 October 2016. This now means that only 1 of the big 4 banks will lend up to 97% and only under the condition that you are an existing lending customer with that bank. There are only a handful of samller lenders who will now consider a 97% loan. Regards Adam

Hi Libby, Happy to assist where we can. As Mortgage Brokers we do have access to a range of lenders. Feel free to send me a p.m with any queries. Regards Adam

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy is continuing to grow, at a lower than average pace. Labour market conditions in the advanced economies have improved over the past year, but growth in global industrial production and trade remains subdued. Actions by Chinese policymakers have been supporting growth, but the underlying pace of growth in China has been moderating. Inflation remains below most central banks' targets. See full article here: http://www.rba.gov.au/media-releases/2016/mr-16-26.html

HI Stevej, Thanks for the reply. The rates above are standout rates from our panel of lenders and there can be quite a few factors that come into play to determine the rate applicable for any individual circumstance, for example loan size, type etc. I am happy to take a closer look for you if you would like to shoot me a p.m or an email. My email address is in my signature. Thanks. Adam

Hi ScottishMatilda, I have answered your questions below: We have access to a wide range of lenders on our panel and none require a minimum timeframe to be a Permanent Resident when applying for a loan. Banks and Lenders all differ with the criteria they require. Some require 6 months in full time employment others may only require one payslip. It does all depend upon your individual circumstances as to which lender would be best suited. Generally costs involved would be government fees (stamp duty etc.) we also allow around $3,000 to cover other costs prior to settlement such as water rates, council rates and emergency services levy which are generally charged upfront. If purchasing an established property generally allow 5% deposit and 5% to cover fees. If purchasing a new property (never lived in) or building there can be grants that will lower the deposit needed. The grants do vary from State to State. We also have some useful calculators on our website which can help to calculate costs involved and also indicate applicable grants in each state, please see the link below: http://www.vistafs.com.au/main/page_stamp_duty_calculator.html I hope this helps. If you would like us to take a look at your situation please feel free to send me a p.m. or email me directly, my email address is in my signature. Regards Adam

Hi All *UPDATE* 1. 3.64% 2 and 3 Year Fixed Rate for eligible Owner Occupied Loans 2. No Lenders Mortgage Insurance up to 85% for eligible borrowers (Please note the above are not in conjunction with each other and will be subject to meeting the lenders terms and conditions). Regards Adam

As many experts predicted, board members have opted to hold the official cash rate at its record low of 1.50 per cent. In a unanimous result, all 38 economists and experts in the finder.com.au Reserve Bank survey tipped this outcome. Many of the experts cited soft inflation and a stubborn Australian dollar as the reason the RBA chose to hold the rate, explaining that the bank remains in ‘wait and see’ mode. Australian Associated Press chief economist Garry Shilson-Josling explained: “The RBA prefers to link its cash rate moves to quarterly CPI releases and the next is not until late October.” Many of the experts also believe that if the RBA is to make another cut this year, it will most likely be in later months. Raine & Horne executive chairman Angus Raine commented: “This time of year, it will probably drop before Christmas.” CoreLogic head of research Tim Lawless echoed this sentiment, adding that a November cut is likely particularly if inflation numbers remain low. “If inflation was, say, 1.0 per cent year-on-year, that’s a pretty good reason for another rate cut,” he told The Adviser. Mr Lawless also highlighted that the RBA’s rate cuts so far this year are not reducing the Australian dollar as hoped.“To reduce the Aussie dollar, we’re going to need to start seeing the US rates starting to rise. There’s a lot more talk about that now which may take some pressure off the RBA to cut rates,” Mr Lawless commented. “It’s a very fine line they’re walking at the moment: trying to stimulate the economy without overstimulating the housing market,” he added. “We’re already seeing interest rates creating a demand, so there is some risk that lower rates will continue to add some further fuel to the fire in Sydney and Melbourne, though I think other markets like Perth, Darwin and Brisbane could probably benefit from lower interest rates,” he said

Hi Davidtiffen, it does generally depend on your visa type as to whether you would be eligible for a home loan. For example a 457 visa is generally an eligible visa however as a 457 visa holder is not classed as a Permanent Resident they would need to seek approval from the Foreign Investment Review Board (FIRB) which does incur a minimum application fee of $5,000 depending on the purchase price of the property. I have attached a link for more info on this below https://firb.gov.au/resources/guidance/gn02/ Please also note in Victoria there is an additional duty rate for Foreign Purchasers of Property which is calculated at 7% of the purchase price. The link below gives more info on this. http://www.sro.vic.gov.au/foreignpurchaser Hope this helps. Regards Adam

What is it? Basically refinancing is taking your existing mortgage to another bank or lender. Why do it? People have varying reasons for refinancing although the main one seems to be to get a better deal. Others are simply unhappy with their current bank. How much could I save? Let’s use a loan of $400,000 as an example with 25 years remaining. If the current interest rate was 4.5% your monthly repayments would be approximately $2,223. If this loan was refinanced to another lender with a rate of 3.75% (which is currently available) the monthly repayment would be approximately $2,057. That is a difference of $166 per month or $1,992 per year. Keep in mind also that extra $1,992 per year is making profit for your current lender. How do I refinance? Speaking to a broker would be a good first step. They can let you know if your current rate is competitive and if it will be worth refinancing. The best thing about it is a broker will usually not charge you a fee as the bank will pay the broker for their work. If refinancing looks to be a good option then the broker will do all the leg work. You will just need to provide the documents to the broker that the bank request (payslips, bank statements etc). Many lenders offer ‘Refinance Rebates’ where you could be reimbursed for your refinance costs. Generally we allow between $750 - $1,000 for refinance costs. Currently there are lenders offering rebates of $1,250 so this should more than cover any cost involved. We regularly perform ‘Mortgage Check Up’s’ for our clients and are happy to extend this offer to Poms in Oz members.

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016. The global economy is continuing to grow, at a lower than average pace. Several advanced economies have recorded improved conditions over the past year, but conditions have become more difficult for a number of emerging market economies. Actions by Chinese policymakers are supporting the near-term growth outlook, but the underlying pace of China's growth appears to be moderating. Commodity prices are above recent lows, but this follows very substantial declines over the past couple of years. Australia's terms of trade remain much lower than they had been in recent years. Financial markets have continued to function effectively. Funding costs for high-quality borrowers remain low and, globally, monetary policy remains remarkably accommodative. In Australia, recent data suggest that overall growth is continuing at a moderate pace, despite a very large decline in business investment. Other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend. Labour market indicators continue to be somewhat mixed, but are consistent with a modest pace of expansion in employment in the near term. Recent data confirm that inflation remains quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time. Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 is helping the traded sector. Financial institutions are in a position to lend for worthwhile purposes. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this. Supervisory measures have strengthened lending standards in the housing market. Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. The most recent information suggests that dwelling prices have been rising only moderately over the course of this year, with considerable supply of apartments scheduled to come on stream over the next couple of years, particularly in the eastern capital cities. Growth in lending for housing purposes has slowed a little this year. All this suggests that the likelihood of lower interest rates exacerbating risks in the housing market has diminished. Taking all these considerations into account, the Board judged that prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting.

Hi Brian, I work with Andy at Vista dealing with Home Loans. He is away on holiday at the moment but will repond to you on his return next week. Thanks Adam

Hi Stephanie, I work with Andrew at Vista dealing with Home Loans. Andrew is currently away on holiday but this is something he will definitely be able to assist with. He returns next week and will post a reply to you on his return. Thanks. Adam