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As the table numbers are strictly limited to sixteen (16), I urge you to call Georgie Benham, Corporate Events Executive at Variety Queensland and book your table (or individual seat) as soon as possible on 3907 9300 as bookings will be accepted on a ‘first in, first booked’ basis.

I am very confident that your clients will find the speakers very informative and the information will assist in formulating investment and business strategies!

Click here to view Don Stammer’s Profile.

When articles like the recent one in the Sunday Mail are published (read it here), they remind us in detail what profits the big 4 banks are earning, and what procedures they adopt to earn these profits and keep their shareholders happy, it makes it even more important to ask yourself this question “is my bank looking after my best interests or theirs?”

In many cases, the answer will never be known, because many clients are loyal to their bank and just accept what they have been offered without questioning and researching what they could save if they considered a switch to a better loan product. This may mean even staying with their current home loan provider.

A mortgage broker can provide majority of the answers, because unlike your current lender, a broker can access a very wide range of other lenders and their products, complete a full analysis on which loans would be most suitable for your circumstances and finally recommend the one that should be the most appropriate.

Article – Sunday Mail – 7th October 2012 

The Reserve Bank has reduced the official cash rate by 25 basis points to 3.50% as at 5th June, 2012.

The RBA have made their decision based on a number of key indicators including stagnating global growth levels and falling employment in the US. Manufacturing activity in Chinabarely grew in May and fell to a three year low in Europe.

This is welcoming news for consumers, retailers and particularly for everyone thinking of buying or selling property. Existing borrowers also should consider testing what their current lender is offering, simply because their is so much competition between most of the banks and other lenders. Borrowers should take their time and get proper advice and information regarding which lenders have the most appropriate finance package to meet their particular requirements. A qualified mortgage broker generally has at least 25 to 30 lenders at their disposal to assist customers compare all the products from these lenders.

The official interest rate is now 3.5%, down from 4.25% in early May, and the majority of home loan customers in Australiaare sitting idle on their home loans with a standard variable rate (SVR) somewhere around 7.05% at present. This “average” SVR should reduce in the next few weeks as lenders take their time and pass on what they want to since the recent annoucement by the RBA. If your interest rate is above 6.20% pa variable after rate cuts are passed on, you’re simply paying too much! We have some lenders on our panel with variable interest rates under 6% pa. There are also some great fixed interest rates on offer for those borrowers looking for some stability with their repayments. These fixed rates, from several lenders, are also under 6% pa for terms from 1 to 3 years.

Remember, there are large cost variations between the banks and other lenders in areas such as:-

-          MORTGAGE INSURANCE PREMIUMS

-          MAXIMUM AMOUNT ALLOWED ON LUMP SUM REDUCTIONS AND VARYING TERMS
           BETWEEN LENDERS ON FIXED RATE LOANS PLUS DIFFERENCES IN RATE LOCK FEES

-          COST TO VARY/SWITCH LOANS BETWEEN DIFFERENT PRODUCTS

-          VARIANCES IN ANNUAL PACKAGE FEES

-          VARIANCES IN PROFESSIONAL PACKAGE INTEREST RATE DISCOUNTS RIGHT NOW
           DUE TO DIFFERENCES IN COST OF FUNDS

IF YOU ARE SELF-EMPLOYEDAND HAVE A GOOD CASH FLOW BUSINESS, EVERY BANK WILL BE AGGRESSIVE TO OBTAIN THOSE FUNDS AS THEY ARE ALL CHASING DEPOSITS!!

Click here to contact Cooper Financial Connections today! We can help find you the loan you deserve.

In times to come however, ANZ have clearly indicated that the relationship between the RBA’s cash rate and the banks’ lending rates could be a thing of the past. According to ANZ, retail banking margins have been contracting as the cost of funds has progressively risen over the past 6 months and this has made the relationship between the cash rate and mortgage rates less relevant than they were pre GFC. The significance of the current economic issues in Europe has real consequences for the global economic outlook, and for the Australian economy and for bank funding costs.

All other lenders who have yet to make their decision would be expected to follow suit and pass on the full 25bps. We are still in a very competitive environment and for those who want to compete, they will simply match the rate reduction