A winning approach to customer service

By | Latest News

The worst thing a broker can do at the moment is go into hiding, says the CEO of Smartmove Professional Mortgage Advisors Darren Little. Brokers have been presented with an amazing opportunity to solidify their relationships with clients during the COVID-19 pandemic, he says, explaining that guiding clients through this time could prove cornerstone for a long-lasting and trusted relationship. MPA spoke with Little about the role technology can play in delivering exceptional customer service and how Smartmove won Best Customer Service for the third time in four years at last…

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Are you paying a loyalty tax to your bank?

By | Tips

In a recent article by Charbel Kadib in Mortgage Business titled “Investors bear brunt of Loyalty Tax” According to the Reserve Bank of Australia’s (RBA) latest Lenders Interest Rates data, existing variable rate home loan customers were charged an interest rate over 30 bps higher than new customers over the month of December. Drawing on the research, RBA governor Phillip Lowe encouraged long term mortgage-holders to review their interest rate and refinance to a better deal to capitalise on the competitive dynamic in the market. [1] Looking at the differences found with…

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Is one phone call really all it takes to secure a lower interest rate?

By | Uncategorized

With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal. But when even a small interest rate reduction means potential savings of thousands of dollars, is a simple phone call really enough to get you there? In 2019, ‘your interest rate should have a three in front of it’, is common advice for home owners considering the competitiveness of their loan settings. But while a number of lenders offer lower rates to new customers, it’s not always…

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What to do next if you’re turned down for a home loan.

By | Tips

Why do people get turned down for loans? Bank’s home loan lending rules can change Having your loan turned down by your bank can be a reflection of their current credit policy, which can change based on shifts in market conditions. This means when you may have had no issues getting a home loan from your bank in better economic times, but you might be turned down today because it’s a tougher financial climate. Boxes not being ticked They look for regular income – so being self-employed can be an…

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What is a non-conforming loan?

By | Tips

All the major banks have a standard set of rules they use to decide if a loan application is acceptable, or not. A ‘non-conforming’ home loan is simply a term used for home loans designed for people that don’t fit those rules. Loans like these can also be called ‘specialist’ or ‘alternative’ loans (alt doc). Non-conforming may not be a common term, but you might be surprised how many Australians have been declined for a home loan because they fall into this category, and why. For example, people who are:…

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What is an alt doc home loan and how can it help me?

By | Tips

An alt documentation loan (alt doc) or a low documentation loan (low doc) are mortgages that can be taken out using different sorts of paperwork to the kind needed for a full documentation (full doc) loan. Self-employed borrowers, who can find it difficult to provide standard documentation as proof of their income, often use these sorts of alternative loans. The low down on alt doc loans Once upon a time, a ‘low doc’ loan was just that: a mortgage that could be taken out using less documents to get it….

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Top tips to save a larger home deposit

By | Tips

When you are thinking about your first home, finding out you should be thinking about saving for a 20 per cent deposit can seem really overwhelming. The good news is that for some of the big non-bank lenders like Pepper Money, a minimum deposit required on some products can be as little as five percent of the purchase price of the property, but it’s always a good idea to have a deposit of 20 per cent or more if possible. So let’s look at how to get there. First work…

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