The post Bad Tenants and How to Avoid Them appeared first on Blackburne — Mortgage Broking ..read more

Property management fees explained Management Fees The main fee you’ll pay throughout your property’s tenancy is the property management fee. The property management fee is based on amounts received (your property’s rental income) and in Perth this ranges from 7-10%. It’s the most important service you’ll invest in, as it’s this fee that ensures your property is properly cared for before, during and after its tenancy. It covers services such as: collecting and processing of rent and other monies, pursuing late rent and other invoice payments, keeping you informed on relevant matters, liaising ..read more

Interest rates have been consistently rising over the past year with more expected in the foreseeable future. If you have not reviewed your mortgage interest rate and product recently then you need to stop what you are doing right now and make sure you are not paying more than you need to. Here’s why. 2023 – The Year of the Refinance If the first quarter of this year is anything to go by then we are surely in the Year of the Refinance. We’ve been helping a huge number of our clients mitigate rising interest rates by getting them into great products with great rates that come with great savings ..read more

With the festive season fast approaching, the average Australian is expected to spend around $1,200 on presents, food, and related celebratory activities. Historically, huge sums are racked up on credit cards, but spending trends show Buy Now, Pay Later facilities such as Afterpay and Zip Pay growing in popularity. But the question is, do they have an impact in your ability to secure a home loan? The short answer is a resounding “Yes”, they do indeed affect your capacity to borrow, so if a new home loan is on your horizon, it might pay to proceed with caution. How Does Buy, Now Pay Later Work ..read more

Two years ago, we saw a spike in mortgage holders choosing to fix in their home loans as rates plummeted in the wake of the COVID 19 pandemic. Fast forward to now, some borrowers are facing the reality check of what the mortgage market looks like as their fixed terms are expiring and their home loan rates are now significantly higher. How does a Fixed Rate work? A fixed rate loan has a guaranteed interest rate for a specific term and as such is not affected by rate fluctuations. They are usually somewhat more restrictive than a variable rate loan with the capacity to pay more into the loan or ..read more

The inevitable interest rate hikes have hit, translating in a spike in refinance applications as many mortgage holders review their options. Lenders are clamoring to win new business so there is no better time to review your home loan to ensure you are optimizing your home loan products. Mortgage holders often remain in an outdated and less cost-effective home loan product because the thought of refinancing is too overwhelming. It doesn’t have to be when you have an experienced mortgage broker on your team, but apart from that there are some great reasons why now is a great time is to refinanc ..read more

The last quarter has flown by for the Blackburne Mortgage Broking team as goals are continued to be kicked and milestones achieved. Quite a bit has been happening behind the scenes and here is just a snapshot of a few highlights. The Australian Finance Group Awards The team were excited to attend the AFG Awards at the Ritz-Carlton Hotel to celebrate the amazing achievements of mortgage broking businesses and team members who form part of their aggregation group. The Blackburne team were thrilled to support Administration Manager, Megan Kelly’s, nomination of Loan Administrator of the Year. Me ..read more

With the RBA lifting interest rates consistently over the last few months, there has been much conversation about the how, the what and why of these decisions. Many mortgage holders have found the rises a hard pill to swallow as before this year it was well over a decade since rates moved upward. Australians have not flexed their “interest rate rise” muscle for quite some time and many have been feeling the pain as a result. So, to break it all down, here is the RBA cash rate origin story and everything you need to know as you prepare for potential further increases. What is the RBA Cash rate ..read more

Did you know that if you work in the medical profession, you could be eligible for a Medico Home Loan and enjoy benefits that would otherwise not be available to you? Here’s how they work. As those participating in the medical field are generally considered to have both a stable and relatively high income, lenders deem these applicants as being a lower risk than other borrowers. What are the benefits of a Medico Loan? Primarily, Medico Loan applicants can borrow up to 90% of the purchase price of a property without incurring any Lender’s Mortgage Insurance charges. This could potentially save ..read more

For the fifth month in a row the Reserve Bank has lifted interest rates, taking the cash rate to 2.35%. Lenders have been passing on the increase to their customers but at the same time reducing their advertised rates. So, how do you get one of these cheaper rates? Many banks have in recent weeks have announced cuts to their variable rates in tandem with across-the-board rate rises. More than twenty lenders including the majors have slashed variable rates – but there is a catch. Whilst lenders are passing on the RBA increase to their customers; they are at the same time relaxing their rates fo ..read more