It can be daunting as a first home buyer starting the journey of home ownership. The best way to demystify the process is to arm yourself with the right information. Here are our tips to get your started to put you in the best position for a stress-free and seamless settlement. Save Hard for Your Deposit Your deposit will be a major factor in determining what you can afford to buy.  The reality is that for many it can take not only months but years to save a reasonable deposit so consider the following: Set a realistic budget and stick to it. Be ruthless when it comes to expenditure. Do ..read more

Now more than ever, Australians are watching their budgets closely as the cost-of-living increases. In a bid to ease the mounting pressure many of their customers are facing, Macquarie Bank are looking at ways to help them, they say, save “thousands over time and ongoing.” Introducing Marketplace A unique feature which has been added to their mobile banking app, the Macquarie Marketplace allows you to purchase and redeem eGift cards at a discount of up to 10% with access to over 50 major retailers. This is available to all clients who hold an account with Macquarie not just home loan customers ..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

There is no denying that cars are a necessity for most people and are viewed as more than a mode of transportation. Much like fashion, they’re often used as a mode of self-expression, can carry significant emotional attachment and can be a symbol of one’s success – whether it be real or manufactured. After all, a young person’s first major rite of passage is securing their driver’s license. But with recent interest rate hikes and the likelihood of more to come there may be a reckoning for some when it comes to the true cost of owning their dream car when it could mean the inability to buy a ho ..read more

A home loan is usually the biggest financial commitment most people will enter into in their lifetime, but it can also prove to be a significant burden to many. From time-to-time unforeseen circumstances may present themselves, impeding a mortgage holder’s ability to make their scheduled repayment. A precarious financial position may arise from health issues, a job loss, a relationship breakdown or other factors, and an unfortunate consequence may be impacts to the capacity to make home loan repayments. What does defaulting on your mortgage mean and how can it be mitigated? What is a mortgage ..read more

In a bid to help new parents with the financial pressures that come along with adding a new addition to a family, NAB have announced an initiative which will potentially ease the burden many face as their family grows. Calling the new programme “game-changing”, NAB have announced they will offer additional support for new parents who are finding making their home loan repayments challenging. The new offer from NAB Assist will see eligible home loan customers on parental leave have the option of up to a 75% reduction on their home loan repayments for six months. This will no doubt be beneficial ..read more

Most people understand that rising interest rates means an increase to a mortgage holder’s cost of living, but what many don’t realise is that it also means that your capacity to borrow decreases. In fact, since interest rates started to rise this year most borrowers can only borrow about 85% of what they could at the start of the year, and this will only decline as further rates rises are announced. Rate predictions for 2023 All four major banks have predicted further rate hikes this coming year. Here is what their economists are saying: CBA – One more 0.25% hike in February Westpac – Three m ..read more

The past year’s interest rate rises along with cost-of-living woes have impacted many mortgage holders, putting more and more people under significant mortgage stress. With little relief on the horizon, the start of a new year is perhaps an opportune time to look at how to alleviate the financial pressures that may be affecting you. What is Mortgage Stress? A generally accepted definition of mortgage stress is when over 30% of a household’s pre-tax income is being spent on mortgage repayments.  Mortgage stress makes it difficult for people to make not only their mortgage repayments but ma ..read more

It has been a big year for the BMB team and we are pleased to say we have entered the home stretch stronger than ever. There has been a bit going on of late and here is what is the latest and greatest. ONE Subiaco Settlements You have probably heard that the increadible ONE Subiaco has reached completion and many residents have already moved in. We were excited to be part of the settlement process for many buyers, assisting some fabulous people in their finance journey. An amazing additon to the Subiaco scene, ONE Subiaco is a phenomenal acheivement for our Blackburne Developments team. But t ..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