Mark O'Brien, Mortgage Broker

06/07/2023

With rising interest rates many people are finding it difficult to rearrange their home loans because their Bank says they can't afford it now. Recently some Banks have introduced a lower servicing hurdle for refinances from another Bank. Conditions apply and you can't be wanting more funds but with the lower rates on offer for 'new business' it is a way for people to at least get some interest rate relief as we manage through these difficult financial times.

If you or any of your friends want to get some relief, let me know and let's see what can be done. Call or message me on 0410 570 218

29/04/2020

All the lenders currently have excellent rates (both fixed and variable) available at the moment. It may be possible to review your loan and get a much better rate. I can be contacted on 0410570218. Please let friends and family know.

27/04/2020

Paying attention to your financial budget is now more important than ever before. I have a fairly comprehensive Buget tool that can assist understand and identify changes to improve your budget.

26/03/2020

There are some very good fixed interest rates being offered by the Banks. Consolidating debt whilst rates are low is a way to manage finances during difficult times. Say safe and well and look after each other.

14/11/2019

I have been sharing this with clients for the past few years.
How to ‘iron out’ the peaks and troughs in your cash flow.
Multiply your monthly home loan payment by 12, add on your annual bills like Car registration, House & Contents Insurance and Council Rates. Divide the total by 12 and make these payments to your Home Loan, when the bill comes in for Rego etc you simply redraw it from your home loan and pay it etc for other bills you have allowed for.
While the money sits in your home loan it is saving you interest.
There are a few variations to this basic way of using your Home Loan as a cash management tool, you can divide by 11 and pay January to November and then ‘skip’ the December payment (can be a little technical but able to be done for all variable rate loans with redraw), thereby not only ironing out peaks and troughs but also enabling you to keep the monthly payment for December for Christmas – who can’t do with some extra funds at Chrissy!

14/08/2019

The Bank's have now made it much it easier for borrowers who wish to consolidate. With rates being cut, now is a good time to consider consolidating home loans, personal loans and credit cards, whilst maintaining a higher repayment on your home Loan. I can be contacted on 0410 570 218

18/07/2019

The Bank's are loosening their grip on lending, making it easier for borrowers. With rates being cut, now is a good time to consider consolidating home loans, personal loans and credit cards, whilst maintaining a higher repayment on your home Loan. I can be contacted on 0410 570 218

26/03/2019

Those of you who read my posts would know I am careful not to be political however following the release of the Royal Commission into Banking report there has been ongoing discussion regarding the payment of Brokers by the Lenders.
What is now clear is that the Liberal Government has agreed to review Broker Remuneration over the next 3 years (should they retain government at the next election) whereas the Labour Opposition has now made it clear that they will implement all findings by the Royal Commission including the cessation of trail payments to Brokers from 1/7/2020 and for a standardised 'upfront' commission of say 1.1% as a proportion of the loan amount. Labour is unclear as to who should pay this 'upfront commission' - the lender or the borrower. The Royal Commission recommends it be the borrower! The Royal Commission also recommends that Banks may have to charge this sum as establishment costs (charge the borrower) where the borrower DOES NOT use a mortgage broker 'to provide a level playing field'.

What does this mean? It means on a $600,000 home the borrower will pay either the Broker or the Lender $6,600, currently in most Loans the borrower DOES NOT pay a Lender establishment fee and in all Loans the borrower DOES NOT pay the Broker a fee (some Brokers do charge a fee but these are in the minority, and the majority of these refund that fee when the borrower proceeds with a loan through that Broker).

The ongoing trail payment is a part of the interest cost on a loan - curiously the Royal Commission (and Labour and Liberal) is silent on making the Lenders reduce rates in acknowledgement of the cessation of this payment.
The overall effects of these changes will be a much higher cost to borrow money for home loans borne by the borrowers and a major reduction to competition in the Home loan marketplace. Some Lenders rely almost entirely on Brokers for their business.

The ONLY beneficiaries from the proposed changes are the major lenders (Big Banks) who will be able to charge high establishment fees (which they cannot charge now).

What the Royal Commission and Labour fail to recognise is that the payments made to Brokers by Lenders is from future profits on the loan the broker introduces to them. This is why the Lenders pay the Brokers and why borrowers should not pay the broker.

If the proposed changes are adopted (as Labour states they will do) thousands of brokers around Australia will be forced to close, thousands of jobs and families affected and the ability of new borrowers entering the market will be delayed as they will have to save at least $6,600 (on a $600K Home Loan) more.

Please visit this website www.brokerbehindyou.com.au
and joib the fight in support of mortgage broking.

Please share this post with your friends and family and urge them to also join the fight.

Don't pay the price of less competition. Sign our petition.

02/10/2018

The Reserve Bank has kept rates on hold today. As we have seen, the Banks can lift rates by themselves. I have great success in negotiating discounts for clients and non-clients - I can be contacted on 0410 570 218