Call your bank for a better deal on your home loan

I tested out a theory today.  I called my bank this morning to ask for a better interest rate for my home loan.  I’m on a pretty good rate already (given I am a broker, I should be!).  But I simply just asked the question.  It was that simple.  And the result?  I’ve saved $600 per annum or $50 per …

Are your insurance ducks lined up?

Having adequate insurance cover is one of the most fundamental requirements of being in business. It provides invaluable protection against a range of risk events, reducing financial uncertainty and protecting both your own livelihood and that of your workforce. With that being the case, it’s amazing that the 2016 Vero Insurance Index revealed many business owners were underinsured and didn’t …

Making the most of low interest rates

It’s great news that the recent Reserve Bank Cash Rate Decision has seen banks pass on a reduction to Home Loan Customers. Not all banks passed on the whole amount, but most did. Some are now suggesting there will be another interest rate cut later this year. Maybe in August/September. It isn’t really possible to predict but even at their …

Why Refinance?

How much attention do you pay to your home loan? If you haven’t reviewed it for the past 2 or so years, it is possible you are missing out on some significant opportunities. Here are a few: • There’s the opportunity to save money by improving your interest rate. • The option to fix a rate to achieve repayment certainty. …

How the banks help the ATO….

When it comes to small business, the ATO must love the Big Banks these days. Why? Banks have placed a high level of importance on businesses having their tax affairs in order. If businesses have tax arrears or even an ATO sanctioned repayment arrangement in place, obtaining finance can be tough. Invariably, before approving or continuing funding arrangements, businesses will …

Home loans can be stubborn beasts. Unfortunately, there is no quick and easy way of getting rid of them.  Fortunately however, there are some strategies you can use to reduce your home loan faster.  Here are my suggestions to get your home loan under control and keep it that way; Use 100% offset – This allows the borrower to use …

Should I lock in my interest rate?

I am often asked whether now is a good time to fix (or lock in) Interest rates on loans.  The answer is always the same – it depends on your motivation for fixing! One of the biggest traps a borrower can fall into is to fix their interest rate with the intention of saving money compared to a variable rate.  Whilst it could certainly …

The relationship banker revolving door

One of the biggest frustrations for business banking clients is the regular turnover of relationship managers. Clients invest time and energy explaining their business to their bankers in order to achieve a strong relationship. Rapport and trust is built over time and many meetings. So when a banker moves on, the process of building this relationship must start again. Almost …

What’s your story?

Many years ago, early in my career, I was given the opportunity to write and win my first cash flow deal. The  prospect ran a group of Gymnasiums with a complex structure and an even more complex request for finance. Enthusiastically I absorbed and interpreted all the financial data available to me. I left no stone unturned and prepared a detailed …