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The Downside of Automated Loans

Recent Bank Interest Rate Increases

As your chosen Mortgage Broker, we see our role as keeping up to date with market and industry related changes. As such, we will provide you with relevant mortgage information as changes occur.

If you have been tuned in to any mainstream media in the last week or two, no doubt you will have noticed the ‘out of RBA cycle’ interest rate increases already announced by a number of banks.

Those who have not announced any changes to date are expected to do so in the coming weeks although interestingly, nab has just announced that they do not plan to increase their current rates at this time.

As always, please contact your Finance Manager if you wish to discuss your situation in relation to these interest rate changes and any strategies to manage interest rate fluctuations.

 

The Downside of Automated Loans

From time to time, we get people asking us why they shouldn't just apply for a loan online themselves. After all, it’s advertised as being quick and easy, so why do I need to speak with a broker?

Recent events in the media regarding the enormous fine of $35 million dollars that Westpac Banking Corporation has just agreed to pay highlight one of the problems with automated loan assessments. Westpac has admitted responsibility and accepted they have breached their obligations to their customers.

In our busy lives, it often seems like we are rushing to get through each day. This is when it may seem like a good idea to simply plug a few details and numbers online to get a home loan.

In most cases, online home loans miss the point that taking out a new home loan or refinancing an existing home loan, is one of the biggest and most important transactions you will ever make. Getting it right has a positive outcome. Getting it wrong can be incredibly stressful and expensive to rectify.

As such, when speaking with a Home Loan Expert from 'All About You' Financial Solutions, we don't just hand you a laptop and let you fumble your way through screens of data input. We actually listen. Really listen. We ask you about your goals and then, we carefully analyze your financial position before making recommendations about the lender and the product which would suit your needs.

By spending the time and involving you in this process, we are confident that when we recommend a loan to you, it will be the right product, as opposed to a costly and time-consuming mistake.

Getting a home loan is a big deal. It's an important decision. It does require specialist skills and is not simply a data entry exercise.

If you are thinking of applying for a new loan or refinancing your existing loan, speak with us today. We promise that for a small investment of your time we will find the right loan for your individual needs.