Listen To Clinton’s Interview With The Real Estate Podcast

Household Income Homebuyers Surged to $220,000 – Clinton’s interview on Home Affordability!

Listen to episode #928 of @therealestatepodcast where Clint is interviewed by the shows host Craig. In this short 15 minute podcast Clint provides his expert insights on home affordability, interest rate forecasts, the surge in household homebuyer incomes, and the dynamics of sharing property ownership.

Should You Be Loyal To Your Bank?

When it comes to your money, especially a significant commitment like a mortgage, loyalty to your bank might seem like a good idea. Many homeowners tend to stick with their original lender out of familiarity, a sense of loyalty or sometimes because they think it’s too hard to change. However, the mortgage landscape is constantly evolving, regardless if interest rates are increasing, decreasing or going sideways and sticking with your bank probably isn’t always in your best interest – not that they will tell you this…

Is maintaining allegiance to your bank when you have a mortgage crucial? Or does prudently exploring better deals that align with your interests make more financial sense?

The myth of loyalty

The notion of loyalty to your bank is deeply ingrained in many individuals. Often, people associate familiarity and a long-standing relationship with their bank as a form of security. However, while loyalty may have its merits in certain aspects of life, it might not always pay dividends in the realm of your home loan and your hard-earned dollars.

New to bank = a better deal

You would think that being loyal means you should get a better rate or a discount like you do with your insurance company, but this is often not the case. While you might get a slight improvement by haggling with your old bank the overall system is hugely hungry for ‘book growth’, meaning banks and lenders will usually trip over themselves to get new customers in the door and rely on their ‘loyal’ customers to stay put at higher rates – it’s just the way the system often works. Even when you get your current bank to tweak your rate, there will come the point when the ‘computer says no’ because the return on their loan isn’t worth it anymore for a host of technical reasons – you might think you got a better deal, but did you?

You don’t know what you don’t know

Mortgage rates fluctuate regularly. What might have been a competitive rate when you initially secured your mortgage a few years back could now pale in comparison to newer, more favourable deals available in the market. By limiting yourself to one lender, you could potentially miss out on a better interest rate or more favourable terms offered by other banks and lenders.

Why reviewing your mortgage regularly is crucial

One of the keys to ensuring you’re not missing out on a better deal is to review your mortgage at least every one to two years. This proactive approach allows you to assess if your current loan still aligns with your financial goals and if there are better options available. You are probably unsurprised that banks don’t prioritise this process, and they are not obliged to always act in your best interest – licensed mortgage brokers are, however! This means you may be unaware of a better rate available from your current lender or someone else in the market.

This is where the expert mortgage brokers at AXTON Finance can help save you a lot of time and money. AXTON Finance is committed to empowering homeowners by regularly reviewing their loans with automated repricing tools that needle your bank or lender to ensure you get the best rate for your scenario. After all, if we are not doing this on your behalf, we are certain you will and that you may leave us! One of our primary goals is to create a long-term relationship with you as your trusted mortgage broker. We do not treat you as a once-off transaction!

Our efficient digital systems ensure that your mortgage is reviewed at least annually, ensuring that you are getting the best possible rate and terms that suit your needs.

Why AXTON Finance are Melbourne’s leading Mortgage Brokers

Unlike dealing directly with banks and online lenders, AXTON Finance is dedicated to working in your best interest. Our team of experienced mortgage brokers navigates the complex mortgage market on your behalf, identifying tailored structures and negotiating to secure lower interest rates and favourable terms.

We provide you with personalised attention, ensuring that your financial goals are understood and catered to effectively.

We build relationships – not transactions

While bank loyalty may have been a thing when 20th-century bank managers had authority, it’s now essential to recognise that in modern home and investment loans, blind loyalty to your bank might only sometimes serve your best interests. Regularly reviewing your mortgage and exploring better deals is indeed a smart financial move but getting experienced advice from the leading mortgage brokers at AXTON Finance will help ensure your best interests and not the banks are being served!

We know that your mortgage is not just a set-and-forget transaction but an evolving instrument that adapts to your changing financial needs. Don’t wait for your bank to offer you the best deal; take control of your financial future today. Contact AXTON Finance, Melbourne’s trusted mortgage brokers, and experience our personalised service, efficient systems, and dedicated team, who can help you secure a better mortgage approval.

Five Reasons To Refinance Your Home Loan

With interest rates set to continue to increase in early 2023 it has been in the news everywhere that you should be looking at ways to save money in your daily budget and one of the biggest savings that can often be had will be looking at your current mortgage rate. While you should always call and haggle with your current lender we often see customers paralyse themselves with choice and end up comparing apples with cantaloupes which can end up with a borrower making a poor decision.

Take a look at these five reasons to refinance your home loan and reach out to us to discuss your options or book a free mortgage review meeting with one of our professional team online here – most meetings usually takes only 15 minutes to provide you with some tailored advice.

Five reasons to consider refinancing your home loan;

  1. Lower Interest Rates: Of course one of the main reasons to refinance your home loan is to take advantage of lower interest rates. If interest rates have dropped since you first obtained your mortgage, refinancing to a lower rate can result in significant savings on your monthly payments and overall interest paid on the loan.
  2. Cash Back Offers: Many banks and lenders in Australia are currently offering cash-back incentives for refinancing your mortgage. These cash back offers can be significant up to $5,000 and can provide a welcome injection that can be used to pay off high-interest debt, make home improvements or even to go on a well-deserved holiday. It’s important to check with different lenders to compare the cash-back offers and weigh them against the potential savings of refinancing.
  3. Consolidate Debt: Refinancing can also be used to consolidate high-interest debt such as credit card balances or personal loans. By rolling these debts into your mortgage, you can often lower your interest rate and simplify your monthly payments. There are some catches with doing this which can extend the total cost of your lending structure so it pays to get some professional advice before you do this.
  4. Switching to a Different Type of Loan: There are many different types of home loans available in Australia, such as fixed-rate, variable-rate, and interest-only mortgages. Refinancing allows you to switch to a different type of loan that may better suit your current financial situation or goals.
  5. Accessing Equity: Finally, refinancing can also be used to access the equity in your home. This can be done by either increasing the size of your mortgage or by taking out a separate home equity loan or line of credit. This can provide you with the funds you need for home renovations, investments, education fees, or other expenses.

It’s important to note that refinancing a home loan is a big decision and should not be taken lightly. It’s important to consider the costs associated with refinancing, such as application fees, legal fees, and lender’s mortgage insurance, and weigh them against the potential savings. It’s also important to shop around and compare rates, cash back offers and fees from different lenders before making a decision.

Why not book a time with one of the experienced team at AXTON Finance today – you have nothing to lose other than maybe years off your mortgage.

Book an online meeting here with one of our professional brokers.