This is now the soundtrack to our lives, we look at graphs of lines heading up and now flattening, we keep track of infection numbers, we wait for restrictions to ease, and we look on in wonder as others flout the “rules”, and world leaders seem to provide more uncertainty than surety.
Although we have been more fortunate here in Australia than other countries around the world, everyone is still feeling the impact.
The banks, who were rebuilding trust and confidence from the general public after the Royal Commission, are again under pressure due to the pandemic. Their lending is down, deferring of loan repayments is increasing, and their profits have dramatically reduced. This of course impacts most of us as we likely have shares in the major banks either directly, or through our superannuation funds.
At Dominion Finance we are seeing the processing times of some banks increasing meaning you can be waiting up to 4 weeks before an assessor looks at the application. They are requiring even more paperwork to understand your financial situation, and some applications that had been pre-approved are now being scrutinised leaving clients in situations where they may not be able to secure finance.
This is now leading more clients to recognising the value of using a mortgage broker for their knowledge and experience. A trusted mentor is invaluable at this time to guide homebuyers through the new requirements.
Finally, as the Reserve Bank has kept the cash rate at its record low, I am aiming to contact my existing clients to discuss their home loan interest rates. Now is the time that everyone should be taking advantage of the low rates and reducing their home loans if possible. I am keen to look at your current financial situation and interest rate and determine if there is an opportunity to save you money. Please feel free to contact me at any time to discuss.
Covid19, Corona Virus, Flatten the Curve, Stay at Home, The Way Out, Unprecedented Times, Download the App, Social Distancing, Keep 1.5m Apart, Work from Home, Road to Recovery.