Happy New Financial Year ! Dominion Finance Celebrates,
This July we celebrate the 20th anniversary of Dominion Finance. Suzanne and Melita started Dominion Finance in July 2002 after working together at NAB and Bendigo Bank where they both realised, they could offer clients a better service and loan offerings as mortgage brokers. This was a brave step for two women to take the plunge into a small business in the male dominated financial industry, however they had faith in their own capabilities and from listening to their customers they knew people deserved a better home loan experience.
In 2002, banks still had branches in local shopping centres and regions, and there were very few mortgage brokers. Twenty years later, bank branches are a thing of the past and mortgage brokers write 70% of residential home loans. Mortgage brokers are trusted by borrowers, especially with the Best Interest Duty that requires mortgage brokers by law to act in the best interest of their clients. Naturally, as a small business putting the client first is the only way to be successful.
From our dining room tables twenty years ago, we wanted to provide excellent service to our clients and promote women in the finance industry. Dominion Finance now has a staff of nine dedicated and enthusiastic women, Melita, Suzanne, Alicia, Amber, Jamie, Lauren, Leonie, Molly, and our newest member Eskie. Together we have helped thousands of people achieve their home ownership goals.
We celebrate this milestone with sincere thanks to all our clients, many of which are still with us since our beginnings. We couldn’t have done it without you.
At its meeting today, the Board decided to increase the cash rate target by 50 basis points to 1.35 per cent. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.25 per cent.
Global inflation is high. It is being boosted by COVID-related disruptions to supply chains, the war in Ukraine and strong demand which is putting pressure on productive capacity. Monetary policy globally is responding to this higher inflation, although it will be some time yet before inflation returns to target in most countries.
The information provided in this newsletter is general in nature and does not take into account your personal circumstances, needs, objectives or financial situation. This information does not constitute financial advice. Before acting on any information in this newsletter, you should consider its appropriateness in relation to your personal situation.