Mortgage Experts Blog

< back to blog home

Lending competition returning

Marty McDonald - Thursday, September 09, 2010

Today I am writing about some significant changes to lenders polices (It seems lenders are back and wanting business). Competition is finally returning to the lending market!

As has been widely reported competition has been poor between lenders over the last few years but there finally seems to be some real competition returning to the market. I currently have access to a number of great special offers from major banks as well as regional and non banks which could potentially save you thousands of dollars a year in interest and fees. The other big news is that some of the more overzealous lending policies adopted by lenders during the last few years are being unwound. While still frustratingly difficult to get some credit worthy loans approved it seems the tide has turned and I can envisage it getting a bit easier over the next year. This spring if you are considering buying or know someone who is please keep me in mind and feel free to pass on my details.

Housing market update

My tip is that prices will mostly stay stagnant into the middle of next year. They way I see it is there are currently competing forces that will keep prices in a state of equilibrium. We have very low unemployment and the lack of new supply of dwellings being built is putting upwards pressure on prices. However higher interest rates (although still quite low but likely to rise) and general price rises over the past 18 months means that affordability is at historic lows and this will work to keep a lid on prices.

Of course there will be differences from local market to local market. My view is the lowest end of the market which has seen the biggest overall percentage gains over the last few years may have a pull back in prices of around 5% - 10% while the rest of the market will be mostly stable.

Could you benefit from a no obligation home loan health check?  

If you haven’t looked at your loans in a while or you are fed up with your current lender you may benefit from a “home loan health check” or as I like to call it the “don’t b*tch switch”. I can quickly assess if your current set up is competitive and if switching lenders makes economic sense. You have nothing to lose and a lot to gain. Even just a 0.3% pa difference in interest rate on a $500,000 loan means an extra $1500 a year in your pocket. If you are interested please contact me for a no obligation chat, just click on the link below for contact options. And don’t worry I don’t charge fees at any stage and all personal and financial information you provide me is in complete confidence. 

Regards,

Marty McDonald

About the Author: Marty McDonald is principal of mortgage broker “Mortgage Experts”. Marty specialises in assisting active property investors with loan structuring advice and implementation as well as helping credit worthy borrowers with slightly outside the box income and employment situations. Find Marty on and LinkedIn.

What our clients are saying

    "Marty was fantastic! We swore never to use a broker again after bad experiences with other brokers in the past, and our last loan we negotiated ourselves, however this time we needed a mortgage... " – Blake Millgate
    "It is impossible to exaggerate how highly I rate Mortgage Experts and my experience with Marty McDonald... " – Brendan Arlington
    "Mortgage Experts have provided a fantastic experience in an area that can be complicated and emotional. Marty was always clear and precise and always made time to discuss the matters at hand... " – Brett Parker
    "I was really impressed with Marty's services. He was responsive to emails and calls, considered a range of options, and kept me informed at every stage. He was also very patient... " – Elise Darsow
    "Marty was great to deal with. From initial contact to finding a perfect solution and strategy to our situation to then securing the funding in a tight time frame nothing was too much trouble... " – Nick and Blaise Porter
    "Great service! All the advice I've received in the past has been really helpful. Love the newsletters which keep me updated on developments in the market. Highly recommended! " – Nick Jolly
    "I have used Marty's mortgage brokerage service (Mortgage Experts). He has been professional, resourceful, gone beyond the call of duty in servicing my mortgage. He has been able to... " – Prithvi Moses
    "We’re both really happy to have been able to get this sale across the line and are particularly grateful for you finding us a way to make the finance work! Walking into our new home... " – Sarah Macdonald & Stewart Bovell
    "We found Marty McDonald from Mortgage Experts through a Google search because he had a hugely informative page about family trust loans. Choosing Marty as our broker was a huge blessing... " – Tracey Cools

Our Current Lender Panel

Lex Luther Enterprises Pty Ltd (ABN 58114636949) trading as “Mortgage Experts” is an Authorised Credit Representative (444479) of Martin Warren Thomas McDonald, Australian Credit Licence (391230) under s64(1) of the National Consumer Protection Act 2009.