MyMoneyFinance

MyMoneyFinance A Mortgage & Finance Broking Service with a "Can Do' attitude We seek to work with like minded professionals finding solutions for their clients.

My Money Finance is New Age Mortgage & Finance broking services that works for YOU anot the Banks or other providers. We are independently owned and staffed by professionals that are trained to a professional standard, ie Law, Business or Financial Advice.

09/04/2012

Reserve Bank'summary on last week's decision to hold Interest Rates at their current levels-:

The Board eased monetary policy late in 2011. Since then, its judgement has been that, with growth expected to be close to trend, inflation close to target and lending rates close to average, the setting of monetary policy was appropriate. The Board's view was also that, were demand conditions to weaken materially, the inflation outlook would provide scope for easier monetary policy. At today's meeting, the Board judged the pace of output growth to be somewhat lower than earlier estimated, but also thought it prudent to see forthcoming key data on prices to reassess its outlook for inflation, before considering a further step to ease monetary policy.

For further information go to:

http://www.rba.gov.au/media-releases/2012/mr-12-09.html

With compliments

www.mymoneyfinance.com.au

Recent information is consistent with the expectation that the world economy will grow at a below-trend pace this year, but does not suggest that a deep downturn is occurring. Several countries in Europe will record very weak outcomes, but the US economy is continuing a moderate expansion. Growth...

23/03/2012

Keep an eye out..........Was warned by a major lender that 1.2 & 3 Year fixed rates are on the move northwards.......If you have Loan Applications in or about to be put in ...Ask your Broker about invoking the 'Rate Lock' options, it may save you money in the short term.....If you want to know more about 'Rate Locking'come and speak with us at:

www.mymoneyfinance.com.au

'Keeping your Lending On Track'

06/03/2012

The Reserve Bank decided to hold rate again this month at 4.25%......The Commentary included:_

Interest rates for borrowers have generally risen slightly since the Board's previous meeting, but remain close to their medium-term average. Credit growth remains modest. Housing prices have shown some sign of stabilising recently, after having declined for most of 2011, but generally the housing market remains soft. The exchange rate has risen over recent months, even though the terms of trade have declined.

For the full Media Release

http://www.rba.gov.au/media-releases/2012/mr-12-04.html

Rememeber for all you Home Loan needs & Personal Lon needs come and see us at MyMoneyFinance.com.au

Recent information is consistent with the expectation that the world economy will grow at a below-trend pace this year, but does not suggest that a deep downturn is occurring. Several European countries will record very weak outcomes, but the US economy is continuing a moderate expansion. Growth ...

07/02/2012

The RBA did not ease the Interest Rates today and had this comment to the market:-

"At today's meeting, the Board noted that interest rates for borrowers have declined to be close to their medium-term average, as a result of the actions at the Board's previous two meetings. With growth expected to be close to trend and inflation close to target, the Board judged that the setting of monetary policy was appropriate for the moment. Should demand conditions weaken materially, the inflation outlook would provide scope for easier monetary policy. The Board will continue to monitor information on economic and financial conditions and adjust the cash rate as necessary to foster sustainable growth and low inflation."

If you are looking to update you Mortgage or review your Home Loan the contact us at:-

www.mymoneyfinance.com.au

MyMoneyFinance is a professional mortgage/finance broker providing personal and tailored advice. We provide a range of loans for residential and commercial properties in which flexibility is the key. MyMoneyFinance specializes in providing finance where banks will not.

18/01/2012

This year 2012, has kicked off in a flurry of activity, with many of the lenders coming out with New Year specials as soon as 5 January 2012. Some of these special deals include:-
Zero Application fees
Unlimited 'Cash Out' for Lo Doc loans
Free Valuation Fees for one property
Lower Fixed Rate options
Extension of Interest Only periods

If you want to know more about some of the special deals available contact us at:-

www.mymoneyfinance.com.au

We look forward to speaking with you.

09/01/2012

Helpful information on Mortgage & Other Finance

Bewildered by the world Borrowing and Finance, we have developed a plain and concise guide to borrowing money called 'Borrowers Guide to Lending'.

It contains useful information about how to approach the borrowing process, what preparation is needed, steps in the Mortgage Process, Tips and Warnings, First Home Owners asssitance, and what a Mortgage Professional can do for you.

To obtain your copy just contact us at:

www.mymoneyfinance.com.au

[email protected] or Borrower HOTLINE on 1300 655 143

Looking forward to helping you in 2012!

07/12/2011

The Reseve Bank cut 'Official Rates' on Tuesday effective today, by 25 basis points or .25%. So far the major Banks have been silent about whether or not they will pass on the full easing. The reason is the cost of funds for the banks borrowing overseas has become more volatile in recent months, and signs are that China is slowing. This would be sending the Treasury Models in the major banks into a frenzy, and both long term and short term funding strategies would be under review.

In a broad sense 40% of the funding for our major banks is sourced overseas, with 60% delivered locally through the traditional Deposit base.

Poilitically this is shaping up as a hot issue for the ALP, as their leadership is being questioned on a nimber of fronts. If they cannot control the major Banks in these times of fiscal uncertainty, their credibility as a goverment is severely challenged.

To read the full report of the RBA see:-
http://www.rba.gov.au/media-releases/2011/mr-11-28.html

MyMoneyFinance is committed to find the best deal available for our clients:
www.mymoneyfinance.com.au

07/11/2011

What are Low Doc Loans?

Low doc loans are designed to assist people who do not qualify for a traditional home loan to buy a property. Low doc (or low documentation) loans still require the application to be made in writing, however you may not be required to provide much of the paperwork that is necessary with standard home loans, such as proof of income, assets or liabilities. The low doc loan relies more on a method called self-verification, where you state your income without the verifying documentation.

Who can benefit from Low Doc Loans

Low doc loans are designed to benefit those people who have some existing equity or a deposit saved, and have trouble showing evidence of regular income. This could apply to the self-employed or casual workers. Low doc loans could also be made available to people with a bad credit history.
Low doc loans are also sometimes abused by people who have income they have omitted to declare to the taxation office. Failure to declare taxable income is an offence and, if caught, offenders are forced to pay penalties that far outweigh the savings they intended to make by breaking the law.

Types of Low Doc Loans

There are three main types of low doc loans: self-declared income, account statement and asset lend. Each of these low doc loans have slightly different eligibility requirements.

Self declared income
The most common low doc loan, where the lender will offer a home loan on a signed declaration of income, with no accompanying evidence. In general, 80% of the property value is loaned and the interest rate can be higher than a standard loan

Account statement
Requires more substantial income evidence, such as a letter from your accountant, however interest rates are usually more in line with a standard home loan .

Asset lend
This type of low doc loan requires the least evidence to be presented, in some cases no proof of income or signed declaration is needed. The loan is secured purely on the value of the property. These loans have substantially higher interest rates and, in general, a lower percentage of the value of the property can be borrowed.

To find out more or how to qualify for Low Doc loans come and speak with us at:-

www.mymoneyfinance.com.au

04/11/2011

our Mortgage Magazine

For useful information about the Mortgage Industry check out the following magazine available at all Newsagents:-

Your Mortgage

Or you can sign up for a subscription via their Website:-

www.yourmortgage.com.au

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