Despite a 23rd month of no change by the Reserve Bank of Australia to the Cash Rate it is now far more difficult to borrow money.
There are a number of factors causing this situation. I have listed just a few below:
- Lenders have increased their interest rates despite no change by the RBA
- Lenders have increased their assessment rate
- There is a greater focus on Living Expenses
- There is a greater focus on Retirement Age and Exit Strategy (how you will pay out the loan in retirement)
- Consumers don’t consider Interest Free & “After Pay” type facilities as commitments but they are
The importance of getting the correct advice from a great Mortgage Broker has never been more important in the current environment.
The team at Morbanx are here to help guide you through the application process and secure fantastic terms and interest rates for you via our access to a wide variety of lenders.
Contact us here and let us help you achieve amazing results!