The decision by the Reserve Bank of Australia to reduce the cash rate earlier this month doesn't just mean lower repayments for most borrowers – it also means the average person's borrowing capacity has increased, as occurred following earlier rate cuts in May and February. With rates now lower, lenders are starting to [...]
Higher interest rates make it harder for borrowers to qualify for larger loans or even loans of any size. That's because for every increase of 0.50 percentage points in interest rates, the average person's borrowing capacity falls by about 5%, according to PropTrack senior economist Paul Ryan. Since 2022, the Reserve Bank of Australia [...]
There’s a lot more to a home loan than just the interest rate. The features of the loan can also have a big impact on your total mortgage costs and repayment flexibility, which is why it’s important to understand the potential benefits of a redraw facility and an offset account. It is no secret that [...]
The average borrower is taking out a $636,209 home loan, with loan sizes ranging significantly in specific states, based on mortgage data from the Australian Bureau of Statistics. Check out the chart below for the figures: Regardless of whether your mortgage is higher or lower than these figures, you probably want to reduce your loan [...]
The federal government has allocated another 50,000 places across Australia to its Home Guarantee Scheme (HGS) for the 2024-25 financial year. That includes 35,000 places for the First Home Guarantee and 10,000 for the Regional First Home Buyer Guarantee. Under the first program, the government supports eligible first home buyers to purchase a property [...]
While it’s often said you need a 20% deposit to qualify for a home loan, a significant number of borrowers are securing mortgages with smaller deposits, according to the latest data from APRA, the banking regulator. In the March 2024 quarter, 31.0% of new home loans (by value) had deposits of less than 20%, [...]
Brad Quilty has been recognised in 2020 among the best of the best mortgage brokers at the PLAN Australia Awards night in Brisbane's Fortitude Valley on November 19th. Achieving the Excellence in Finance Gold standard. It is a great achievement and again shows that Tungsten Home Loans is always On Your Side!
If you applied for a home loan in the current financial environment , your lender would probably assess your application in the context of both your credit score and your credit history – on top of your income, assets, liabilities and living expenses. Your credit score is a number calculated by a credit-reporting agency, which [...]
Tungsten Home Loans has gained National industry recognition again in 2014, being named a Finalist in the Australian Mortgage Awards, Brokerage of the Year (Independent The Australian Mortgage Awards bring together the Australian industry's best, recognising brokers and brokerages for their outstanding achievements. Winning an AMA continues to be the most prestigious and [...]
One of our aims at Tungsten Home Loans is to be a catalyst for your future wealth and prosperity. We are planning our next complimentary Investment Evening, as per details below, and as such we are seeking expressions of interest. Date: Thursday 24th July Times: 7.30 - 8.30pm We have enlisted the help [...]