The Axing of Responsible Lending Laws and What Does it Really Mean for You?

Responsible lending laws were introduced as part of the National Consumer Credit Protection Act, in response to the GFC. These laws put the onus on the lender (and Mortgage Broker) to determine whether or not a loan is not unsuitable for the borrower and that you can repay the loan without going into substantial financial hardship. Back in September last year, the Government announced a simplification of Australia's consumer credit regulatory regime to improve the speed of Australia's post-COVID economic recovery. This initiative has been widely reported as a 'wind back' or 'axing' of the responsible lending obligations.

Anton Clarke7 February 2021Loan SmartComment

Is Now the Time to Refinance?

Australia’s cash rate is at its lowest level in history. Does that mean the time is right to make the most of the low cash rate environment and refinance your mortgage? Refinancing your mortgage can be beneficial in several ways. It can give you a better interest rate saving you money, allow you to access improved loan features, or be used as a way to consolidate several debts into one mortgage.

Anton Clarke14 October 2020Loan SmartComment

How Redraw Works and Why it’s a Handy Loan Feature

A redraw facility lets you make additional repayments to reduce your variable rate home loan balance and save on interest. If you pay more than your minimum scheduled repayments, then you’ll have money available to redraw from your home loan.

Anton Clarke15 September 2020Loan SmartComment

What You Need to Know About the New HomeBuilder Grant

As part of the economic response to the COVID-19 pandemic, the federal government’s HomeBuilder program provides eligible owner-occupiers – including first home buyers – with a grant of $25,000 to build a new home or substantially renovate an existing home before the end of 2020. It can pay to check if you’re eligible and what you’ll need to do to apply if you are.

Anton Clarke12 August 2020Loan SmartComment

Government Grants and Concessions that are Available for Different Situations

When it comes to home loan options, there are a number of government grants and concessions currently available for different situations. Most of them have limits on property value etc so please look at the eligibility requirements.

Anton Clarke5 August 2020Loan SmartComment

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