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Born from a merger between two award-winning Australian Financial Group companies – Afirm Financial and Oracle Lending Solutions – FINANCIA provides an end-to-end financial solution, with a family-orientated approach. As a full service financial company, we’re able to combine our industry expertise, passion and connections, to deliver the best strategy for you – creating wealth for today and the future.
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By bringing together Afirm and Oracle’s holistic approach to financial brokerage and planning, FINANCIA provides solutions from start to finish. And because we work for you, not the lender, you can trust that everything we do is independent and tailored to your needs.
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When you work with FINANCIA, you become part of the family. This means that you can trust us to work with care and a commitment to you.
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Australian Mortgage Brokers Keep Competition Alive
The Government is going to be making some very important decisions regarding regulation and remuneration of Australian mortgage brokers.
Some, including a representative from one of the big banks, have called for commissions paid to brokers by banks and lenders to be scrapped and for everyday Australians to instead foot the bill.
As a collection of small businesses and everyday Australians, the voice of brokers risks being lost in the conversation.
It’s time to speak up, be heard and keep the competition alive.
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CHANGES TO BANK SERVICEABILITY GUIDELINES | A couple of banks have already moved to make changes to the way borrowers are assessed when applying for a loan. What this means is it allows banks to amend their floor rate, with some already implementing a reduction to 5.50% and 5.75%. These changes will impact the benchmark rate used for affordability assessment and may have a positive impact on borrowing capacity.
Previously, the 'floor' was 7% meaning that even if your interest rate was 3%... the bank would assess that you could afford repayments based on a higher rate. Many banks assessed higher than the 7% mark with additional buffers meaning some assessment rates could be much higher and in some cases even higher than 8%! In combination with recent tightening of policy, this has left many borrowers unable to refinance or borrow further funds.
This is good news for borrowers and will allow many borrowers to come back into the market and borrow further funds or refinance existing loans to a lower rate!