Newsletter

2023 Feb 1 Your Finance News

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Happy New Year and welcome to our first Your Finance Newsletter for the year. 
We thank all our clients for your business in 2022, we’ve enjoyed a great year and are now refreshed after a break and looking forward to assisting you in 2023.

In this newsletter we discuss some of the hot topics that have been raised over the past month, the hottest topic we are hearing from clients has been how to manage the rising cost of living and interest rate increases. See below for some tips.

Another hot topic is the number of fixed rate loans which are expiring this year, we have some specific tips about how to manage this change.

For years now banks have been offering new clients better rates than existing clients. The good news is that we are having great success negotiating discounts for both existing mortgage customers and for new clients.
We invite you to reach out for a chat to see if we can negotiate you a better deal.

We are also starting to see investors come back to the market, taking advantage of rising yields, low vacancy rates and reduced property prices. If investing is on your mind please give us a call.

As always, if you have any other questions regarding your current loans or future finance needs, please email advice@equityvision.com.au or click the button below to book an appointment.
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The EquityVision Team at our Christmas lunch.
L to R – Brett, Kellie, Alisha, Tiffany, Damien, Louise, Steph & Michele
(absent – Natalia)

It is hard to not be overwhelmed by the volume of media coverage about the cost of living increases and the ongoing inflation rate which is driving RBA cash rate increases.
The RBA has been aggressive with 3% of increases so far and there is an expectation that further rises may come in February and/or March.

We have been receiving calls from clients who are anxious or concerned about how their Christmas spending, on top of the ongoing interest rate rises and living costs, will impact their finances this year.

Financial management during a time of rising costs can be challenging as it may demand changes be made to our current lifestyle activities. The key is finding ways to either generate more income or reduce costs through removing unnecessary expenses or reducing discretionary ones.

As a first step, EquityVision can help with a review of your current loan structure and products.
To reduce expenses, we have compiled a list of 10 cost of living hacks and tips for you to consider, simply click the link below.
 
Cost of Living Hacks and Tips
Do I Negotiate or Refinance
If your fixed rate mortgage is due to expire or if your loan has been with your current bank for some time, it is possible you are not receiving the best deal available.

Fixed rate loans typically revert to expensive standard variable rates and further discounts are often not automatically offered by the lender, they need to be requested.
Banks are notorious for using deeper pricing discounts as a way to attract new customers. Higher rates paid by existing customers has been termed a “loyalty tax”.
November 2022 data from the RBA revealed the average variable home loan rate for owner-occupiers with existing loans was 5.29 per cent compared to 4.79 per cent for new loans.

There are many reasons the banks can get away with a loyalty tax. Customer apathy is a big one, for many people it may seem like too much effort, or too daunting, to negotiate a better rate or to refinance.

To reduce anxiety or concern that your rate is competitive, let us review your mortgage to determine if your current rate is fair.
This process doesn’t take long, this is a free service that will provide you with valuable information to make an informed decision.

Once we establish the best rate your current lender is willing to offer, we can then compare this against others to determine if refinancing is a sound strategy.

To arrange a review, please email advice@equityvision.com.au or click the button below to book an appointment.
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We have recently updated our business Facebook, Instagram and Linkedin pages.
Our business is built on referrals from our clients, for users of these platforms, we would love for you to click the links below to follow our pages, stay in touch, and to refer your friends and family.

Kind regards,
The team at EquityVision 
Your Mortgage and Finance Brokers
Suite 6 / 296 Bay Road Cheltenham VIC 3192
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Michele Mansfield (CR No.399836) and Alisha Perry (CR no.502031) and Damien Hauser (CR no.516645) are credit representatives of Buyers Choice Licencing Pty Ltd (Australian Credit License No. 509484).
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