What High Inflation Means for Home Financing Rising inflation and interest rates have shifted the way Australians approach home financing, pushing many to adopt smarter financial habits. As living costs rise, mortgage holders are rethinking their budgets and making more informed choices, which could have long-lasting impacts. Inflation, Rates, and Property Market Resilience The Reserve…
New South Wales Market Update: A Closer Look at October’s Growth Sydney’s property market showed a modest uptick in October, with home values rising by 0.19% and pushing the median price to a new high of $1.108 million, according to PropTrack’s latest report. This marks continued growth for Sydney, with home values now 4.51% higher than…
Canberra Market Update: Latest Shifts in Property Prices and Trends Canberra’s property market saw a slight rise in October, with home values edging up by 0.29%, bringing the median price to $845,000, as highlighted in PropTrack’s latest report. While this marks a modest monthly gain, prices remain 0.09% lower than a year ago and have softened…
Don’t Let Fear of Rejection Hold You Back: Why Fear of Rejection Shouldn’t Stop You from Applying for a Home Loan A recent Finder survey found that 1 in 5 Australians did not apply for a financial product in the past 12 months due to fear of rejection. Among these, home loans (5%), car loans (3%),…
Are you a registered nurse or midwife dreaming of owning a home but struggling to save up a 20% deposit? There’s great news for you! Did you know that you get a home loan with just a 10% deposit and avoid paying Lenders Mortgage Insurance (LMI). This opportunity can save you thousands of dollars and…
Welcome to this month’s Dominion Finance Newsletter. We hope everyone is faring well with a warmer winter as we enter the last few weeks before Spring arrives. With so much discussion around the RBA decision this week, the central bank after meeting yesterday and today has announced it will hold the current 12-year high cash…
Welcome to this month’s Dominion Finance newsletter, and happy EOFY! As we approach the end of the financial year, it is a good time to consider our financial position for the next twelve months. As the high cost of living, we are experiencing still impacts the way we spend and save, it can be beneficial…
For many, the biggest hurdle to achieving home ownership is saving enough for a deposit. With house prices continuing to soar, many Australian first home buyers are turning to relatives for help via a guarantor agreement to achieve home ownership sooner. Becoming a guarantor for your family members essentially means you are using your own…
Welcome to this month’s Dominion Finance Newsletter. After so much discussion regarding interest rate cuts this year by the experts, they seem to have done a complete turnabout and are now predicting possible rate rises instead, in a way to curb our sticky inflation. Reducing inflation is a bit like losing weight, the last one…
Imagine finally stepping through the door of your own home, a space you can truly call yours. For many, the biggest hurdle to achieving this dream isn’t finding the right house – it’s saving enough for a deposit. Using a guarantor is a solution many potential home buyers utilise to help them achieve ownership sooner!…
Welcome to this month’s Dominion Finance newsletter. You may have noticed it is a bit late this month. This is due to the RBA meeting later in the month as part of their new arrangement of only meeting eight times per year instead of eleven to determine the cash rate. As expected, the cash rate…
We are thrilled to announce that Dominion Finance is expanding its range of services to better meet your financial needs. In addition to our existing home loan offerings, we are excited to introduce Personal Loans, Car Loans, and Asset Finance solutions to assist you in achieving your goals. Allow us to introduce you to our…
Everything you need to know about a Debt Consolidation Home Loan Juggling multiple debts can be overwhelming, a tool that can simplify all your debts into one is called a debt consolidation home loan. At Dominion Finance, we understand the challenges you may face in managing various loans, and we are here to shed light…
Welcome to the first Dominion Finance newsletter for 2024. We are back again to provide you with some views and thoughts regarding home loans; government initiatives for homeowners and investors; and general economic outlook. Our newsletter coincides with the Reserve Bank meetings when they make their decision on the cash rate. There will be only…
What is Pre-Approval and Do I Need It? What is Pre-Approval? A loan pre-approval provides insight into the amount a lender is willing to let you borrow based on factors such as your income, expenses, and overall financial situation. It’s important to note that while pre-approval is not an absolute guarantee, it offers a clear…
To celebrate the Christmas season, Dominion Finance will be giving away a Double-Smoked Christmas Ham on the Bone valued at $160 from Amici Bar! The Ham has been marinated for two days, the slow (12 hours) low-temperature water cooking process ensures the ham remains moist throughout. Finally, the ham is lightly wood-smoked using a genuine…
Hi and welcome to the last Dominion Finance newsletter for 2023. Just a quick one as the year draws to a close. We wanted to take a moment to thank you for your continued support. We are incredibly grateful for the opportunity to work with you and help you achieve your financial goals. This has…
Welcome to this month’s Dominion Finance Newsletter This month, we’re talking about retirement. As 3,000 Australians retire each week, it’s a topic that affects many of us. The most pressing question for many is: have I saved enough? The Association of Super Funds of Australia (ASFA) regularly updates its retirement income standard, which shows how…
Securing a home loan when you’re self-employed can be a more intricate process, with additional requirements to meet. Requirements for Self Employed Home Loan Applications: When applying for a home loan, the specific requirements can differ among lenders. However, here’s a general guideline outlining common prerequisites you should prepare: Minimum 2 years of ABN registration.…
Realestate.com has recently revealed the keyword search data that shows spikes in what Canberrans really want when searching for properties. Keyword searches show that following the pandemic, home buyers are increasingly leaning towards larger properties equipped with more amenities. This trend reflects the demand for homes that can cater to remote work, home-schooling, and recreational…
Happy October! It’s hard to believe that we are in the back end of the year. The weather is warming up, and daylight saving has commenced. Summer is on its way. Here is a quick recap of the Canberra property market for last month which was relatively stable, with median house prices remaining steady and…
Welcome to this month’s Dominion Finance newsletter. We are excited to announce that we have moved to our new office at Level 1, 221 London Crt Canberra City. Our new office is brighter and more modern, and we are confident that it will provide a better experience for us and our clients. Reserve Bank of…
Welcome to this month’s Dominion Finance monthly newsletter as we move into a new age of the Reserve Bank, with a new Governor and the RBA board now only meeting eight times a year instead of eleven. This will mean that this is the last monthly newsletter as we will move to the RBA’s new…
Many Australians are feeling the squeeze from the RBA interest rate rises. As a homeowner, it’s important to be proactive and implement strategies to minimize the effects of rising interest rates. In this blog post, we will discuss some practical tips that can help you reduce the impact of interest rate increases and manage your…
Welcome to this month’s Dominion Finance newsletter. As we kick off the new financial year, the “will they” or “wont they” speculation of the Reserve Bank’s decision on interest rates is still with us. Everyone seems to have a bet each way whether it was going to be today or not, and certainly at least…
The Australian federal government recently announced significant changes to the Home Guarantee Scheme, aiming to tackle the pressing issue of housing affordability. These changes bring expanded eligibility criteria for the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee. This decision reflects the evolving dynamics of Australian households and aims to provide…
Welcome to the June 2023 Dominion Finance Newsletter! We appreciate your continued support and trust as we navigate through the final month of the financial year together. In this ever-evolving economic landscape, inflation rates continue to rise, prompting the Reserve Bank of Australia (RBA) to make adjustments to the cash rate. Experts predict further increases in…
When it comes to managing your home loan, it’s essential to explore every available avenue to save money and reduce interest payments. One such tool that can make a significant impact on your financial situation is an offset account. In this blog, we will delve into the concept of offset accounts, how they work, and…
Welcome to this month’s Dominion Finance Newsletter for May 2023 There was so much speculation in the media and with the finance experts whether the Reserve Bank of Australia (RBA) would maintain the current cash rate or raise it at least one more time, we thought we might give it a rest and talk…
Are you in the market for a new home and feeling overwhelmed by all the financial jargon? Well, you’re not alone! Buying a home is one of the biggest investments you’ll ever make, so it’s important to know what you’re getting into. One aspect that often gets overlooked is the various fees, costs and charges…
Welcome to this month’s Dominion Finance April Newsletter. The Reserve Bank of Australia’s Board met today and for the first time since May 2022 they kept the cash rate on hold at 3.60%. There were mixed views on the state of the economy, with some experts predicting that the RBA would raise rates for an…
Welcome to Autumn 2023…just like that days are getting shorter and summer holidays memories are beginning to fade. This month we are going to talk about the incentives that banks and lenders are offering to customers to try and attract more business. These incentives are predominantly a cash lump sum, or it could be free…
With interest rates on the rise, many homeowners are feeling the pressure on their finances. Over the previous two years, we have enjoyed ultra-low interest rates. As we haven’t had a cash rate hike since November 2010, these increases may be scary, particularly for new borrowers, however, the current cash rate is nothing extraordinary. That…
Welcome Welcome Welcome to 2023 Holidays and summer fun times are over, and it is back to work, and for the Reserve Bank that can only mean one thing…rates are on the way up once more. No doubt they saw our spending over the Black Friday, Boxing Day, and January sales and thought they need…
When it comes to applying for a home loan, your borrowing power is an important consideration. This refers to the amount of money a lender is willing to loan you based on your financial situation. Many factors can influence your borrowing power, including your credit score, income, and debts. In this blog, we will look…
Merry Christmas and welcome to the last Dominion Finance Newsletter for 2022. Well, it certainly has been another tumultuous year, with the ongoing Covid presence, war in the Ukraine impacting global markets, and closer to home rising inflation and interest rates. The Reserve Bank handed down another rise to the cash rate today and this…
Staying loyal to your lender could be costing you Homeowners who have not made any changes to their current home loans since the Reserve Bank commenced raising interest rates could be missing out on potential savings. While you may think that your loyalty to your lender will be rewarded, a recent 2022 analysis of the Australian…
Welcome once more to this month’s Dominion Finance newsletter, which is about preparing for the inevitable. Just like death and taxes, increases to the cash rate are now another grievance we must put up with. Watching the Queen’s funeral recently, I marvelled at the perfect precision how all the pomp and ceremonies took place. There…
Did you know making eco-friendly home improvements are not only great for the environment but can also add value to your property and can help you save money over time? Energy efficient homes perform better on the market. In this competitive market with costs continuing to rise, potential buyers are starting to search for eco-friendly…
Goodbye winter and the cold weather and bring on the warm sunny days. Welcome to Spring 2022 and this month’s newsletter. This month’s newsletter is about Buy Now, Pay Later (BNPL) services which has seen a major change to how many of us shop. Over the past two years the BNPL sector has enjoyed a…
Hi and welcome to this month’s Dominion Finance newsletter Here we are in August on the downhill slopes of winter, surely the warm weather cannot be too far away. The Reserve Bank raised the cash rate another 50 basis points today, and along with inflation at 6.1% it feels like we are going to be…
Why pay off a mortgage early? One of the most common reasons to pay your home loan off early is to reduce the total cost of your mortgage. For every extra dollar you pay in advance, is a dollar that will not accrue additional interest, ultimately, keeping your overall loan term down and saving you…
Happy New Financial Year ! Dominion Finance Celebrates, This July we celebrate the 20th anniversary of Dominion Finance. Suzanne and Melita started Dominion Finance in July 2002 after working together at NAB and Bendigo Bank where they both realised, they could offer clients a better service and loan offerings as mortgage brokers. This was a brave…
Welcome to the winter of 2022, a new season of change. Not only a change of season, but also change of government, changes to the cost of groceries and fuel, plus a change to prices in the housing market. Just like the outside temperature the housing market is losing all its heat that it has…
Refinancing your home can be a great way to lower your monthly repayments, access additional loan features and help you pay your home loan off sooner. As your circumstances and life continually changes, it is essential that your home loan continues to meet your needs. Even if you have only had a home loan for…
Welcome to this month’s Dominion Finance newsletter. For the first time in twelve years the interest rates are increasing and because of this many of our clients will not have seen this before. Similar to when rates dropped, your lender will advise you what their increase will be and when it will become effective.…
Everything you need to know about the Federal Budgets Home Loan Schemes. Tuesday night’s Federal Budget saw the expansion of the Home Guarantee Scheme. The Home Guarantee Scheme will allow tens of thousands more aspiring homeowners to purchase a property without having to save a 20% deposit or take out lenders mortgage insurance. The…
Welcome to this month’s newsletter for March 2022. We thought this was going to be the year of getting back to normal after fires, floods, and pandemics and we could move on with hope and joy for the future. Then someone has to got and upset the applecart which sends Europe to the brink of…
What is a mortgage broker? A mortgage broker is a third-party intermediary who will act on your behalf to arrange your home loan application. Rather than directly working with a bank or financial institution, a mortgage broker is able to work with a variety of lenders to find the best home loan that suits…
Welcome to this month’s newsletter and hopefully the end to all the lockdowns. It is so enjoyable to be out and about, mask free outside, and starting to see a light at the end of the COVID-19 tunnel. It is going to be interesting to see how we commence our lives “living with Covid”. What…
October is Breast Cancer Awareness Month and as Dominion Finance is a female operated business this is a cause that is very important to us. According to the Breast Cancer Network Australia, there will be 20,030 women diagnosed with breast cancer in 2021. That is an average of 48 people a day. These are all…
It’s been a tough month and our hearts are with Sydney and Melbourne and now South eastern Queensland over this very difficult time. In the midst of a cold wet winter, it all seems a bit glum. Though when life gives you lemons or in our case record house prices it is worth looking for…
ME Bank has been in the news a lot this week after they reduced the available redraw on some of their customers home loans. This has created some confusion of how redraw facilities work. Here is a simple explanation of the difference between a redraw facility and an offset account. Redraw lets you access extra…
This is now the soundtrack to our lives, we look at graphs of lines heading up and now flattening, we keep track of infection numbers, we wait for restrictions to ease, and we look on in wonder as others flout the “rules”, and world leaders seem to provide more uncertainty than surety. Although we have…
It has a been a summer for many that we are happy to have behind us and move on to happier times. That being said, there is the threat of the Coronavirus pandemic that could have further implications for all of us. The stock market has taken a big hit due to the uncertainty created by…
With the start of a new year, we have some significant changes underway at Dominion Finance. Molly McDonald Crowley, who is one of our loan administrators has completed her finance study and is becoming a fully fledged mortgage broker as of 4 February 2020. This is very exciting to see another one of our loan…
Mike really enjoyed his discussion with David Speers on Sky News yesterday and found him very responsive to the challenges our industry is facing. Sky News is a vital channel for our advocacy purposes as it is the primary ingredient in the media diet of leading politicians and decision-makers. If you would like to keep…
Mortgage broking in the media As you may be aware the government has launched a Royal Commission into the banking industry. This Royal Commission also includes the role and remuneration of mortgage brokers, and to investigate complaints made by the public against specific mortgage brokers and potential fraudulent dealings. At Dominion Finance, we welcome the…
Congratulations to Suzanne and Melita winning the Mentor of the Year award at the annual eChoice awards at Port Douglas last week. This is a great achievement and recognises the effort Suzanne and Melita put in to mentoring and training the crew in the Dominion Finance office, drawing on their many years of knowledge and…
Knowing what a property is worth is vital to avoiding paying too much for it. It is easy to let your emotions get involved with such a critical life investment. Auctions especially, can be exciting and stressful situations where it is very easy to pay more for a property than you anticipated. To avoid this…
To effectively build wealth, you need to be managing your money. No matter how much you earn you need to know where your money goes. It is too easy to spend what you earn and more. Banks are prepared to give us credit cards with huge limits and shopping is getting easier with online shopping…
The Dominion Finance team are honoured to be recognised in our industry and nominated as finalists for these four awards; eChoice Mentor of the Year 2017 eChoice Service Award 15+ years 2017 eChoice Broker of the Year 2017 eChoice Brokerage of the Year 2017 We are particularly thrilled to be in the running for Mentor of…
As property prices continue to rise, purchasing in a centrally-located or sought-after area is out of reach for the average working millennial. Instead, many are opting to rent rather than buy as it means not having to compromise their inner city or beachside lifestyle. But for those who are still eager to enter the market,…
With the popularity of TV shows like The Block and My House Rules, property renovation is very popular. A renovation done well can not only improve your standard of living, it can dramatically increase the value of the property. Renovations can come at a significant cost, and therefore you may need to consider refinancing your…