July 2009 Newsletter

Website | Email | Forward to a Friend | Print | Unsubscribe

Hello,

Concern over the growing power of the four major banks recently led to a coalition of influential economists partitioning the Prime Minister and the Treasurer for an enquiry into the Australian Financial System. As your broker we are one of the last remaining avenues to provide competition to you as a borrower. Not only do we listen to your needs and provide expert advice, we also ensure your loan is "packaged" to meet the ever changing lending criteria being set by the banks.

With this in mind our article Serious About Saving outlines big changes to lenders "genuine savings" requirements. Borrowers are now required to provide evidence of regular savings over a three to six month period, with most lenders no longer accepting bulk deposits, gifts, borrowed money, etc as savings when applying for a loan.

Our article Responsible Lending Laws overviews the introduction of Australias first national standard lending laws for all consumer credit. Under this new legislation all brokers will be required to be registered with ASIC and hold an Australian Credit License. PAX Mortgages embraces this initiative and already applies a rigorous set of borrowing standards in all dealings with our clients. So, as a PAX Mortgages client you can be assured we will hold our credit licence by the end of this year in line with this new requirement.

Being a keen, some may say obsessive cyclist, I recommend you check out this issues book review - "Its Not About the Bike". With Lance Armstrong currently making his first Tour De France comeback since 2005, the story of this seven times cycling champion and his battle with cancer is an inspirational read.

Dont forget we are a reliable source of the latest industry news, updates and changing products, so call me on 9955 0090 to discuss any questions you may have concerning your finances.

Enjoy this newsletter and feel free to share it with family and friends.

Regards
Duncan

Duncan Johnston

Director

Level 7, 44 Miller Street
North Sydney NSW 2060

Tel:	(02) 9955 0090
Fax:	(02) 9955 4021

Responsible Lending Laws

Serious About Saving

Budget Boost for Home Buyers

Redraw and Offset: A Step Ahead

Responsible Lending Laws

When you take out a home loan you want the peace of mind to know you are dealing with a broker who has demonstrated knowledge, experience and integrity.

It's with this in mind that the federal government has introduced the National Consumer Credit Protection Bill 2009, which puts in place new national responsible lending laws for all consumer credit.

Serious About Saving

From childhood most of us are taught the value of saving money, a lesson that can now pay dividends for those entering the home loan market.

As banks and other lenders tighten their lending criteria in the face of the global economic crisis, the requirement for borrowers to show genuine savings to secure a home loan is fast becoming the norm.

Budget Boost for Home Buyers

The Federal Government's 2009 Budget has generated optimism in the property market thanks to a $22 billion infrastructure program and extension of the First Home Owner's Grant.

Both initiatives are considered as positive steps in the move to stimulate our economy and give first home buyers a foothold in the housing market.

Redraw and Offset: A Step Ahead

While interest rates remain low, it pays to stay ahead of your minimum monthly repayments by using a redraw facility or offset account.

Since mortgage rates have dropped, nearly one in three suburban families continue to make more than the minimum required monthly home loan repayment*, a choice that will save years off their mortgage and thousands of dollars in interest.

Mortgage & Finance Association of Australia

We are members of the MFAA, the peak industry body. All members are bound by a strict code of ethics to ensure the highest levels of service, integrity and professionalism.

About Us

PAX Mortgages was established in 2002 by Duncan Johnston. Duncan has spent his entire career in the banking and finance industry, having spent 12 years at the Commonwealth Bank working with all aspects of consumer and commercial lending solutions. Duncan's last role at the Commonwealth Bank was as a Senior Relationship Executive where he managed a portfolio of private clients requiring lending facilities of up to $20 million.

No two loans are the same. Duncan's experience gives him the capability to offer you the best advice and tailor a mortgage solution for your individual needs.

Disclaimer: This newsletter is intended to provide general news and information only. Readers should rely on their own enquiries before making any decisions regarding their own interests. Please do not rely on any part of this newsletter as a substitute for specific legal or financial advice. All material is copyright 2010.