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Proudly a Finalist of the Better Business Awards 2019

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The finalists have been announced!

It is with great pleasure that we reveal we have been listed as one of the leading mortgage specialists as a finalist for in the Better Business Awards for 2019.

Category- Best Finance Broker- Tony Bice, Finance Made Easy

From the Adviser:

Acknowledging the brokers who are leading the charge – those with the most effective businesses, teams, marketing strategies and integrated offerings – the awards also honour the lenders and aggregator business development managers (BDMs) that are supporting brokers, too.

Now in its sixth consecutive year, the state-based Better Business Awards recognises and celebrates the best in the industry in their local markets.

The event provides a unique opportunity to celebrate the top-performing brokers in each state, those who may not always get recognition at a national level, while providing the finalists and winners with the opportunity to leverage local area marketing opportunities.

More than 600 finalists have been shortlisted for the awards, which will take place in Adelaide (14 February), Brisbane (21 February), Melbourne (18 February), Sydney (7 March) and Perth (14 March).

Annie Kane, Momentum Media’s editor of mortgages, said that the strength of the submission this year showed that “support and excellence is in no short supply in the mortgage and finance industry”, despite the last year having been a “trying one” for the sector.


The winners of the awards will be announced at the Better Business Awards dinners in February and March, following on from the Better Business Summit.

The award-winning Better Business Summit aims to provide brokers with straight-talking, practical advice to help them grow and improve their businesses.

The event has grown exponentially over the years to become the industry’s leading event and now welcomes more than 4,500 attendees every year.


Interest-only Loan Benchmark Lifted

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An interesting read on the changes in interest only residential mortgage lending…

The Australian Prudential Regulation Authority (APRA) has announced it will remove its supervisory benchmark on interest-only residential mortgage lending by banks, a decision supported by groups across the industry.

The benchmark was put in place as a temporary measure in March 2017 to respond to concerns of an oversupply of interest-only loans.

The introduction of the benchmark has led to a marked reduction in the proportion of new interest-only lending, which is now significantly below the 30% threshold.

Earlier this year, APRA announced its intention to remove the supervisory benchmark on investor loan growth subject to authorised deposit-taking institutions (ADIs) providing assurances as to the strength of their lending standards, which most have now done.

ADIs that are no longer subject to the investor loan growth benchmark will also no longer be subject to the benchmark on interest-only lending from 1 January 2019.

For other ADIs, it will be removed concurrently with the removal of the investor loan growth benchmark.

APRA chairman Wayne Byres said, “APRA’s lending benchmarks on investor and interest-only lending were always intended to be temporary.

“Both have now served their purpose of moderating higher risk lending and supporting a gradual strengthening of lending standards across the industry over a number of years.”

The Australian Banking Association (ABA) has welcomed APRA’s announcement, saying it will increase choice for home loan customers and improve competition across the industry.

CEO Anna Bligh said the decision by APRA would not only benefit customers, it also showed that banks were lending prudently with the proportion of interest-only loans more than halving in two years.

“APRA’s announcement shows that banks have adjusted lending to respond to concerns around an oversupply of interest-only loans, illustrating a prudential system where both banks and regulators can quickly and effectively respond to a changing environment,” she said.

“While banks will continue to lend prudently, today’s decision will mean all banks can offer more choice for customers who are looking to buy a house or apartment.

“Increased competition across the industry will mean customers have more ability to shop around for the best deal for them when looking at an interest-only home loan.”

According to the APRA figures, in terms of banks home loan commitments, the proportion of interest-only loans are now 16.2% much lower than the proportion seen two years ago (37%).

This is down from the record high reached in June 2015 when 45.6% of new loans written were interest-only.

Notwithstanding the removal of the interest-only benchmark, ADIs still need to ensure they maintain adequate oversight of the level and type of interest-only lending, consistent with APRA’s Prudential Practice Guide APG223 Residential Mortgage Lending and ASIC’s responsible lending obligations on borrower requirements and objectives.


Source:  The Australian Broker- Brokernews.com.au

Annie – Taree NSW

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Hi Tony

I would like to personally thank you & your wonderful team at First Choice Mortgage Brokers for getting my loan refinanced to a sharper rate.

Your persistence & patience got me over the line.

I’m so grateful for everything you were able to do for me.

Life will be so much easier now.

Have a wonderful Christmas & enjoy the festive season with your families & friends.

Warmest regards

Taree NSW

Peter and Diane Maghazey – Earlwood NSW

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Dear Sharon

We have always wanted to express our gratitude for your time and assistance in helping us to obtain the loan for our next investment property.

It was a very trying time for all of us and although the stress was a little overwhelming at times, your professionalism and perseverance on our behalf was very much appreciated.

Many thanks and all the best for Christmas and the New Year.

Peter and Diane Maghazey
Earlwood NSW


Dear Anna

Although a little late, we would like to thank you for your help in assisting us with our new investment property.

We appreciate it was a trying time for all, but as always, we very much appreciate your professionalism and personal touch.

We wish you and the Team continued success.

Best Regards
Peter and Diane Maghazey
Earlwood NSW

Jeni Bitsanis – Hillside Vic

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To the team at First Choice Mortgage Brokers, thank you for the efficient settlement of the refinancing of my property.

Everyone that I dealt with was a pleasure, customer service, attention to detail and backup was second to none.

I really appreciate everyone ‘s efforts

Thank you

Jeni Bitsanis

Hillside Vic

Quality Service and Value Continues to Prompt Robust Growth in Broker Market Share

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According to the quarterly data reported on market share, consumers are choosing to go to mortgage brokers in record numbers, which shows they have confidence and a special trust in the broker sector.

Comparator, a CoreLogic business, released new data regarding a consistently solid growth in market share. Mortgage brokers settled 53.9 per cent of all new residential mortgage loans within the June 2018 quarter, in comparison to the 51.5 per cent during the June 2017 quarter.

The 2018 quarter for June was likewise the most robust June quarter ever documented, in what is usually a seasonally lower quarter for the mortgage broker market share.

Mike Felton, Mortgage & Finance Association of Australia (MFAA) CEO declared that this data was additional proof of the positive effect in service and value that mortgage brokers bring to their customers.

Mr Felton said, “This result is a triumph for our members, whose exemplary work for their customers has risen above the current scrutiny and media attention. Mortgage brokers settled $495 million in residential home loans in the quarter, which is the largest dollar value recorded for the broker channel for the seasonally-low June quarter since data collection commenced in 2012.”

He added, “The 2.4 percentage point increase on the same quarter in 2017 is also the biggest increase between like quarters since December 2014 and is made even more significant by the fact that the quarter coincided with the Royal Commission hearings.”

“This result is a testament to the remarkable work of brokers and their commitment to quality service. According to a recent report by DAE (Deloitte Access Economics), mortgage brokers on average have 13.8 years’ industry experience. This expertise underpins the trust and confidence that consumers have in their broker, and the value that expertise is delivering,” stated the MFAA CEO.

Comparator is responsible for compiling the quarterly broker statistics for the Mortgage & Finance Association of Australia. They do so by calculating the value of loans settled by 18 of the chief aggregators and mortgage brokers as a percentage of ABS Housing Finance Commitments. The MFAA then publishes these stats every quarter.

Borrower Fixed Rate Demand Increased by 6% in September

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Current internal data from Mortgage Choice shows that the borrower demand for fixed rates rose in September, accompanying the out-of-cycle interest rate hikes from conventional banks.

The data show an increase of 6 per cent, from 18 to 24 per cent in the month of September. That is the highest it has been since December of 2017.

This research discovered that according to a state-by-state basis, home loan borrowers in Queensland preferred a fixed rate mortgage of 26.4 per cent over other options. That is a bit higher than borrowers from NSW at 26.2 per cent, South Australia at 23.8 per cent, Western Australia at 19.3 per cent, and Victoria at 16.6 per cent.

Susan Mitchell, CEO of Mortgage Choice, said that this shift in the borrower demand for fixed rates is induced from the current out-of-cycle interest rate changes. She said, “September’s data is unsurprising when you consider the recent rate hikes to variable rate home loan products announced by three of the big four major banks. This would no doubt be encouraging more borrowers to fix”.

Ms Mitchel continued, “History has shown that when the majors lift their rates, smaller lenders are quick to offer competitive pricing on their own products in order to attract borrowers in search of a better deal. However, we have seen limited market movement due to a combination of factors such as the regulatory environment and increasing wholesale funding costs, which would no doubt be affecting smaller lenders. Institutions across the country have become more selective about the customers they lend to, vying for borrowers in a healthy financial position. Indeed, lenders are seeking high-quality borrowers who present low risk.”

She motivated borrowers to evaluate their current home loans due to the mortgage market’s recent changes. “This highlights the need for borrowers to review their current home loan and financial situation with the help of a qualified mortgage professional and financial advisor to ensure they are best placed to secure a competitive deal when they choose to switch to loan providers,” declared the CEO.

When was the last time you reviewed your home loan? This may be a good time to consider Ms Mitchell’s advice.