Finance EoFY Wrap-up

Finance Market

It has been an interesting year for the finance market with a lot of uncertainty which was highlighted in the way of a royal commission. The BIG4 banks were put under the microscope but tried their best to shift the spotlight to every other part of their world. This meant that the mortgage broking industry and others had the spotlight put on them.

This wasn’t and is never a bad thing and whilst the initial recommendations were off the mark, the outcome proved what the customers have been saying – keep business as usual as 96% of customers are happy with their broker and the service they continue to provide.

With 60% of all loans now written through a broker and growing, customers have spoken for the industry by continuing to come back and refer others.

Interest Rates Wrap-up

Movement in interest rates has been very sporadic for the past 12 months with the majority of lenders increasing rates throughout the year noting an increase in funding costs.

In more recent times, lenders have been focusing on decreasing their fixed rates to get customers before the anticipated RBA cash rate cut. In the month of May, there were 531 interest rate movements with 85% of these being cuts to fixed rates.

The RBA has now finally moved the cash rate after 3 years, with a decrease by 0.25% which all lenders have passed on in part or full.

Health Check

There is a real difference in what all lenders will give in regards to interest rates to new business versus what they give to existing customers which is concerning.

This means that your existing lender may be giving new customers up to 1% less on their interest rate than what you are currently paying.

And with interest rates now hitting an all time low, there is no better time to come in for a full financial health check to ensure you are continuing to get the best deal in the market.

Our Finance team are always available for a FREE consultation and are ready and geared up to help you. Contact us on +61 412 038 205 or use the button below.


Allan Hall named finalist in numerous firm-wide categories

Allan Hall Business Advisors continues to impress with individual, network and firm-wide awards and accolades, with our latest nomination as winner of the Client Choice Awards 2020, Women in Finance Awards 2019 and HR Manager of the Year 2019. For further details and a full list of our recent awards, click below.

Global alliance focussed on business excellence

Allan Hall Business Advisors is an integral member of Alliott Group, a growing alliance of 170+ accounting and law firms in  across 70+ countries globally. As part of this alliance, we can connect with like-minded members of Alliott Group in other jurisdictions to support and advise our clients who are wishing to explore and develop business opportunities both locally and internationally.