Lenders know that it is not in their interest to start a rate war with each other for market share so they have instead opted to attach a number of bells and whistles to loans that ultimately hide the true cost to you, the borrower.

Some of these bells and whistles, such as line of credit, can be very convenient, even desirable. But what you need to know is how much you are paying for that convenience. There’s no need to give the bank extra money for the privilege of a line of credit just because your friend or neighbour has one. Here at Synapse Finance Solution, we will find the bells and whistles that you need and not just want!

Our job here is to be familiar with all the loans on the market so that when you enlist our services, we can find a loan that matches your circumstances and offer you the best deal. We can save you time and money, help explain loan documents, costs and disbursements and even negotiate with the lender on your behalf.

• Here are some of the benefits of using Synapse Finance Solutions:
• save you time in shopping for loans.
• Save you money as we are fully independent.
• Our services are completely free.
• We can negotiate on your behalf for a lower interest rate on top of an already great deal. (depending on loan amount and LVR)
• Often get a bank to accept a loan application that they would otherwise have rejected. (usually credit history problems.

So why not enquire today and see how we can match you to the home loan that suits you!

Date: 09 Jun 2010

Home buyers enjoy cuts to stamp duty!

In a bid to make buying a house in Sydney that little bit easier, the NSW government has announced that it will no longer charge stamp duty on homes that are “bought off the plan” for less than $600,000.

The change in state policy will cost the NSW government approximately $184 million in lost property taxes.

Stamp duty will be cut by 25 per cent on homes worth up to $600,000 that are bought during construction or at completion, translating into an average saving of $5,623.

The stamp duty changes are expected to be widely welcomed by NSW buyers, as 79.1 per cent of dwellings within the state are sold for under $600,000.

In addition, the government has also introduced other concessions on new home purchases and construction.

NSW Treasurer Eric Roozendaal said the $140 million property construction initiative will save NSW families and investors up $22,490, with first home buyers eligible to receive benefits of up to $29,490.

“This is an Australian-first, signalling the Keneally government’s commitment to boosting the state’s housing construction sector and building for the future of NSW,” Mr Roozendaal said.

NSW building industry body the Urban Taskforce said the government’s latest announcement shows a clear understanding of the need to increase housing supply in NSW.

“This plan is comprehensive – it offers real hope for homebuyers and renters,” Urban Taskforce chief executive officer Aaron Gadiel said.

According to Mr Gadiel, the targeted stamp duty concession is also a welcome message of support to older Australians and will help industry focus on meeting their housing needs.

“When older Australians make the decision to downsize, they will also be freeing up underutilized existing housing stock which can be occupied by younger families,” he said.

The Synapse Team

Date: 03 Mar 2010

Another Rate Hike!

We have all been hit with a 0.25 per cent interest rate rise today, following the Reserve Bank Board’s meeting.

The increase could be the first of three or four rises to come this year. The Reserve Bank has indicated it intends to raise rates now that the economy is picking up. However, we are all still better off than having the interest fixed at this stage as most fixed interest rates are already an extra percent higher than the variable rate, some even more.

“The news is double-edged,” says property writer Carolyn Boyd. “Home owners will be paying bigger mortgages, but at the same time the rise is a further sign the economy is improving and people can feel more secure in their jobs.”

The 25 basis point rise takes the official interest rate to 4 per cent. The rate has many more rises to go before it reaches the most recent peak of 7.25 per cent, which it hit two years ago, in March 2008.

Until today’s decision, mortgage holders on variable interest rates were paying average about 6.5 per cent (although most of you are paying below 6%), and rates are expected to normalize at around 7.5 per cent by year’s end.

If anyone has any issues or concerns with the rate rise, please don’t hesitate to send me an email or give me a call as i am more than happy to assist you.

The Synapse Team

Date: 01 Dec 2009

RBA hikes interest rates to 3.75pc,

THE Reserve Bank has lifted interest rates by 25 points to 3.75 per cent.

It is the first time the bank has lifted interest rates three months in a row since it began announcing such moves in January 1990.

The move will add around $47 a month to repayments on an average $300,000 mortgage, assuming retail banks match the move.

If anyone has any questions at all regarding the interest rate rise or questions in general, please don’t hesitate to email me or call me as I am more than happy to answer any questions.

Date: 03 Nov 2009

Dear Customers,

The Reserve Bank board has increased its official interest rate again from 3.25 per cent to 3.5 per cent.

ANZ has also announced it is raising it’s standard variable home loan rate by 0.25 per cent taking it to 6.31 per cent and spokespersons from the other three major banks, NAB, Commonwealth and Westpac said their interest rates were under review.

A 25 basis point increase to the official rate means an additional $46 a month in repayments on a $300,000 home loan, according to comparison website Canstar Cannex.

If anyone has any questions at all regarding the interest rate rise or questions in general, please don’t hesitate to email me or call me as I am more than happy to answer any questions.

Date: 09 Oct 2009

As you are most likely be aware by now, the official cash rate has increased by 0.25% so most of you with variable interest rate loans will also increase.

The amount of the increase in most cases is 0.25% on top of your existing interest rate but I did notice that Rams Basic home loan did go up by 0.35%

To most of you, 0.25% increase on a $300,000 loan will equal to around $46 extra per month but all lenders in Australia would have increased the interest rate and not just your loan.

To overcome this rise and any future rises for that matter, I would suggest to make a little extra payment on top of your minimum payments. This way the change won’t impact you as much.

With the interest rates being where it is at the moment, you would all still be better off with variable interest rate than fixed interest rate as most, if not all 5 years fixed are well into the mid 7% interest rate.

If anyone has any questions at all regarding the interest rate rise or questions in general, please don’t hesitate to email me or call me as I am more than happy to answer any questions.

Date: 13 May 2009

Budget Changes To The Home Owners Grant Scheme

First Home Owners Grant scheme has been retained, but the scheme is set to end at December 2009.

The situation post 1 July 2009

The First Home Owner Grant Scheme will continue for an additional six months until 31 December 2009.

The grant will continue at current levels until 30 September 2009.

From 1 October to 31 December 2009, the total grant will halve to $10,500 for established homes and $14,000 for new homes (both figures include the $7,000 First Home Owners grant with the respective “boost” amount halving).

Date: 6 May 2009

Victoria extends own first home grant

Date: 5 May 2009

Reserve Bank keeps interest rates on hold at 3%

Date: 8 April 2009

Low Rate Money Beater

Australia’s largest building society, Heritage, has announced that it will pass on the full 0.25 per cent interest rate decrease to its variable mortgage interest rates following yesterday’s official announcement by the Reserve Bank of Australia (RBA) to decrease the official cash rate. Their Market Leading Basic Home Loan with NO ON GOING FEES is now at 4.82% Variable!

Date: 7 April 2009

Reserve Bank Drops Cash Rate by 0.25%!

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 3.0 per cent, effective 8 April 2009.

Recent information from abroad indicates that the contraction in the global economy continued during the first few months of this year, and most assessments of the near-term outlook have been further marked down. Considerable economic policy stimulus is in train in most countries, the full effects of which are not yet discernible, but which should help contain the downturn over the rest of the year. There are tentative signs of stabilisation in several countries, including China, though it is too early yet to judge how durable these will prove to be.

Self Employed Low Doc

After 10 years of running his own IT business, Dave’s business all of a sudden boomed and required funds for big growth. After an in depth analysis of Dave’s current situation, we came up with the solution of extracting equity out of Dave’s residential property. Synapse Finance Solutions was able to offer a lender with lower interest rate and lower fees compared to the best deal that was offered to Dave by his existing lender. Synapse Finance Solutions also guided Dave every step of the way and kept him up to date with the whole refinancing process.

Non Traditional Income New Purchase

Therese is a single mother with two young children, and has been working as a casual for the past 24 months as a nurse and receives Centrelink benefits. Therese has a 10% deposit (being a combination of her own savings and a family gift), First Home Owners Grant and have an excellent credit history. Tired of paying rent, she is very keen to purchase her own home. She has been unable to find a lender who will help her because of her casual employment history and partially gifted deposit but Synapse Finance Solutions was able to find a lender that had minimal fees and at one of the lower interest rates on the market and Therese was able to get into her first home.

Debt Consolidation Refinance

Jason has been a full time permanent delivery staff at a grocery store in Flemington for the past 5 years. Due to a decline in business, his overtime has been reduced to zero and he has found himself to be over committed and will soon be missing payments on his credit cards and personal loan. After phoning Synapse Finance Solutions, we discussed the benefits of consolidating all of his debts with his home loan and he realised that he will have an extra $400 a month every month by consolidating all his small debts into the home loan and just having one loan. Instead of falling behind with all his loans, he will actually be paying off all his debts 5 years sooner.

Credit Default New Purchase

Roan has wanted to purchase a property for a long time, however due to some small defaults when he was younger, all the banks he tried turned him down, even though his defaults are all paid. When he spoke to Synapse Finance Solutions, we realised that he has gotten back on track with his credit file and haven’t had a hiccup for 2 years. He has even saved up a 10% deposit in the mean time. With that in mind Synapse Finance Solutions went to work on the lenders and managed to secure a lender that will accept the paid defaults and still gave roan a great interest rate, (although the 10% saved deposit was a great help). Roan is now thinking of purchasing an investment property with the help of Synapse Finance Solutions.