Ombudsman Service (FOS) has released new figures revealing the low number of
disputes originating through mortgage brokers when compared to the banks.
The FOS Annual Review 2016-17 reported 25,300 accepted disputes overall during the year. Of these, 10,400 involved the banks while only seven involved mortgage brokers. These seven disputes included two around advice, two around charges, one around financial difficulty, one around instructions, and one around service.
Mortgage brokers currently make up 2% of FOS’s 13,400 members. That includes 5,600 credit licensees and 7,800 authorised credit representatives.
The total number of disputes included almost 11,000 credit disputes, an increase of 5% from the year before. Out of these, around 9,700 (or 88%) fell under consumer credit while 1,000 (or 10%) were under business finance.
Sixty-nine per cent of consumer credit disputes involved banks. This was far higher than for mortgage brokers whose percentage was so small it was combined in the ‘other’ category which took up 2% of disputes and included mortgage brokers, mortgage aggregators, mortgage managers, finance brokers, financial advisers, and a host of other channels.
Contact your local Broker at FrontRunner Finance Solutions on 02 6332 2600
Most people want their home to be light, bright and airy, but sometimes the stars just don’t align and you can end up with rooms that are unavoidably dark – low on windows or facing away from the sun.
With a few smart tricks (and clever renovations, if you’re up to the challenge) you can transform a dreary room into a breath of fresh air, either for potential buyers, tenants or just for yourself.
A quick and easy way to upgrade a dark space is to freshen it up with light paint. Go for neutral tones and paint the ceiling a lighter colour than the walls, to give the sensation of height as well as light.
When you want to elongate a room, paint the mouldings the same colour as the walls. Use paint with a sheen so it reflects light – matte finishes can soak it up.
Small changes can make surprisingly big differences. Try hanging art with white frames or matting instead of black. Also, make sure any large artworks in dark rooms have lighter tones to amp up the brightness and stop light getting sucked into darker accents.
If your furniture is dense and bulky, look for smaller replacements with lighter colours. Keep home accessories minimal – clutter can make a room feel less open. Go with smartly chosen statement pieces, perhaps with shiny metallic touches. Lush indoor plants can also create a lively, chic feel. Remember to choose plants that can thrive without massive rays.
Shine a light
While your first instinct when fixing a dark room might be to crank up the artificial lighting, it pays to be strategic with both the types of lights you choose and where you place them. Instead of adding more overheads, try some of these creative ideas:
- Illuminate corners to eliminate that cave-like feel.
- Place a variety of lamps across a room to balance out the light.
- Use decorative mirrors to reflect and scatter light.
- Brighten a dingy kitchen with under-cabinet lighting.
When you’d prefer something more structural, consider installing skylights or – for trickier areas – tubular daylighting devices, which are like a cross between a skylight and a periscope, using mirrors to reflect diffused light into the room.
For a show-stopping renovation in a two-storey home, investigate whether you can create a see-through ceiling/floor. Adding an architect-approved window panel to flooring can brighten and open the level below dramatically.
Work with windows and doors
An adventurous property upgrade might include the interior doors and windows. While probably not suitable for a simple DIY weekend project, internal changes can really help to disperse light throughout the house.
Take advantage of light from neighbouring rooms by switching out solid internal doorways for French doors. This gives the eye a sense of the space beyond, especially if that space has good light.
Another option is to install transom windows – those placed high above a door. They can allow light in without compromising privacy. Internal windows can also really open a space and allow light to be shared.
Once you’ve adjusted the doors and windows, sheer drapery can always be added to close off a view when needed. And speaking of drapes, consider lighter options if your current window coverings block what little light is available.
While you can’t just twist your house around to face the sun, there are plenty of tricks – minor and major – to livening up those darker rooms and creating light-bathed nooks that will appeal to investors, tenants and owners alike
Premier Gladys Berejiklian , Treasurer Dominic Perrottet and Minister for Plan ning and Housing Anthony Roberts announced the far reaching changes on Thursday (1 June) which could save first homebuyers up to $34,360. The package includes:
- Abolishing all stamp duty for first homebuyers on existing and new homes up to $650,000 and stamp duty discounts up to $800,000. These changes, to be introduced on 1 July 2017, will provide savings of up to $24,740 for first homebuyers
- Abolishing the stamp duty charged on lenders’ mortgage insurance, which is often required by banks to lend to first homebuyers with limited deposits, providing a saving of around $2,900 on an $800,000 property
- Doubling the foreign investor surcharge from 4% to 8% on stamp duty and 0.75% to 2% on land tax
- Removing stamp duty concessions for investors purchasing off the plan
- Committing $3bn in infrastructure funding from Government, councils and developers to accelerate the delivery of new housing
- Fast-track approvals for well-designed terraces, townhouses, manor homes and dual occupancy by expanding complying development to include these dwelling types
- Greater use of independent panels for Councils in Sydney and in some regional areas to ensure development applications are done efficiently and to ensure the integrity of the planning process
- Measures to maintain the local character of communities
“These measures focus on supporting first homebuyers with new and better targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes.
“This is a complex challenge and there is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenge for our growing State.”
Former Reserve Bank of Australia Governor Glenn Stevens advised the NSW Government in developing its housing affordability package. His report to Government was also released on Thursday.
“I would like to thank Mr Stevens for his valuable advice and insights during the development of this package,” Berejiklian said. “In particular, his advice about avoiding any unintended consequences on the market was greatly appreciated.”
Perrottet said the Government would take advantage of its strong Budget position to give a leg up to prospective first homebuyers while also investing more into targeted infrastructure to support housing growth throughout Sydney and parts of regional NSW.
“As a Government, we have always focused on supporting first homebuyers and this package takes it to the next level,” Perrottet said.
“We know how challenging it can be to enter the property market and are pleased to be providing even more financial support for people wanting to make their first purchase.”
Roberts said the package included measures to speed up planning processes to ensure developments get off the ground as quickly as possible.
“While we have done well to release an unprecedented amount of land over the last six years, we need to do better with our development application process to ensure we are keeping up with demand,” Roberts said.
“That is why we are simplifying complying development rules for greenfield areas and establishing specialist teams to help speed up the rezoning process for residential development, while maintaining the local character of communities.”
Buying your dream home is exciting, so the last thing you want is for your home loan application to be held up. While many factors are considered in assessing an application, showing stability and consistency is key for lenders to determine whether you will be able to repay the loan. But sometimes what’s happening in your life can trip you up. Here are some things to be aware of.
If you’re at the other end of your kid-wrangling years and looking at returning to work after an extended break, it may be best to wait until you’ve been back at work for a few months before applying for a loan. This will give you time to show stability and consistency in your employment record.
Having a consistent employment record doesn’t mean you need to have the same job for years, but if you’re planning on applying for a home loan, it might be best to hold off changing jobs. If you do have to, it’s worth knowing that with some lenders you’ll need to show at least two pay slips with the same employer.
If you can show over 12 months in the same job that’s even better. If you have a probationary period in your new role, it could also be difficult to have a loan approved until you’ve completed it and the role is made permanent.
For the self-employed, demonstrating a stable income can be particularly difficult, which is why it’s a good idea to have an accountant. They can help you put together financial statements, which you’ll need to include as part of your loan application. Generally you’ll need at least one year’s history to support your application.
If overtime or shift allowances are a significant part of your income, your broker will be able to provide advice on which lenders may take these into account for loan repayment ability, as not all do.