Northern Rivers Lending Specialist David Seymour

Insights from Northern Rivers Lending Specialist, David Seymour

Northern Rivers Lending Specialist, David Seymour, led an illustrious career with AGC Finance and Westpac, was headhunted by a mortgage fund and then BankWest before setting up shop on his own as a specialist home loan and commercial lender in 2015.

David Seymour (left)During his time in corporate banking David was rated #1 Commercial Manager in NSW, involved in some exciting pilot projects around business development success roadmapping, mentoring and customer management initiatives which live on today.

Originally from Tamworth, David has called the Northern Rivers home since 1980. In all his roles he has enjoyed the challenge of starting small and building a success.

"I'm a people person and I value the importance of relationships," says David. "They help us achieve our goals and aspirations and I get to meet some really good people in the process." 

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Mortgages and Lending comparison rates

What are comparison rates?

When you are researching home loans, you will always see the lender's actual interest rate followed by what is called a 'comparison rate'. Why is there a comparison rate? What is a comparison rate? And more importantly, how does it help you?

comparisonSeveral years ago the federal government thought that it was a great idea to make lenders disclose not only the actual rate that they were charging, but also what their effective (or the true cost of a loan) interest rate is. This was done to allow consumers to understand more fully what a loan would cost, and how the various lender offers compared to each other – therefore a 'comparison rate'

The issue is that when you see an advertised rate / comparison rate it is based on one single scenario – usually a loan of $150,000 over a term of 25 years. So, if your loan does not match that scenario the comparison rate is not correct for your circumstances. Your actual comparison rate may be higher or lower. A loan that seems cheaper may well not be when your individual requirements are assessed.

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Consolidate your debts

If December was the time to be Merry, is the New Year the time to be sorry?

How great was Christmas and all the school and summer holidays? The lucky ones among us have had a couple of weeks off to spend with family and friends and had a great time.

debtNow that we're well into 2019 and so the hangover begins as the credit card bills come in.

What can you do?
Pay close to 20% interest and tough it out, hoping to be able to pay the card down as soon as you can, or pay the minimum each month and on it goes on, and on, and on… the important thing now is to not bury your head in the sand or to be embarrassed to find a solution.

The alternative is to try to consolidate your debts – home loan, car loan, personal loan, credit cards, as much as possible all into one loan at the cheapest rate that you can access. Just as important when you are doing this is to set yourself a budget that you will stick to so January 2020 doesn't cause as much pain as the current one.

If you want to spend the average of $3,800 (apparently that is what we all spend on average at Christmas on food, drinks, and gifts) the answer is to start now – pay $300 a month extra off your home loan – you can afford it now that you have consolidated your loans – so by the end of the year you have a kitty of $3,600 ready and waiting for you. Yes, the discipline is hard to start with, but it gets easier as the months pass.

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Interest rates

Mortgages & Lending: to fix or not to fix?

With official cash rates on hold for just over 2 years, is now the time to fix your home loan interest rates?

David SeymourIt would be crystal ball gazing to suggest where interest rates are going. We will leave that up to the economists. Some of the trends we are seeing are:

  • Lenders making small adjustments to variable rates as they jockey for position in a competitive market
  • A number of lenders offering special offers to new customers only (meaning existing customers are left on higher variable rates)
  • Mutterings from banks that they are under increased pricing pressure to increase rates
  • Those same banks reducing fixed rates

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Rent vs buy

Why rent?

Did you know that with current interest rates (based on an interest rate of 3.75%) each $100 per week in rent you pay may support a loan of about $95,000? 

propertySo, if you're paying $400 a week rent you may be able to support a loan of $380,000. 

If you think that you don't have enough deposit chat to us anyway. There may still be options using lenders mortgage insurance or family guarantees to get you into your new home. 

Don't delay; there is a Better Way. For an outline of the options available, email or phone Collins Hume Lending Specialist David Seymour on 0418 785 747. 

David Seymour is an Authorised Credit Rep No 477331 of Regional Finance Solutions Pty Ltd ABN 71163893945 Aust Credit License 484980.