Difference between revisions of "Directory:Jennifer M. Schelbert"
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== Consumer Guide To Comparison Rate Lending In Australia == | == Consumer Guide To Comparison Rate Lending In Australia == | ||
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| + | Consumers have been able to determine the "true" cost of their mortgage loans since the Compulsory Comparison Rate Legislation (CCRL) came into force nationally July 1, 2004. Under the legislation any advertisement by credit providers and finance brokers containing an annual percentage rate must also show a comparison rate. The comparison rate must take into account all non-government credit fees and charges included in the loan. | ||
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| + | The legislation is designed to give borrowers a better perspective when comparing different home loan products. Comparison rate legislation has evolved because of the rapid growth in the mortgage industry and increased competition between the lenders. The comparison rate gives borrowers a clearer picture of the actual costs when taking out a home loan. | ||
| + | |||
| + | Be aware that fees and charges are only included in the calculation if they are known when the comparison rate is disclosed. For this reason, early repayment charges and redraw costs are not considered in the calculation. | ||
| + | |||
| + | The CCRL, which forms part of the Uniform Consumer Credit Code (UCCC), will be in force for three years, after which the legislation will be reviewed to determine how the comparison rate is being used by consumers and credit providers. | ||
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| + | '''What does it mean for consumers?''' | ||
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| + | 1. Any advertisement containing an annual percentage rate must contain the comparison rate. The comparison rate will be for six specific amounts. | ||
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| + | 2. Credit providers and finance brokers must display and make available copies of the comparison rate schedule at their offices. | ||
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| + | 3. Prospective buyers must be given a comparison rate schedule with any application form for credit. | ||
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| + | 4. The comparison rate given to prospective borrowers must include all known non-government credit fees and charges. | ||
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| + | 5. The prescribed warning - that comparison rate only applies to the example/s given and that, different amounts and terms will result in different rates. And that costs such as redraw fees etc are not included in the loan, but may affect the cost of the loan - must accompany the comparison rate and rate schedule. | ||
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== Different Types of Mortgage Lenders in Australia == | == Different Types of Mortgage Lenders in Australia == | ||
Revision as of 19:47, 3 February 2008
Jennifer Schelbert
Mrs. Mortgage is a mortgage broker firm operating in Melbourne, with resources able to stretch around Australia.
Mrs. Mortgage is headed by the original 'Mrs. Mortgage' Jennifer Schelbert. Jennifer has been working in the mortgage broking industry for years, and deciding that the industry needed a highly ethical company that could cater to the personalised needs of the individual, decided to go out on her own.
Today Jennifer holds a Diploma in Financial Services (Finance/Mortgage Broking Management), and currently studying for a Diploma in Lending from FINSIA/KAPLAN in Melbourne she is accredited with dozens of different lenders so that she can search for the best deal for you.
Mrs. Mortgage is a growing firm that has more than one 'Mrs. Mortgage' working for it. As the company continues to grow, it still holds true to its core values of high ethics, while working for the client in the best possible manner. This means that when you come to see us we will not just put you into the mortgage that will make the best lender fee for us, but the one that will suit you the best. This may even mean that we might send you back to your existing lender with no commission for us!
At Mrs. Mortgage we realise that very often people may wish to see us for advice on how to purchase their first home or investment property. If this is the case we will not push you into a contract until you are ready.
Our service to you is free, but other Government & Statutory fees may apply.
Please remember that the information on this site is for only for information purposes, and should not be relied upon as individual circumstances may be different.
You should contact a professional such as Mrs. Mortgage before committing yourself to any mortgage.
Consumer Guide To Comparison Rate Lending In Australia
Consumers have been able to determine the "true" cost of their mortgage loans since the Compulsory Comparison Rate Legislation (CCRL) came into force nationally July 1, 2004. Under the legislation any advertisement by credit providers and finance brokers containing an annual percentage rate must also show a comparison rate. The comparison rate must take into account all non-government credit fees and charges included in the loan.
The legislation is designed to give borrowers a better perspective when comparing different home loan products. Comparison rate legislation has evolved because of the rapid growth in the mortgage industry and increased competition between the lenders. The comparison rate gives borrowers a clearer picture of the actual costs when taking out a home loan.
Be aware that fees and charges are only included in the calculation if they are known when the comparison rate is disclosed. For this reason, early repayment charges and redraw costs are not considered in the calculation.
The CCRL, which forms part of the Uniform Consumer Credit Code (UCCC), will be in force for three years, after which the legislation will be reviewed to determine how the comparison rate is being used by consumers and credit providers.
What does it mean for consumers?
1. Any advertisement containing an annual percentage rate must contain the comparison rate. The comparison rate will be for six specific amounts.
2. Credit providers and finance brokers must display and make available copies of the comparison rate schedule at their offices.
3. Prospective buyers must be given a comparison rate schedule with any application form for credit.
4. The comparison rate given to prospective borrowers must include all known non-government credit fees and charges.
5. The prescribed warning - that comparison rate only applies to the example/s given and that, different amounts and terms will result in different rates. And that costs such as redraw fees etc are not included in the loan, but may affect the cost of the loan - must accompany the comparison rate and rate schedule.
Different Types of Mortgage Lenders in Australia
No Deposit Home Loans In Australia
External Links
Business URL: http://www.mrsmortgage.com.au, http://www.mortgage-blog.com.au
Name: Jennifer M. Schelbert
Country: AustraliaWeb: http://www.mrsmortgage.com.au/
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