Greg Hamilton is the principal behind Sherwood Financial. He's been an accountant by trade for 20 years in manufacturing, warehousing, and financial services. Greg is a Qualified CPA and has administered BAS returns and full financials to audit stage for companies.
One Place for all of your
Financial Needs
We provide a wide range of financial services to help you through the financial forest. Our principal business is in securing lending, leasing and the associated insurance products. We are focussed and candid about how you can make more money and save more money.
Our Range
Here is the range of services that we provide:
Residential Loans
Investment Loans
Vehicle Financing
Vehicle Leasing
Business Loans
Equipment Loans
Debt Consolidation
Refinancing
Personal Loans
Construction Loans
Bridging Finance
BAS & GST Assistance
Book Keeping
Some Food For Thought
Now, I'd like to have a little discussion with you about the lending market in Australia. If you have a minute or two, here is some food for thought:
The loyalty that Australian borrowers show to the big four banks is mind boggling. Four out of five loans are written by the big four or their subsidiaries. We ask the question: what is so frightening about non-bank lenders? What can non-bank lenders offer you that the big four are not able to offer?
Building societies are considered to be banks because they hold deposits as well as issue loans.
Non-bank lenders
Non-bank lenders, on the other hand, get their funding from other sources. During the GFC the non-bank lenders were hit hard, losing three quarters of their market share.
After the GFC the Federal Government created a safety net for non-bank lenders, greatly increasing competition in the market.
Rates
If non-bank lenders are no longer such a risky proposition, would it not make sense to look at the rates offered by non-bank lenders? Now that exit fees have been banned there has never been a better time to take advantage of the nimble, lean and mean competition to the big four banks.
The non-bank mortgage market has boomed largely in response to borrowers who are knocked back by banks due to self employment or credit history concerns.
It is now easier than ever to tie banking products to non-bank loans so that loan repayments can come from an offset account. This strategy further reduces the amount charged over the life of a loan.
Caution
Banks do offer a wider range of products and they are not as exposed to fluctuations in the lending market. The interest rates charged to clients therefore vary less at banks. To establish if a non-bank lender is worth approaching a mortgage broker will act as your one-stop shop for a wide range of lenders - whether they are banks, building societies or non-bank lenders.
As your mortgage broker we can advise you on which lender will best suit your needs and more specifically, how to tailor the contract you make to maximise the benefit to you.
Exit fees used to hold people in loan contracts that they no longer wanted. These fees have now been abolished. What that means is that competition in the lending market is more open.
Your loan should reflect your needs, not merely those of the lending institution. As your broker we will ensure that you save money while retaining the financial flexibility that you want.