Hero Image

Financial Services

Meet Mike Baldini

Enthusiastic about the industry in which he has built a strong local profile, Michael decided to join Mortgage Express in 2012 because it offered a greater opportunity to expand his influence across a larger area. While Michael is the only broker local to the West Tamar, he also heavily services outlying areas and travels to Launceston and beyond to service his clients.

For most of his working life, Michael has worked and excelled in customer service and sales positions, a testament to his ability to communicate and negotiate agreeable solutions for all parties. He always takes the time to explain the complete range of products available to his clients, together with the advantages of each, so they can make a fully educated decision.

Needless to say, he keeps his clients interests at the forefront of his dealings, which has ensured a tremendous degree of repeat business enquiries and referrals over the years.

Michael made his mark on the local financial services industry when he joined LJ Hooker Financial Services, Northern Tasmania, in 2004. Rapidly, Michael began to be awarded prestigious titles, including Top Financial Services Consultant for VIC/TAS for three years in a row. As well as his professional accolades, Michael is profoundly educated, having completed industry qualifications including three MIAA compliance units and a Certificate III in Mortgage Lending from the University of NSW, and a Diploma of Financial Services.

I would love to hear from you, when you're considering buying, selling or refinancing, so I can assist you in structuring the most appropriate home loan to meet your needs. 

 

Mike can be contacted on: 

  • mike.baldini@mortgage-express.com.au
  • Mobile 0419 114 905
  • Phone 03 6394 7778
  • Fax 03 6394 7757
  • 30 Porters Road, Kayena, Tasmania
  • Regions available: Lagena, Tasmania

Michael Baldini is a Credit Representative (389880) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence No 391237)

 

How Lenders Assess Mortgage Applications

How Lenders Assess Mortgage Applications

Topics: Mortgage Broker, Australia Mortgage, Lenders, Home Loan Advice, Home loan rates0

Every lender has its own method and formulae for determining an applicant’s credibility and lender-ability. While the criteria may differ from lender to lender, there are a few factors that all lenders use to profile their clients. Take a look at what these are, and we also share a list of guidelines to ensure your mortgage application is error-free.

Borrowing power
Understandably, your ability to meet your monthly or fortnightly mortgage repayments and still have enough left over for your daily expenses is a significant factor for lenders. Banks have a responsibility to ensure prospective borrowers can actually afford their loan, and they can refuse them if they determine that the applicant will be burdened by debt by taking on a loan.

Lenders will usually look at an applicant’s annual, monthly or disposable income to determine borrowing power, and will generally lend about 3 to 5 times an applicant’s gross annual income.

LVR – Loan to Value Ratio
The LVR is used by lenders to assess risk and is defined as a percentage of the loan value against the actual value of the property. An application with a low LVR, which is lower than 80 per cent, is perceived as a much lower risk and is hence seen by lenders as a more attractive application. The higher the LVR, the greater the perceived risk to the bank.

Credit rating
Your credit rating – or FICO score – is an important factor in your application as it represents a summary of your credibility in terms of managing your finances and how responsible you are in paying back your debt. A credit rating is made up of a weighting of various things including your payment history, any outstanding debt, the length of your credit history, any new accounts, and the type of credit you’ve applied for.

Fiscal character
Lenders will look closely at your bank statements in order to get a better understanding of your spending and saving habits. The kind of lifestyle you lead and whether or not it fits your budget may be called into question. Your monthly incomings and outgoings are compared, and any debt such as personal loans, credit cards, student loans and insurance is carefully scrutinised.

An error-free application
Securing finance can be tricky which is why it’s so important to ensure you present at first glance the best application you can. That means ensuring your application is free from any errors. Here are a few points to consider:


 

  • Be honest about your finances and don’t try to hide anything.
  • Declare all of your expenses up front.
  • Avoid changing jobs at the same time as applying for a mortgage to ensure you present a stable employment record.
  • Get the paperwork right from the start – ask a mortgage broker to assist with your application if you’re unsure of the necessary criteria.
  • Be realistic in how much you can actually afford to borrow – you may need to lower your expectations slightly in order to get into the property market to begin with.
  • Get pre-approval before you go looking at properties.
  • Research lending criteria so you have a clear understanding of your obligations.
  • Shop around for the best finance deal and compare your options.

If you are in the market to buy your first home, it’s worthwhile obtaining pre-approval first. Talk to one of our mortgage brokers who will go over your finances and help you find the right deal.
 


Disclaimer:

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Credit and Investment Ombudsman (CIO) | Member of Choice Aggregation Services.

 

Contact Mike Baldini

Mortgage Express Blog View more updates

Word on the street: A Property Update

This month, we asked one of our top referring Harcourts agents Gavin Kohan, Property Sales ...

15 July 2019 

2019 Banking Code of Practice

In a bid to restore customers’ faith in banking, the Australian Banking Association (ABA), ...

11 July 2019 

Devaluing Your Health Could Cost You More

We are living in a time where there is an abundance of health awareness and an increasing ...

10 July 2019 

What An Open Banking Regime Means For You

On 1 July 2019, the open banking regime officially began, with the four major banks now offering ...

10 July 2019 

5 Mortgage Mistakes to Avoid

Whether you’re a first home buyer or a seasoned investor, making a bad decision on your mortgage ...

24 June 2019 

A Good Time to Review Your Mortgage

Earlier this month, the Reserve Bank of Australia reduced its official cash rate (OCR) to ...

23 June 2019 

Coping with mortgage stress

New data shows a sharp increase in the number of homeowners going into retirement with a ...

23 June 2019