We are only a few weeks into 2020 and already we have been thrown a few heartbreaking curveballs. However, looking forward its not all doom and gloom. In fact, there may be some good news on the horizon relating to interest rate cuts and increased competition for your business.

So, what can you expect for 2020? After consulting my crystal ball, I predict the following top 3 events for the next 12 months, and provide my advice on how to make the most of them:

INTEREST RATE CUTS We will get at least one interest rate cut in the first half of the year and possibly another at a later stage in 2020. As always, this doesn’t mean the full interest rate cuts will be passed on by the banks. If you feel like your Bank is not showing you the love, perhaps it’s time for a loan review.
Advice: Don't think twice about shopping around for a better deal, it could save you thousands.
INCREASED COMPETITION FOR YOUR BUSINESS
More lending moving away from the big banks. The banks are losing market share and they are desperate to get it back. Cash rebates for refinancing, frequent flyer points and special interest rates are just some of the offers being thrown around by the big banks to get their customers back. While these refinance incentives may seem generous, a slightly cheaper rate may take months or even years to put you in front depending on your refinancing costs.
Advice: Do your homework - a loan that is suitable for your needs is always better than a super cheap rate or a cashback bonus.
STRICT LENDING
Lending will not get easier or quicker this year. 2019's Banking Royal Commission’s findings will continue to have flow-on effects on the level of compliance that will be needed to get a loan approved. Obviously more compliance means it takes longer for a loan to be assessed and approved.
Advice: More than ever, it is imperative to have personal financial circumstances in order well before you apply for a loan. If you are contemplating a purchase or refinance this year, give me a call so I can help make sure you will qualify for lending with as many lenders as possible.

There you have it, I hope you can put my top 3 predictions for 2020 to good use. Just don't ask me where I think the Cats will land this year - that one is anyone's guess!

Have a great 2020, I look forward to catching up with you.

Michael