Archive for category: ONYX Finance

Are interest rates on the rise?

Are interest rates on the rise?

Some experts with more knowledge than us are commenting that we appear to be at the bottom of the interest rate cycle.

Governments and lenders are increasingly confident our domestic economic recovery will continue over the coming months and years. This means the expectation for long term rates (e.g. 3 to 5 year fixed rates) is trending up rather than down, a good indication that the current rate environment is close to the bottom of the cycle.

Considering your rates and lending at this point in the cycle is important, as it represents a great opportunity to get your rates as low as possible, before the market move upwards.

There are a number of attractive refinance offers at the moment with low fixed rates. Lenders are regaining their confidence in the overall economy post-COVID, which means they are hungry for business. This attitude combined with a sustained low-rate environment means there are some good offers to consider.

As always please call me on 0409 02 99 22 at any time to discuss.

To all of our Victorian clients, we are thinking of you and happy to chat about any issue, not just finance and property.


Something strange just happened !

Something strange just happened !

With the first Reserve Bank interest rate rise since November 2010 came a flurry of enquiry about a loan review, fixed rates and what’s next for borrowers. 

Interestingly when interest rates were holding steady borrowers were less concerned about what rate they were on.

The fact is that whether rates up going up or down if your loan is over 2 years old you’re probably paying too much.

It costs you nothing and just half an hour of your time to find out if there is a better deal out there for you and from our experience there normally is.

Some clients are asking about fixed rates. Last year I wrote the following blog (click here) Unfortunately I believe the horse has now well and truly bolted on fixed rates. However we can analyse your personal circumstances to way up any benefit to you.

We are also sometimes asked about lender cashbacks. When we analyse a borrowers requirements we do not consider cashbacks as a priority nor do we promote them. There are other  important considerations such as lending policy, interest rate and borrowing capacity. If you would like to include cashbacks in our discussions that’s easy done.

The bottom line is if your loan settled two years ago or more, we recommend you find time for yourself and work with us on a Finance Health Check.

While we are at it we can see if we can save you money and improve cashflow by reviewing all of your debts, including commercial property debt, asset finance, credit cards, car loans, personal loans etc.

We will be very, very surprised if we can’t save you some of your hard-earned.

Please call me anytime on 0409 02 99 22 and we’ll get the ball rolling.

Take care.


When is a hike not a hike!

When is a hike not a hike!

Well it didn’t take long for the media to start their sensationalist reporting about interest rate rises.

I was intrigued to hear a news report today that called the recent 0.25% increase a hike. The meaning of hike is “a sharp increase, especially in price”

It should be remembered that the last rate increase was in November 2010 and rates are still at historical lows.

So further to last week’s email, please don’t let the media stress you, just call me at any time to discuss and implement strategies to overcome or even eleviate the impact of any future interest rate increases.

We’re here for you.

Take care.


Stop the stress – create a fighting fund!

Stop the stress – create a fighting fund!

Well we’ve been bombarded with negative news this week.

Inflation running at 5.1% per annum.

Pressure on the Reserve Bank to increase the cash rate with some saying the next increase may be 0.4% per annum followed quickly by a couple of 0.25%’s.

This move would increase variable interest rates by 1% and don’t be surprised if some lenders take the opportunity to tickle them even higher.

(They love doing that when they think we’re not paying attention)
Furthermore fixed rates have jumped up considerably in the last six months which makes them an unpalatable option for many borrowers.

So it goes without saying that it will become harder to borrow in the near future.

A famous coach once said “control the controllables”. So we can’t control inflation and we can’t control rising interest rates.

What can we control?; Prepare for the above by creating a fighting fund within your loan!

It will only take 30 minutes of your time to find out how and if this is possible for you.

Some experts are talking about an interest rate increase as early as May so can we strongly suggest you call us today, over the weekend or at the very latest next week.

Call 1300 1400 15 or txt me on 0409 02 99 22 and I’ll call you back.

Overcome any concerns you may have by taking prompt action today.

Have a great weekend.


Beware the Headlines

Beware the Headlines

Imagine how many newspapers would sell if the headline was “Everything well in the world today, prosperous times for years to come”

Not many I would guess.

Two headlines that grabbed my attention in the past few weeks.

“Household debt to double by 2024” 


“Five interest rate rises predicted this year”

Here’s my two minute take on these headlines.

When you read the first headline you might think “how are we going to afford that”. In fact it’s government debt doubling per household. So it’s not something you pay out of your own pocket, so relax. Governments have spent a truckload of cash during Covid so logically debt has increased. That’s not to say that rising petrol prices and inflation may result in more conservative household spending being required. Tightening of our belts, so to speak.

The second headline is taking the most negative economic prediction. In fact the average across most economists is 3 rate rises of 0.25 % (25 basis points) per annum this calendar year. Considering the cash rate has been at 0.1% for 19 months, it follows that rates have to rise eventually.

The simple message is to read up on the facts behind the headlines.

What’s important to know is that millions of Australian borrowers have actually made extra payments on their loans during Covid and now have extra cash in their redraw and offset accounts that they can draw on.

Also most property owners have substantial equity in property that they may choose to create what we like to call a “fighting fund”

At Onyx we help you to crunch the numbers and develop a long term plan to ensure you are stress free during rising inflation and interest rates.

Call any time 1300 1400 15

We don’t just do Home Loans

We don’t just do Home Loans


At Onyx Finance we have been providing Residential Finance solutions for 20 years.

However did you know we also provide solutions for all of your finance requirements such as:

Personal Loans

Onyx Finance can arrange personal loans that allows you to borrow to pay for a car, boat, motorhome or perhaps home renovations.

Getting the best deal on a personal loan can save you thousands in interest and fees

Car Loans

Onyx Finance specialise in offering solutions for the finance of motor vehicles, from a single purchase right through to a large scale fleet finance.

Commercial Loans

Onyx Finance offers unparalleled, direct access to commercial loans that match any client’s specific needs – even in difficult or confusing financial periods. We know that every commercial loan is different and can be affected by a wide range of variables that may require careful and extensive structuring in order to secure the optimum solution.

Asset Finance

Onyx Finance helps customers buy or lease assets that are essential to the day-to-day operations of their business.

This form of finance can be a great way to secure funding because the equipment itself acts as collateral for the loan.

Also ask us about Bridging Finance, Invoice Factoring and more.

Are you one of the 89% of businesses paying too much for finance? With cost of living rising rapidly this is one area you can control your own destiny.

The great news is Onyx Finance can handle ALL of your finance requirements with the same friendly, consultative approach we have been recognised for over the past two decades.

Call today to get the ball rolling.

Have a great weekend and stay safe.



Greg CloughDip Fin Services (Fin/Mort Brk Mgt)

+61 409 029 922

P.S. Before you go you may like to check out our testimonials
Don’t give up on your dream of home ownership

Don’t give up on your dream of home ownership

First up and most importantly our thoughts are with everyone caught up in flood-ravaged locations.

They say desperate times call for desperate measures, and perhaps that’s the situation Australian home ownership finds itself in.
Once a dream, fulfilled by most, it’s become a nightmare, unattainable for many.

In 1981, more than 60 per cent of young Australians aged between 25-34 owned a home. The latest census figures from 2016 show that had dropped to just 45 per cent.

The figures are far worse for the poorest 40 per cent of that age group, where ownership rates once barely lagged the general population, at 57 per cent, but have since more than halved to 28 per cent.

In fact, ownership rates have declined for every income quintile in all age groups under 65, but the biggest declines have been amongst those who are younger and poorer, especially those who can’t draw on the bank of mum and dad.

With interest rates at record lows and likely to stay below historical averages even as they start to rise over the next year or two, it’s not primarily the cost of repayments that have kept people from buying a home, it’s the up-front cost of the property, reflected in the deposit required.

For more than 20 years Onyx Finance has been providing solutions to borrower’s finance problems.

We have helped many first home owners achieve the dream of owning their own home with strategies that they had never considered.

We have now helped some of these clients to start creating wealth through their own investment property journey.

Call us today to arrange an obligation free chat, you’ve got nothing to lose and plenty to gain.
Have a great weekend.

Warm Regards,

Greg CloughDip Fin Services (Fin/Mort Brk Mgt)

+61 409 029 922

P.S. Before you go you may like to check out our testimonials
Government Schemes and Grants for First Home Buyers

Government Schemes and Grants for First Home Buyers

There are various schemes and grants available to first home buyers from the State and Federal governments.

First Home Loan Deposit Scheme

Buy your home with as little as 5% deposit and no Lenders Mortgage Insurance.

To be eligible you must:

  • not have owned property in Australia before
  • be an eligible first home buyer
  • be an Australian citizen, aged 18 or over
  • meet income and property price threshold requirements
  • have a deposit of at least 5% in genuine savings.

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to help you buy or build your first home sooner.

If you’re eligible you’ll get a limited guarantee from the Australian Government to buy or build your first home with a low deposit of 5%, without paying Lenders Mortgage Insurance (LMI).

There are 10,000 FHLDS places available from July 2021 for the 2021-22 financial year.

An additional 10,000 FHLDS places for new homes are available from 1 July 2021 to 30 June 2022 for eligible first home buyers building or buying new homes.

Family Home Guarantee

Buy your own home with the Family Home Guarantee (FHG) with a deposit as small as 2% deposit and no Lenders Mortgage Insurance

To be eligible you must:

  • not currently own a home, but you may have owned property in Australia before
  • be a single parent with at least one dependant living with you
  • be an Australian citizen, aged 18 or over
  • meet income ($125,000 per year) and property price threshold requirements
  • have a deposit of at least 2% in genuine savings.

Move into a new family home

The Family Home Guarantee is an Australian Government scheme that helps single parents buy a family home.

From 1 July 2021, 10,000 Family Home Guarantees will be available to eligible single parents with dependants.

You can use the Family Home Guarantee to build a new home or buy an existing home with a deposit of as little as 2%. Both first home buyers and previous home owners can apply.  You can’t use the Family Home Guarantee to buy an investment property.

First Home Super Saver Scheme

Use your super to help save for your deposit.

To be eligible you must:

  • not have owned property in Australia before
  • be an Australian citizen of at least 18 years age
  • not previously had funds released from superannuation under this scheme
  • meet all the eligibility criteria under this scheme.

About the scheme

The First Home Super Saver (FHSS) scheme enables you to use voluntary contributions from your superannuation to put towards your deposit, helping you to buy your first home sooner.

What super contributions are eligible?

Only voluntary contributions can be accessed as part of the FHSS scheme.

Certain types of contributions are not eligible to be withdrawn under the FHSS scheme, including:

  • compulsory employer contributions (eg: Superannuation Guarantee)
  • spouse or child contributions
  • Government co-contribution
  • Contributions made by another individual or entity on your behalf (except where your employer makes additional contributions for you under an agreed salary sacrifice arrangement), and
  • voluntary contributions to defined benefit funds or constitutionally protected funds.

How much of my super can I contribute towards the amount to be withdrawn under the FHSS scheme?

All contributions to super will count towards the ordinary contribution caps that apply.

The maximum amounts you’re able to contribute (within the ordinary caps) and withdraw as part of the FHSS scheme are:

  • $15,000 per financial year, and
  • $30,000 in total.

How do I apply?

If you’ve made eligible voluntary contributions, you meet other eligibility rules and you wish to apply to access funds to purchase a home, you’ll need to follow some important steps.

First of all you’ll need to request a determination from the ATO directly, which will tell you how much you’re eligible to withdraw from super under the scheme. You can then make an application to the ATO to withdraw an amount.

It is also important to be aware that there are some important timing requirements that relate to when you need to submit your application for a determination and withdrawal from the ATO and when you’re able to sign a contract.

Also, once your funds are released, there are some additional obligations you’ll have, which include:

  • entering into a contract to purchase or build your home within 12 months (may be extended by the ATO)
  • notifying the ATO once you’ve entered into a contract, or
  • if you don’t enter into a contract within the required timeframe, you’ll need to either recontribute the funds to superannuation, or pay additional ‘First Home Super Saver Tax’. You won’t be eligible to apply for a release in the future under the scheme.

For more information on the FHSS scheme, see, opens in new window. You may also wish to confirm with your super fund that they will participate in the scheme.

First Home Owner Grant

Get access to a one-off grant for the purchase or build of a new home.  The application process and eligibility criteria varies by state or territory.

To be eligible you must:

  • not have owned property in Australia before
  • be an Australian citizen or a permanent resident of at least 18 years age
  • be an owner-occupier, not a residential investor
  • meet all the eligibility criteria under this scheme.

A state and territory guide to the ever-changing First Home Owner Grant (FHOG) scheme. Find out how much you are entitled to.

The First Home Owner Grant (FHOG) has undergone changes over the years and varies a great deal from state to territory to state.  This home buyer grant is now aimed squarely at new builds.  The FHOG can be worth between $10,000 and $15,000 in most cases.  Here’s a brief summary of what you might be entitled to – and links to each state and territory’s scheme so you can check out the small print.

What is the First Home Owner Grant (FHOG)?

The First Home Owner Grant (FHOG) was introduced by the Federal government in 2000. Since then, the rules around it have repeatedly changed.

While the FHOG is a national scheme, it’s funded by the states and territories—and administered by each of them individually.  So each state or territory tweaks its own FHOG rules pretty much every year.

We’ll look at some general principles of FHOG, the intention behind it and then look at the eligibility rules. We’ll then briefly summarise how the FHOG works in each state and territory.

What’s happening with the FHOG?

Introduced to offset the effect of GST on house ownership, the FHOG has evolved into an economic stimulus tool.  It generally changes to reflect housing affordability, and can change quickly and often.

Who gets the FHOG?

Again, each state and territory has its own rules, but the following conditions generally apply:

  • it’s only available to first home buyers.  You—and your spouse or partner—can’t have owned property before.
  • you can only receive the grant once
  • you must be an Australian citizen or permanent resident (may vary by state or territory)
  • you must be a ‘natural’ person (in other words, a real human, not a company or a trust)
  • you must live in the house for at least six months once it’s built
  • most states and territories have a minimum age requirement (usually 18)
  • maximum purchase price is between $575,000 and $750,000 (depending on state or territory)
  • in almost every instance, the property must be either new or ‘substantially renovated’ (ie. much more than just a new kitchen).

Check to see if you’re eligible.

Do concessions apply?

You’ll need to check the rules for your state or territory, but you could be eligible for:

  • discounts on stamp duty – some states and territories can waive or discount stamp duty up to some property price limits
  • regional property concessions – you may be eligible for a larger grant if buying or building in regional areas, or even a larger discount on stamp duty
  • the First Home Loan Deposit Scheme.

FHOG by state and territory

The Federal Government has a portal to the relevant FHOG page in each state and territory.

When will the grant be paid?

Once again, each state and territory has its own rules so you’ll need to check out the sites above.  But generally the grant’s paid out under these conditions:

  • established home: payment will be made on settlement
  • contract to build: grant paid to the builder with the first progress payment
  • owner builder: payment on receipt of the Certificate of Occupancy
  • new home: payment at settlement
  • purchase off the plan: payment at settlement

We know that the home loan process can be daunting. When the time comes, don’t feel like you have to do it on your own. Call us on 1300 1400 15 or 0409 02 99 22.

How do I apply for FHOG?

To apply for the FHOG, you can:

  • lodge the application yourself through your state or territory authority
  • lodge the application as part of your home loan application process.

Stamp Duty

Find out about stamp duty costs and how it fits into your home loan journey.  The application process and eligibility criteria varies by state or territory.

To be eligible you must:

  • buy or acquire property within Australia
  • meet all the eligibility criteria for your state or territory.*

What is stamp duty?

Stamp duty (or transfer duty) is a state-by-state tax that applies when you buy or acquire a property.  Duty applies to properties bought for both owner-occupier and investment purposes.  It also applies to properties that you receive as gifts or as part of trusts.

How to pay stamp duty

It’s an upfront cost, which means you need to consider the price of stamp duty when calculating how much you have for your house deposit.  Your stamp duty payment will usually be made on your settlement day.

Stamp duty concessions and exemptions

Each state has its own concessions and exemptions, but there are some common ones that you may want to be aware of.

First home buyers

If you haven’t bought a home before, potential reductions in stamp duty may apply to you.  Eligibility requirements and what type of reduction you receive will differ depending on your state.

You may also be eligible for the First Home Owners Grant (FHOG) alongside any stamp duty savings.

Off-the-plan purchases

Buying a property off-the-plan means purchasing before the property has physically been built.  This can apply to buying and building on vacant land or buying within a larger complex that has yet to be built.  These sorts of purchases can come with concessions on stamp duty and will depend on the dutiable value of the property.  Eligibility will be specific to each state.

More information

For more information on how stamp duty applies in your specific state, please refer to your state’s website:

Australian Capital Territory

New South Wales

Northern Territory


South Australia



Western Australia

Seven Finance Tips in 2 Minutes

Seven Finance Tips in 2 Minutes


Here are seven tips to assist you when preparing to apply for finance:

  1. Check your credit file. It’s free at and it’s important you know where you stand before you start considering a loan.
  2. Watch what appears on all of your bank statements. Lenders have software that can analyse line by line, so be mindful of discretionary spending and ATM withdrawal locations.
  3. Allow plenty of time. Due to the property boom, finance approvals can take longer than in the past. The more complex your scenario the longer the time for approval.
  4. Be prepared with your supporting documents. Lenders are requesting more information about borrowers than ever before. Ask us for a check-list well before you intend to apply for a loan.
  5. Try to avoid changing jobs if you intend to apply for finance. You would be surprised how many borrowers change jobs without realising this can impact on their loan being approved.
  6. Ask if there are products that may enhance your chances of approval or better still speed up the process of you getting into property. An example of this is the Family Pledge loan.
  7. Call Onyx today for a chat about being finance application and approval ready.

How might APRA’s intervention affect the property market?

How might APRA’s intervention affect the property market?

The Property Council of Australia (PCA) relayed to the public that it understands the rationale behind APRA’s decision to increase interest buffers on home loan applications.

But, it has requested potential impacts be monitored into the new year before any further action to further tighten lending be considered.  

Property Council chief executive Ken Morrison expressed it as “vital” that the measures “do not sap broader market confidence during our economic recovery”. 

“This move comes when fiscal stimulus and the HomeBuilder effect are withdrawing from the economy, the successful transition out of lockdown of our two largest states has yet to occur, and net overseas migration is still negative.” 

He commented: “Strong housing construction has underpinned Australia’s economic resilience through the pandemic and supports more jobs per dollar spent than any other industry, and this should never be taken for granted.”  

That reasoning is why Mr Morrison has urged the government and the regulator “to keep a patient focus on the impacts of these changes until the new year and to target their communications accordingly”.

With more changes potentially on the horizon, Ms Owen also flagged it as “worth noting that this may not be the end of macro-prudential changes”.

She cited comments made by APRA’s chair Wayne Byres in his letter to lenders, in which he said APRA “would consider the need for further macro-prudential measures” if new mortgage lending on high debt-to-income ratios remains at high levels.

“Therefore, while the announcement may seem like a subtle change to housing lending conditions, there may be more tightening to come as the Council of Financial Regulators monitors trends in housing credit and household debt,” the researcher concluded.