About our Darwin financial & credit advisors
WISE Finance is an award-winning company founded in late January 1999 by George and Carole Peat. We are a 100% privately owned Northern Territory business servicing private investors and business owners all over Australia. WISE Finance was started with the aim of providing a wide selection of cutting-edge financial products and services. For nearly 2 decades we have helped our clients obtain a better financial structure to achieve their goals, such as personal home ownership or starting a small business.
WISE Finance joined Choice Aggregation Services in late 2006 to deliver a wider range of financial products. This means our brokers can grant you direct access to more than 38 leading banks and lenders, ensuring you find the perfect loan for your situation. We will handle the process from application to settlement and keep you informed throughout. Our team members are all very approachable, and our focus is on helping people of all financial circumstances. Don’t hesitate to get in touch with our team.
George Peat—Director/Senior Credit Adviser
For nearly 2 decades, George has dedicated his work to helping people achieve homeownership and wealth security. He has been widely recognised by his peers for achievements. His overall goal is to help people navigate through the complexities of owning their own home and becoming financially independent.
Dianne Peat—Company Accountant
Dianne manages all aspect of our group of company accounts, ensuring our finances are in order, while we help you with yours.
Since our establishment in 1999, we’ve developed a great reputation with individuals and small businesses in our local city of Darwin and across the country. Hear from some of our satisfied clients and how we’ve helped them secure their financial future.
Navigating the world of mortgages, insurance and finances can be complicated. So if you have a question, rely on our knowledgeable advisors at WISE Finance to provide you with the answers. Below are some of our most commonly asked questions.
A. The difference between a fixed rate and a variable rate mortgage is that the interest rate is set when you take out a fixed rate loan and will not change. Many variable rates will start at a lower interest rate but are subject to changes made by the lender.
A. Break fees exist to cover the lender in the event a borrower breaks their fixed rate home loan. The fees are an estimate of the loss that a lender incurs as a result of the loan break. In the event of refinancing (switching your loan product or moving to a new lender) break costs may only apply if the variable rate is lower than the fixed rate product.
A. Traditionally, lenders require borrowers to have a deposit of at least 20%. However, by using lenders mortgage insurance, lenders are able to offer lower deposit home loans. LMI protects the lender if a borrower is unable to meet their mortgage repayments and the property has to be sold.
A. According to the Genworth LMI calculator, if you paid a 5% deposit on a $300,000 loan, it would cost $7,610 in insurance. Lender’s Mortgage Insurance premiums or rates are dependent on the deposit amount, the cost of the property and your risk assessment as a borrower, among other things.
There are plenty of things that affect the cost of lender’s mortgage insurance. To give you an idea of the cost, we’ve used the LMI calculator available through one of Australia’s largest lender’s mortgage insurance providers, Genworth, to give you some hypothetical approximate calculations for a first home borrower in NSW, based on different deposit amounts (different LVRs).
A. Cost of property | 5% deposit 10% deposit 15% deposit
$300,000 | $7,610 $4,077 $2,219
$400,000 | $12,768 $6,912 $3,842
$500,000 | $15,960 $8,640 $4,803
$600,000 | $25,707 $13,176 $6,630
$700,000 | $29,992 $15,372 $7,735
Source: Quotes taken from Genworth LMI calculator, correct as at 25 January 2018. Premiums listed are for first home buyers to a loan term of up
to 30 years.