MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 15.02.19
HOME LOAN PRODUCT OF THE MONTH
- loans up to 80% of property value
- 3.64% variable rate with low establishment fee of $250
- multiple free 100% “offset” accounts available
- additional payments allowed / free online redraw
- available for purchase or refinance
REVERSE MORTGAGE LOANS AVAILABLE FOR SENIORS OVER 60
- available loan amount depends on borrower’s age and value of property
- 6.54% variable rate
- low $495 set-up fee, no monthly or annual fee
- funds available for normal consumer needs or access to aged care facilities
- common purposes: debt clearance, renovations, cash reserve for future needs
- independent legal advice is required, but independent financial advice is not required
RECORD 59% OF NEW LOAN APPROVALS THROUGH MORTGAGE BROKERS
- in January, 59% of all new loan approvals were originated through mortgage brokers
- brokers offer customers a choice of many possible lenders, not just Big Banks
- brokers have access to many smaller lenders which offer far better deals for borrowers
- brokers generally offer a free service which is very beneficial for customers
- brokers are available 24/7 for their customers and offer ongoing service and advice
COMPREHENSIVE CREDIT REPORTING COMMENCING NOW
- from February 2019, lenders will have access to more detailed information about borrower’s credit history
- previous Credit Reports revealed basic details about applications lodged, defaults, court judgements etc.
- new Credit Reports will reveal details about full repayment patterns over last 24 months for each account
- borrowers should make all payments on time to avoid spoiling their new Credit Report records
FAST REFINANCE / DEBT CONSOLIDATION AVAILABLE
- excellent deals with lower rates are available from smaller lenders
- high rate loans can be refinanced, together with other debts that need to be cleared
- “FAST Refi” loans can usually be settled in just three weeks
- advantages: lower rate, debts cleared, significant cash flow benefits, one single loan to repay
Note: loans offered are available at the time of publication, but lenders change product offers without notice
Contact Melbourne Mortgage Finance on 0437 417 042 for further loan details
Barry LeBrocq
Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
Mob 0437417042
Web www.melbournemortgagefinance.com.au
Disclaimer: The above information is intended as general information only and does not address specific personal situations. Loan products, interest rates and fees change frequently without notice. Please call Melbourne Mortgage Finance to verify details and discuss your specific needs and loan eligibility.
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