What our customers say about us

Thanks for all your help and for making it so easy for me. Life will be so different now.

Jan Vincent
Montrose, VICTORIA

Thank you very much for the service you provided us regarding the refinance of our home loan. All went well and smoothly with no problems. We are happy with the new loan arrangement. Once again, thank you very much for your assistance.

Bala Krishna
Cranbourne VICTORIA

We have found Barry Le Brocq of Melbourne Mortgage Finance to be very patient, caring and diligent in achieving a successful outcome to our refinancing requirement. We have no hesitation in recommending his services to others.

Don & Christine Perrett
Leongatha, VICTORIA

Many thanks Barry for the exceptional service that you have provided. We will most certainly be recommending you to our daughter (Bank of Melbourne branch manager) for any future customers who need a reverse mortgage loan.

Paul & Barb Spark
Somerville VICTORIA

 

LENDING UPDATE 24.09.18

  • Product of the month : 3.62% fixed for 2 years
  • Tips for First Home Buyers
  • A reverse mortgage loan can fund an Aged Care bond
  • If your bank says “No”, alternative lenders are available
  • Use a Deposit Bond when cash is not available



Reduce stress today
by refinancing your loans with
Melbourne Mortgage Finance.

Basically, any type of personal debt can be refinanced from one lender to another as part of a residential mortgage refinance proposal, including:

  • Home loans
  • Investment loans
  • Equity access loans
  • Personal loans
  • Credit card limits
  • Personal overdrafts

Business loans may be considered if the new lender is willing to incorporate such debt into their residential mortgage facility. For example, an existing business related debt may be refinanced as part of a new Equity Access Loan sub account.

Commercial loans will generally not be acceptable as part of a residential mortgage refinance proposal.

Borrowers generally refinance because they are dissatisfied with their existing arrangements for different reasons such as: having too many accounts, combined monthly repayments being too high, interest rates being too high, account fees being too high, a dispute with the existing lender etc. Perceived advantages in refinancing will be linked to one or more of these factors. Benefits can include:

  • reducing the number of accounts you are operating and making things simpler
  • reducing your total monthly payments by possible consolidation of debts
  • obtaining a better rate from another lender
  • reducing fees
  • taking advantage of another lenders special offer or better loan conditions
  • your overall loan position may be improved by refinancing and restructuring

If you are considering refinancing an investment loan, it is worthwhile to speak with your Accountant first to ensure that you are optimising your taxation position by having the correct structure of owners, borrowers and security properties on the new loan.

Common disadvantages which need to be considered before refinancing a loan include:

  • if you consolidate smaller debts when refinancing into one long-term loan, additional interest may be paid over the longer term even though your total monthly payments may be reduced
  • there will be fees to be paid for discharging your current mortgage
  • there will be fees to be paid for registering your new mortgage
  • there may be early repayment or deferred establishment fees charged by your current lender
  • there may be establishment fees charged by the new lender including valuation fees
  • “break costs” may be charged if your current loan is still on a fixed rate
  • other loans (e.g. linked business loans) may need to be refinanced if you refinance your home loan or investment loan
  • other accounts including transaction accounts or credit cards may also need to be transferred

Some lenders offer financial incentives to help you cover some of the cost of refinancing your current loan and this should be investigated.

This depends very much on how long your new lender takes to approve your loan and how quickly your current lender takes to respond after receiving your signed Discharge of Mortgage request form. Some lenders take two weeks to process your written discharge request and the full payout of your existing mortgage loan will take longer. The process can be streamlined if you lodge your signed Discharge request form early and then follow up your current lender regularly to ensure that the request is being actioned. Once you have signed the Loan Contract with your new lender, they should contact your existing lender immediately to arrange a settlement payout. The whole process can take up to a month from the time you apply for a new loan.

Yes. Sometimes, it may be simpler to refinance or restructure your existing loan(s) with your current lender. If you are looking for a better structure, a different product, a lower rate, a better deal on fees or a higher loan amount, it may be possible to achieve your goals by refinancing or renegotiating your package with your current lender. It may be quicker, cheaper and easier to consider this rather than changing all your banking products and arrangements to another bank.

Melbourne Mortgage Finance offers an extensive range of mortgage products and services including

Home Loans, Investment Loans, Equity Access Loans, Low Doc Loans, 100% Loans, Refinance Loans, Commercial Loans, Deposit Bonds, Reverse Mortgages, Accommodation Bonds, Vehicle Finance, Plant and Equipment Finance, Financial Planning and Business Finance.

IMMEDIATE appointment can be made to meet at your home or office

  • NO CHARGE for assisting you. We receive a standard fee from the lender you select
  • reliable service, communication and follow-up. See “Testimonials
  • accreditation with 20 national lenders, allowing you to select from an excellent range of loans
  • we carefully listen to your needs, do our research, then present you with a short-list of three potential loan solutions. You choose the lender.
  • printouts of products, fees, interest rate and loan features are provided
  • arrange for your property insurance and personal insurance requirements to be assessed
  • ongoing availability to assist you after loan settlement
  • over 30 years experience in arranging finance and mortgage loans