LENDING UPDATE – 03.03.11

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 03.03.11

Key lending issues

  • No change to official RBA interest rates in March
  • More lenders now offering maximum loans up to 95% of property value
  • Lenders offering nil set up fees, rate cuts and cash incentives as competition heats up
  • CBA announces “No Fee” home loan
  • Several lenders now offering reduced rates on loans with lower LVRs. See Lender Comparison
  • Westpac waives Lenders Mortgage Insurance for loans 80-85 LVR. Conditions apply
  • Two lenders offer cheaper risk insurance on loans 80-95% LVR instead of normal mortgage insurance
  • Refinance and debt consolidation lending increases as borrowers seek better deals

LENDER COMPARISON

This table shows leading residential mortgage products currently available for a typical $300,000 loan. Current 3 year fixed rates and maximum loan-to-valuation ratios (LVRs) are also shown, together with initial setup fees.

Variable
%
$ Setup
Fee

LVR
max %

3 Year
Fixed %
PLAN Lending/nab Performance Plus <65% 6.88 nil 65 7.25
Homeloans Ltd Ultra Plus<65% 6.89 1371 65 7.74
Bankwest 3 year Super Start<75% 6.90 nil 75 7.44
Homeside/nab Homeplus<75% 6.90 762 75 7.45
Citibank Basic Special<70% 6.95 649 70 7.34
ING Simplifier Smartpack 6.96 719 95+LMI* 7.44
PLAN Lending/nab Performance Plus 65-90% 6.98 nil 90+LMI 7.35
AFM Complete Option<65% 6.99 nil 65 7.63
CBA Rate Saver 3 year Special 6.99 150 95+LMI* 7.39
Police&Nurses CU Dream Home Loan 6.99 1342 95 7.35
Rock Bldg Soc Rock Star Special 6.99 500 95 7.24
Homeside/nab Homeplus 75-90% 7.00 762 90 7.45
ANZ Breakfree 7.00 375 92 7.19
Citibank Basic Special 70-80% 7.02 649 80 7.34
AMP Basic 7.02 545 90+LMI 7.29
Heritage Bldg Soc Basic 7.03 600 90 7.15
AFM Secure Option 7.04 1040 95
Suncorp Back to Basics Special 7.05 nil 95+LMI * 7.59
CBA MAV Variable<75% 7.06 500 75 7.24
Citibank Mortgage Plus 7.08 600 90 7.34
Adelaide Bank Variable Smartfit 7.09 695 95+LMI* 7.59
AFM Complete Option 7.09 nil 90+LMI 7.63
Homeside/nab Homeplus>90% 7.10 762 95 7.45
ANZ Simplicity Plus 7.10 600 92 7.34
Bankwest Premium 7.10 nil 95+LMI* 7.44
St George Advantage 7.10 495 95+LMI* 7.49
CBA MAV Variable 7.10 500 95+LMI* 7.24
Westpac Premier Advantage Rocket 7.11 nil 95+LMI * 7.49
ING Simplifier 7.12 220 95+LMI* 7.44
St George Basic 7.13 nil 95+LMI* 7.64
PLAN Lending/nab Performance Plus>90% 7.13 nil 95 7.50
Westpac Flexi First 7.16 nil 95+LMI* 7.69
AMP Propack 7.17 644 90+LMI 7.44
Homeloans Ltd Prosmart 7.24 1020 95+LMI* 8.09
CBA No Fees 7.24 nil 95+LMI* 7.39
Phoenix Circle CU Variable 7.25 275 95
Notes : maximum 95% LVRs apply to purchases. 90% maximum usually applies to refinances
: ANZ will lend up to 95% to its own customers who have had accounts for at least 6 months
: +LMI indicates lenders who will add the Lender’s Mortgage Insurance to the base loan amount up to 97% max
: “low doc” loans are available at higher rates than shown above

NON-GENUINE SAVINGS

There are 3 lenders who will lend up to 95% LVR to borrowers who do not have genuine savings. Strict conditions apply.

LENDERS OFFERING CASH INCENTIVES TO REFINANCE

St George is offering $700 to borrowers who refinance from any bank

CBA is offering $1200 to borrowers who refinance from NAB or Homeside

EXISTING HOME OWNERS BEWARE !

All lenders must now comply with the new National Consumer Credit Protection (NCCP) Act, effective since 01.01.2011 Lenders must now confirm more vigorously that customers can clearly service loan repayments. Borrowers who got loans approved in the past may NOT get them now. Customers MUST confirm their eligibility for a new loan BEFORE they buy a new property and/or BEFORE they sell their current property.

MORTGAGE INSURANCE SPECIAL OFFERS

Several lenders are offering special deals which will reduce or eliminate hefty Lender’s Mortgage Insurance premiums:

  • Westpac is waiving LMI between 80-85% LVR on selected products taken under their Premier Advantage Package
  • ING is offering its own in-house lower cost LMI between 80-95% LVR to strong borrowers who meet certain criteria
  • Homeloans Ltd is offering a similar deal to ING, but only on its Homeloans Prosmart loan at 7.24%

Please call Melbourne Mortgage Finance for FREE and IMMEDIATE assistance in arranging your purchase or refinance loan


Barry LeBrocq

Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
Mob 0437417042
Web www.mmfinance.com.au

Disclaimer: The above information is intended as general information only and is not intended to address specific personal situations. While every effort has been made to ensure accurate content, it should be understood that loan products, interest rates and fees change frequently without notice. Potential borrowers should contact Melbourne Mortgage Finance to verify details and discuss their specific needs and loan eligibility.

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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 for your time on the phone yesterday and copying me into the below email.
I just wanted to take the time to say that I have never seen such a comprehensive email provided to clients by a Broker before. Very clear and detailed.
I hope it’s ok that I hold onto your details to refer to clients who may need assistance.
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Shannon Oatley
Director & Licensed Conveyancer
Property Conveyancing Group, 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

 

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  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

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