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 |
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 |
There are 3 lenders who will lend up to 95% LVR to borrowers who do not have genuine savings. Strict conditions apply.
St George is offering $700 to borrowers who refinance from any bank
CBA is offering $1200 to borrowers who refinance from NAB or Homeside
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.
Several lenders are offering special deals which will reduce or eliminate hefty Lender’s Mortgage Insurance premiums:
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.