LENDING UPDATE – 03.08.11

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 03.08.11

Key lending issues

  • No change to official RBA interest rates in August
  • very competitive variable rate loans below 7% pa are still available
  • most lenders have now decreased their 3 year fixed rates
  • Westpac Senior Economist predicts 1% fall in variable rates by late 2012
  • more lenders now offering better rates for loans below 80% of property value
  • St George Bank re-launched as “Bank of Melbourne” in Victoria

LENDER COMPARISON

This table shows some of the residential mortgage products currently available for a $300,000 loan. Initial setup fees, maximum loan-to-valuation ratios (LVRs), and current 3 year fixed rates are also shown.

Lender Loan
Variable
%
$ Setup
Fee

LVR
max %

3 Year
Fixed %
Aust First Mortgage Complete Pro-pack<65% 6.85 435 65 7.15
Bankwest Premium Select<75% 6.85 nil 75 7.44
PLAN Lending/nab Performance Plus<75% 6.88 nil 75 7.15
Bankwest 3 year Super Start 6.90 nil 95+LMI 7.44
Homeside/nab HomePlus<75% 6.90 162 75 6.99
CBA MAV Variable< 80% 6.91 500 80 6.99
Aust First Mortgage Complete ProPack 6.95 435 90+LMI 7.15
Suncorp Variable ProPack<70% 6.95 300 70 7.39
Citibank Mortgage Plus<70% 6.95 600 70 6.99
ING Simplifier Smartpack 6.96 719 95+LMI 6.99
CBA MAV Variable 80-90% 6.96 500 90+LMI 6.99
AMP Variable ProPack 6.97 645 90+LMI 7.19
PLAN Lending/nab Performance Plus 75-90% 6.98 nil 90+LMI 7.15
Adelaide Bank SmartSaver 6.99 895 95+LMI 7.24
Citibank Mortgage Plus 70-80% 6.99 600 80 6.99
CBA 3 year Rate Saver 6.99 750 95+LMI 7.14
Macquarie Classic 6.99 nil 95+LMI 7.19
Police&Nurses CU Dream Home Loan 6.99 1342 95+LMI 6.99
Rock Bldg Society Rock Star Special 6.99 200 90+LMI 6.85
Suncorp Variable ProPack 70-80% 6.99 300 80 7.39
——————————————————————————————————————————————————-
ANZ Simplicity Plus Special 7.00 nil 92 7.04
Homeside/nab HomePlus 75-90% 7.00 162 90 6.99
Bank of Melbourne Advantage Variable 7.00 495 95+LMI 6.99
AMP Basic 7.02 545 90+LMI 7.29
Heritage Bldg Society Basic 7.03 600 90 7.05
Citibank Mortgage Plus 80-90% 7.05 600 90+LMI 6.99
CBA MAV Variable>90% 7.06 500 95+LMI 6.99
Westpac Flexi First Option 7.06 nil 95+LMI 7.19
Bank of Melbourne Basic 7.08 100 95+LMI 7.14
Adelaide Bank Variable Smartfit 7.09 895 95+LMI 7.24
ANZ Simplicity Plus 7.10 nil 92 7.04
Bankwest Premium 7.10 nil 95+LMI 7.44
Suncorp Basic 7.10 nil 95+LMI 7.39
ING Simplifier 7.12 220 95+LMI 6.99
PLAN Lending Mortgage Plus>90% 7.13 nil 95+LMI 7.30
Phoenix Circle CU Standard 7.15 nil 95
Westpac Rocket Premier 7.16 395 95+LMI 6.99
Notes : maximum LVR for purchases is 95%, and 90% for refinances
: +LMI indicates lenders who will add the Lender’s Mortgage Insurance premium to the base loan amount
: “low doc” loans are available up to 80% LVR, but at higher rates than the “full doc” products shown
: setup fee is the initial cost to establish the loan. Monthly or annual fees may also apply
: fixed rates shown may be subject to loan package conditions

CREDIT REPORT DEFAULTS

Borrowers should be very careful if they are wanting to purchase, but have defaults on their credit report. Credit defaults remain on your credit report for 5 years and will have a serious adverse impact on any loan application. This is especially relevant with an unconditional auction purchase.

POTENTIAL PITFALLS WITH FIXED RATE LOANS

The Credit Ombudsman’s report on fixed rate loans is available. Go to “Fixed Rate Pitfalls” on the Home Page and then click on the pdf link for 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 specific needs and loan eligibility.

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 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.
Kind Regards,

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

 

LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
READ MORE

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

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  • ongoing availability to assist you after loan settlement
  • over 30 years experience in arranging finance and mortgage loans