LENDING UPDATE – 05.07.13

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 05.07.13

CHANGES TO FIRST HOME OWNERS GRANT (FHOG) IN VICTORIA

Effective from 01.07.2013, the rules regarding eligibility for the FHOG have changed:

  • the Grant will no longer be available for purchase of established homes
  • the Grant has been increased to $10,000, but is available only for newly-built homes or homes to be built
  • maximum property price $750,000
  • these changes apply to purchases from 01.07.2013

CHANGES TO STAMP DUTY DISCOUNTS FOR FIRST HOME BUYERS IN VICTORIA

  • Effective from 01.07.2013, the rules regarding eligibility for stamp duty discounts have also changed:
  • stamp duty discounts will increase from 30% to 40%
  • maximum property price $600,000
  • these changes apply to settlements from 01.07.2013
  • a separate Principal Place of Residence (PPR) stamp duty discount also applies to all home buyers…maximum
    purchase price $550,000

PERSONAL PROTECTION INSURANCE

Borrowers should review their personal protection insurance position when purchasing property. Melbourne Mortgage Finance can arrange a review of the following important matters with qualified experts:

  • life insurance
  • income protection insurance
  • trauma cover insurance
  • landlord protection insurance
  • legal wills and estate planning are also important matters to be reviewed

RESIDENTIAL INTEREST RATES AT A 40 YEAR LOW

  • variable rates now available from 5.13% for a normal $300,000 loan
  • 2 year fixed rates now available from 4.69%. Conditions apply.

MORTGAGE INSURERS TIGHTEN LIMIT ON INVESTMENT LOANS

Both mortgage insurers, Genworth and QBE, have placed new restrictions on investment property loans. The maximum loan now available is 95% of property value including the mortgage insurance premium. The previous limit was 97% of property value including the mortgage insurance premium.

Borrowers can still borrow 100% of investment property value plus costs without mortgage insurance:

  • using a parental guarantee property loan
  • offering the personal residence as additional security if sufficient equity exists in that property

Contact Melbourne Mortgage Finance for further details or to establish your loan eligibility
Mob 0437 417 042

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

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