LENDING UPDATE – 08.09.11

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 08.09.11

Key lending issues

  • no change to official RBA variable interest rates again in September
  • 3 year fixed rates have fallen by up to 1% in the last 2 months. Now available from 6.35%
  • 3 year fixed rates now well below variable rates
  • some lenders offering lower variable rates for loan amounts over $500,000
  • some lenders offering higher loan amounts if the loan rate is fixed for 3-5 years
  • cash incentives up to $1000 available on refinance packages

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 %
Suncorp Money Manager <80% 6.80 300 80 6.45
Aust First Mortgage Complete ProPack <75% 6.85 435 75 6.97
Bankwest Premium Select <75% 6.85 nil 75 6.59
Heritage Bld Soc Discount Variable 6.85 600 90 6.49
Homeside/nab HomePlus <75% 6.85 162 75 6.59
PLAN Lending/nab Performance Plus <75% 6.88 nil 75 6.74
Bankwest 3 year Super Start 6.90 nil 95+LMI 6.59
Bank of Melbourne Advantage Package<80% 6.90 495 80 6.44
ANZ Breakfree <80% 6.90 nil 80 6.43
CBA MAV Variable <80% 6.91 150 80 6.43
Aust First Mortgage Complete ProPack 6.95 435 90+LMI 6.97
Bankwest Premium Select 6.95 nil 95+LMI 6.59
Citibank Mortgage Plus<70% 6.95 649 70 6.45
Homeside/nab HomePlus 75-90% 6.95 162 90 6.59
ING Simplifier Smartpack 6.96 719 95+LMI 6.39
CBA MAV Variable 80-90% 6.96 150 90+LMI 6.43
AMP Variable ProPack 6.97 645 90+LMI 6.69
PLAN Lending/nab Performance Plus 6.98 nil 90+LMI 6.74
Adelaide Bank SmartSaver 6.99 895 95+LMI 6.49
CBA 3 year Rate Saver 6.99 750 95+LMI 6.74
Macquarie Classic 6.99 nil 95+LMI 6.69
Police&Nurses CU Dream Home Loan 6.99 1342 95+LMI 6.35
Rock Bldg Society Rock Star Special 6.99 200 90+LMI 6.49
——————————————————————————————————————————————————-
ANZ Simplicity Plus Special 7.00 nil 92 6.59
Bank of Melbourne Advantage Variable >80% 7.00 495 95+LMI 6.54
AMP Basic 7.02 545 90+LMI 6.69
Citibank Basic Variable 70-80% 7.02 649 80 6.45
Heritage Bldg Society Basic 7.03 600 90 6.49
Aust First Mortgage Complete Variable 7.05 275 90+LMI 6.97
CBA MAV Variable >90% 7.06 500 95+LMI 6.43
Westpac Flexi First Option 7.06 nil 95+LMI 6.79
Bank of Melbourne Basic 7.08 600 95+LMI 6.69
Adelaide Bank Variable Smartfit 7.09 895 95+LMI 6.49
Citibank Basic Variable 80-90% 7.09 649 90 6.45
ANZ Simplicity Plus 7.10 nil 92 6.59
Bankwest Premium 7.10 nil 95+LMI 6.59
Homeside/nab HomePlus >90% 7.10 162 95 6.59
Suncorp Basic 7.10 nil 95+LMI 6.45
CBA No Fee Variable 7.11 nil 95+LMI 6.74
ING Simplifier 7.12 220 95+LMI 6.39
PLAN Lending Performance Plus >90% 7.13 nil 95+LMI 6.74
Phoenix Circle CU Standard 7.15 nil 95
Westpac Rocket Premier 7.16 395 95+LMI 6.59
Notes : maximum LVR for purchases is 95%, and 90% for refinances
: +LMI indicates lenders willing to add the Lender’s Mortgage Insurance premium to base loan amount
: “low doc” loans available up to 80% at higher rates than the “full doc” products shown
: monthly or annual fees may also apply on some loans
: fixed rates shown may be subject to specific conditions

MAXIMUM LOAN AMOUNTS WILL VARY BETWEEN LENDERS

On a given set of borrower circumstances, lenders will approve vastly different maximum loan amounts. A major reason for this is the LOAN ELIGIBILITY ASSESSMENT RATE used by each lender when considering applications. Scenario:
. Primary income $60,000
. Secondary income $30,000
. Credit card limit $10,000
. 1 child

Lender 1 : assessment rate used is the actual 3 year fixed rate 6.45%
Lender 2 : assessment rate used is the 3 year fixed rate + 0.5% 7.04%
Lender 3 : assessment rate used is the discount variable rate + 1.5% 8.50%
Lender 4 : assessment rate used is the full variable rate + 1.5% 9.30%

Maximum available loan amounts will range from $300,000 to $440,000 in the above scenario. Other factors will also contribute to this variation in loan amounts e.g. some lenders have their own “in house” mortgage insurance facility.

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

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