LENDING UPDATE – 09.06.11

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 09.06.11

Key lending issues

  • No change to official RBA interest rates in June
  • Smaller banks offering very competitive and flexible product & policy options
  • Several banks offering nil establishment fees and cash incentives to refinance
  • Several banks offering special deals to reduce the cost of mortgage insurance on loans over 80% of value
  • Victorian State Budget announces reductions in property Stamp Duty for first home buyers and pensioners
  • Several lenders now accepting “low doc” loan applications with Accountant’s Declaration as evidence of income
  • First Home Owners Grant extended until 30.06.2012

LENDER COMPARISON

This table shows leading residential mortgage products currently available for a $300,000 loan. Current 3 year fixed rates, initial set up fees and maximum loan-to-valuation ratios (LVRs) are also shown. Products with 12 month “honeymoon” interest rates excluded.

Lender Loan
Variable
%
$ Setup
Fee

LVR
max %

3 Year
Fixed %
Aust First Mortgage Complete Pro Pack<65 6.85 435 65 7.63
PLAN Lending/nab Performance Plus<65% 6.88 nil 65 7.35
Homeloans Ltd Ultra Plus 6.89 1412 65 7.74
Bankwest 3 Year Super Start 6.90 nil 95+LMI 7.44
Homeside/nab HomePlus<75% 6.90 162 75 7.29
Aust First Mortgage Complete Variable<65% 6.95 380 65 7.63
Citibank Basic Special<70% 6.95 649 70 7.32
ING Simplifier Smartpack 6.96 719 95+LMI 7.30
PLAN Lending/nab Performance Plus 65-90% 6.98 nil 90+LMI 7.35
Suncorp Money Manager Special 6.98 nil 95+LMI 7.39
CBA Rate Saver 3 year Special 6.99 150 95+LMI 7.39
Macquarie Classic Variable 6.99 600 90 7.59
Police & Nurses CU Dream Home Loan 6.99 1342 95+LMI 7.15
Rock Bldg Soc Rock Star Special 6.99 200 90+LMI 7.14
Homeside/nab HomePlus 75-90% 7.00 162 90 7.29
ANZ Breakfree 7.00 nil 92 7.19
St George Advantage Special 7.00 495 95+LMI 7.29
CBA MAV Variable<75% 7.01 500 75 7.24
Citibank Basic Special 70-80% 7.02 649 80 7.32
AMP Basic 7.02 nil 90+LMI 7.29
Heritage Bldg Soc Basic 7.03 600 90 7.15
Suncorp Back to Basics 7.05 nil 95+LMI 7.39
CBA MAV Variable 7.06 500 95+LMI 7.24
AMP Pro Pack 7.07 644 90+LMI 7.44
Citibank Standard 7.08 600 90 7.32
Adelaide Bank Variable Smartfit 7.09 695 95+LMI 7.59
ANZ Simplicity Plus 7.10 600 92 7.34
Bankwest Premium 7.10 nil 95+LMI 7.44
ING Simplifier 7.12 220 95+LMI 7.30
St George Basic 7.13 600 95+LMI 7.44
PLAN Lending/nab Performance Plus >90% 7.13 nil 95 7.35
Phoenix-Circle CU Pro Pack 7.15 nil 95
Westpac Flexi First 7.16 nil 95+LMI 7.49
Westpac Premier Rocket 7.16 395 95+LMI 7.29
CBA No Fees 7.24 nil 95+LMI 7.39
Notes : maximum LVR for purchases is 95%. Refinances are usually 90%
: +LMI indicates lenders who will add Lender’s Mortgage Insurance premium to the base loan amount
: “low doc” loans are available up to 80% LVR, but at higher rates than shown above
: set up fees include initial fees to establish the loan. Monthly or annual fees may also apply

SPECIAL OFFERS TO REDUCE MORTGAGE INSURANCE PREMIUMS

  • Westpac is offering reduced/subsidised internal mortgage insurance on loans between 85-90% LVR
  • For borrowers who meet set criteria, ING is offering NIL mortgage insurance on loans up to 85% LVR, and reduced internal
    mortgage insurance on loans 85-95% LVR

Please call Melbourne Mortgage Finance for FREE and IMMEDIATE assistance in arranging your 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.

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

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  • 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