LENDING UPDATE – 10.08.12

MELBOURNE MORTGAGE FINANCE LENDING NEWS – 10.08.12

  • RBA leaves interest rates on hold for August
  • 3 year fixed rates are available from as low as 5.44% pa which is well below current variable rates.
  • a low variable rate of 5.81% pa is available for loans up to 75% of property value.
  • with home loan interest rates so low, now is a good time to refinance expensive personal loan debt (12-16% pa) and credit card debt (16-20% pa) into a new mortgage loan
  • borrowers on good incomes can arrange 100% finance plus costs with a Parental Family Guarantee loan. These are available for purchase of owner-occupied or investment property. Applicants must have clean credit history, strong repayment capability and a guarantee from parents for 20% of the new property’s value.
  • If borrowers are over 55 years of age and wish to borrow over 80% of purchase price, they will be required to show how the debt will be serviced and fully paid out at retirement age. For example:
    • superannuation or investment statements showing sufficient balance
    • ownership of other property which can be sold to service or clear the new debt
    • ownership of non-real estate assets that can be sold
  • For loans over 80% of valuation, some lenders offer substantially reduced mortgage insurance premiums to borrowers who meet certain criteria : clean credit, strong incomes, good savings, 2 years in the same job.
  • Borrowers often confuse mortgage insurance and income protection
    • mortgage insurance involves a single premium paid by the borrower to insure the bank’s loan against any loss resulting after the sale of the property
    • income protection involves an annual premium paid by the borrower to replace income in the event of an inability to work e.g. injury, severe illness. The premium is usually tax deductible.
  • “Low doc” loans for self-employed are available at very attractive interest rates:
    • up to 75% from 6.10% pa
    • 75-80% from 6.26% pa

Income proof is required such as last 4 quarterly BAS statements, bank trading statements, or Accountant letter.

Barry LeBrocq
Melbourne Mortgage Finance
Patterson Lakes VIC 3197
Mob 0437417042

Disclaimer: The above information is intended as general information only and does not address specific personalsituations. Lenders products, fees and policies change without notice. Please contact us to discuss your specific personal borrowing requirements.

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