LENDING UPDATE – 13.12.17

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 13.12.17

PRODUCT OF THE MONTH

  • loan to 90% of property value including any mortgage insurance premium
  • variable “principal & interest” at 3.68%
  • nil application fee, nil monthly fee, nil annual fee, progress payment fee for construction
  • available for purchase, refinance (up to 5 debts can be consolidated) , construction

FAMILY GUARANTEE LOANS FOR FIRST HOME BUYERS

  • 95% loans are generally far more expensive for first home buyers:
    • lender’s mortgage insurance (LMI) premium on a 95% $475,000 loan is around $16,000
    • most lenders will not allow the premium to be borrowed…it is paid for out of savings
    • a few lenders will allow the LMI premium to be borrowed on top of the 95% loan , but variable rates are then up to 1% higher
  • many first home buyers have strong incomes, but have insufficient savings for 5% deposit and costs
  • immediate family members who own a property can offer their home as additional security, thereby reducing the loan ratio to below 80%….this eliminates the LMI premium and reduces the interest rate

REVERSE MORTGAGE LOANS FOR SENIOR BORROWERS

  • seniors who are no longer working can borrow funds for any worthwhile purpose
    • normal reverse mortgage loans for clearing other debts, home repairs, travel, new car etc
    • aged care reverse mortgage loans for payment of bond monies for entry into aged care
  • borrowers must be at least 60 years of age and own a suitable property as security for the loan
  • property can be primary residence, investment property or holiday home
  • available loan amount depends on property value and age of applicant…loan repayments are voluntary

COMMON MISTAKES WHEN APPLYING FOR FINANCE

  • not having a definite agreed action plan prior to purchasing and applying for finance
  • not getting pre-approval from preferred lender prior to purchase….allow 5 work days for pre-approval
  • getting pre-approval for $400,000 loan, then buying a property that requires a $500,000 loan
  • getting a pre-approval based on one set of circumstances, then buying after your circumstances change
  • buying a property without having arranged prior access to deposit monies or a deposit bond
  • changing jobs just before a loan application is to be lodged….lenders like to see stable employment
  • travelling overseas at the time of loan application or loan settlement
  • having too many debts….eliminate unnecessary debt or excessive card limits prior to loan application
  • not having correct paperwork which satisfies lender requirements and supports your loan application

 

Contact Melbourne Mortgage Finance on 0437 417 042 for further loan 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 your 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

  • 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