LENDING UPDATE – 14.06.19

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 14.06.19

LIVING EXPENSES ARE NOW A KEY ISSUE

  • in the past, lenders generally used minimum poverty line living expense allowances when assessing loans
  • most lenders have recently increased the allowance for living expenses when calculating borrowing power
  • increased allowance for living expenses can significantly reduce customer borrowing power
  • most lenders now require applicants to complete a detailed Living Expenses worksheet as part of an application
  • some lenders require the last three months bank statements and will assess living expenses from the statements
  • applicants should eliminate any unnecessary living expenses during the three months prior to applying for a loan
  • minimising unnecessary living expenses and increasing savings are both important when applying for finance
  • loan applications must be very carefully prepared to satisfy stricter lender assessment standards

COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT

  • all lenders obtain a Credit Report when assessing home loan applications
  • Credit Reports now provide far more detailed information about loan repayment history than before
  • lenders can look at repayment history over a two year period on existing loan accounts held by borrowers
  • borrowers should make repayments on time and avoid erratic repayment histories on their Credit Reports
  • obtaining a copy of your personal Credit Report is very important prior to applying for finance

INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES

  • some lenders will approve finance for investment purposes at owner-occupier rates
  • borrowers must offer their primary residence as security for the loan, not the investment property
  • loan purpose might include purchase of investment property or purchase of shares
  • example : $400,000 home loan and $200,000 investment loan for shares, both financed at owner-occupier rate

REVERSE MORTGAGE LOANS FOR SENIORS OVER 60

  • specialist lenders are available to provide finance to seniors who have retired
  • residence is offered as security for most loans, but holiday home or investment property can also be offered
  • loan amount calculation depends on value of property and age of younger borrower
  • common purposes : home improvements, clearance of other debts, extra monthly income, car, travel
  • independent legal advice is compulsory and loan contracts must be signed in presence of customer’s solicitor

Barry LeBrocq
Melbourne Mortgage Finance
Mob 0437417042
Web www.melbournemortgagefinance.com.au

NOTE: Loans offered are available at time of Update release, but lenders can change or withdraw product offers without notice

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
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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