LENDING UPDATE – 14.02.13

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 14.02.13

SPECIAL LOANS FOR HEALTH INDUSTRY PROFESSIONALS

All lenders normally arrange mortgage insurance on loans over 80% of valuation. For borrowers who are employed in an eligible health profession and who are members of an eligible health profession association, Melbourne Mortgage Finance can arrange finance up to 90% of valuation with no mortgage insurance. Conditions apply.

On a purchase of $600,000 with a 90% loan of $540,000, this represents a saving of over $12,000

BUYER ADVOCATES

Some buyers would prefer to use a specialist to locate potential properties and handle all purchasing negotiations on the buyer’s behalf. This can reduce the amount of time taken to locate a suitable property and eliminate the normal stresses associated with negotiating price, terms and conditions. Melbourne Mortgage Finance can arrange an immediate introduction to a reputable Buyer Advocate.

INTEREST RATE REDUCTIONS

Economists have different views on further rate reductions during 2013. Westpac predicts two reductions this calendar year while ANZ is predicting up to four reductions.

REDUCED MORTGAGE INSURANCE FEE

All lenders insure their mortgage loans against loss if the loan exceeds 80% of property value. One lender offers an alternative substantially reduced mortgage risk premium if borrowers meet certain basic conditions:

  • purchase of owner-occupied or investment property (not refinance)
  • clean credit history
  • primary income earner has been steadily employed for 2 years with same employer
  • security property must be located in an acceptable postcode
  • security property must not be rural, vacant land, construction, small unit or off-the-plan
  • satisfactory genuine savings must be demonstrated
  • loan amount must not be over $800,000

INCOME PROOF FOR SELF-EMPLOYED BORROWERS

Nearly all lenders require self-employed to submit two years financial statements and tax returns….2010-11 and 2011-12. One lender will accept loan applications using just one set of financial statements and tax return for 2011-12 only. This can greatly assist borrowers whose latest income is higher than the previous year’s income.

SUBSTANTIAL STAMP DUTY BENEFITS FOR FIRST HOME BUYERS

The Victorian Government is currently offering two separate incentives :

  • Principal Place of Residence stamp duty discount on homes priced up to $550,000
  • 30% cut in normal stamp duty on established homes priced up to $600,000

On a purchase price of $400,000, stamp duty would be just $11,459 compared to the normal figure of $19,070

Barry LeBrocq

Melbourne Mortgage Finance

Patterson Lakes, VIC

Mob 0437417042

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