The following table shows some of the more competitive variable rate residential mortgage products available for a $300,000 loan. 12 month “honeymoon” rate products excluded. Lenders’ maximum loan-to-valuation ratios (LVRs) are shown along with currently available 3 year fixed rates.
Variable %
|
LVR
max % |
3 Year
Fixed % |
||
PLAN Lending | Performance Plus<65% | 6.45 | 65 | 7.15 |
Homeside/nab | Homeplus <75% | 6.47 | 75 | 7.19 |
Homeloans Ltd | Premium Saver<65% | 6.49 | 65 | 7.49 |
PLAN Lending | Performance Plus | 6.55 | 90+LMI | 7.15 |
Homeside/nab | Homeplus 75-90% | 6.57 | 90 | 7.19 |
AFM | Secure Option | 6.59 | 95 | 7.38 |
Homeloans Limited | Premium Saver | 6.59 | 90+LMI | 7.49 |
The Rock B Soc | Rock Star special | 6.64 | 90 | 7.19 |
Homeside/nab | Homeplus>90% | 6.67 | 95 | 7.19 |
ING | Simplifier Smartpack | 6.68 | 90+LMI | 7.09 |
CBA | 3 yr Special | 6.68 | 90+LMI | 7.44 |
Bankwest | Premium Home Loan | 6.70 | 85 | 7.38 |
ANZ | Breakfree Pro-pack | 6.71 | 90 | 7.35 |
ANZ | Simplicity Plus | 6.71 | 90 | 7.35 |
St George | Advantage Pro-pack | 6.73 | 90+LMI | 7.44 |
Adelaide Bank | Smartfit | 6.74 | 90+LMI | 7.59 |
ING | Simplifier | 6.74 | 90+LMI | 7.09 |
Police & Nurses C U | Dream Home Loan | 6.74 | 95+LMI | 7.39 |
St George | Basic | 6.76 | 90+LMI | 7.44 |
Suncorp | Back to Basics<90% | 6.76 | 90 | 7.44 |
AMP | Basic | 6.77 | 90 | 7.39 |
Westpac | Flexi First | 6.81 | 87 | 7.19 |
Westpac | Rocket Pro-pack | 6.81 | 87 | 7.19 |
CBA | MAV Standard Variable | 6.68 | 90+LMI | 7.29 |
AFM | Flexible Option | 6.89 | 90 | 7.59 |
Citibank | Mortgage Plus | 6.89 | 90 | 7.29 |
Suncorp | Back to Basics>90% | 6.96 | 95+LMI | 7.64 |
Bankwest | Lite Plus | 7.08 | 90 | 7.38 |
Bankwest | Mortgage Shredder | 7.30 | 95+LMI | 7.38 |
Notes : | Westpac , CBA , StGeorge and ANZ will lend up to 95% of valuation only to their own customers who have held satisfactory accounts for a 6 month period |
interest rates and LVRs will be different for “low doc” loans | |
+LMI indicates lenders who will add the “once off” mortgage insurance premium to the base loan amount required |
has been in force since 01.07.2010. Mortgage brokers are now required to place additional emphasis on documenting and verifying that a borrower’s financial position is correct and that the loan being proposed is suitable for the client with manageable loan repayments.
Melbourne Mortgage Finance now has access to affiliates who offer
Please call if you or any of your clients would like an introduction to either programme.
Excellent deals are available for clients with good equity to REFINANCE to much lower rates. See table above.
Contact Melbourne Mortgage Finance for assistance with a new loan application or scenario discussion. There is NO CHARGE for arranging loans which proceed to settlement.
Barry LeBrocq
Melbourne Mortgage Finance
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. Every effort has been made to ensure that content is accurate. Potential borrowers should contact Melbourne Mortgage Finance to discuss specific financial needs and loan eligibility.