LENDING UPDATE – 18.11.11

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 18.11.11

Key lending issues

  • all lenders have now announced their new variable interest rates following the recent RBA rate cut
  • 3 year fixed rates have continued to fall to as low as 5.99% pa (conditions apply)
  • some lenders have eased their lending policies and assessment criteria
  • “low doc” loans for self-employed are still readily available with basic income proof needed
  • loans up to 95% of valuation are also readily available from most lenders
  • Citibank has waived mortgage insurance on loans 80-85% of valuation (conditions apply)

LENDER COMPARISON

This table shows some of the residential mortgage products currently available for a $300,000 loan. Initial set up fees, maximum loan-to-valuation ratios (LVRs) and 3 year fixed rates are also shown.

Lender Loan
Variable
%
$ Setup
Fee

LVR
max %

3 Year
Fixed %
PLAN Lending/nab Low Rate <75% 6.50 330 75 6.36
Suncorp Money Manager<80% 6.55 300 80 5.99
PLAN Lending/nab Low Rate 75-90% 6.60 330 90 6.46
PLAN Lending/nab Performance Plus<75% 6.60 nil 75 6.36
Aust First Mortgage Complete ProPack<75% 6.60 435 75 6.77
Bankwest Premium Select<75% 6.60 nil 75 6.59
Homeside/nab HomePlus<75% 6.60 nil 75 6.39
AMP Essential Home Loan 6.60 295 90+LMI 5.99
Heritage Bldg Soc Discount Variable 6.60 600 95 6.29
Police&Nurses C U Easy Pay Plus<75% 6.64 1042 75 6.35
Macquarie Classic<80% 6.64 nil 80 5.99
ANZ Breakfree<80% 6.65 nil 80 6.28
Bankwest Super Start 6.65 nil 95+LMI 6.59
CBA MAV Variable<80% 6.66 500 80 6.33
Adelaide Bank Variable SmartSaver 6.69 395 95+LMI 6.49
Bankwest Premium Select >75% 6.70 nil 95+LMI 6.59
PLAN Lending/nab Performance Plus 75-90% 6.70 nil 90+LMI 6.46
Aust First Mortgage Complete ProPack 6.70 435 90+LMI 6.77
Bank of Melbourne Advantage<80% 6.70 495 80 6.24
Citibank Basic <70% 6.70 600 70 5.99
Homeside/nab HomePlus 75-90% 6.70 nil 90+LMI 6.39
ANZ Breakfree>80% 6.70 nil 92 6.28
ING Simplifier Smartpack 6.71 719 95+LMI 6.19
CBA MAV Variable 80-90% 6.71 500 90+LMI 6.33
AMP Variable Propack 6.72 645 90+LMI 5.99
Macquarie Classic 6.74 nil 90 5.99
CBA 3 year Rate Saver 6.74 750 95+LMI 6.48
Police&Nurses C U Dream Home Loan 6.74 1342 95+LMI 6.35
Rock Bldg Soc Rock Star Special 6.74 200 90+LMI 6.19
——————————————————————————————————————————————————-

ANZ

Simplicity Plus Special 6.75 nil 92 6.43
Bank of Melbourne Advantage 6.75 495 95+LMI 6.24
AMP Basic 6.77 545 90+LMI 5.99
Citibank Basic 70-80% 6.77 649 80 5.99
Heritage Bldg Soc Basic 6.78 600 95 6.29
Police&Nurses C U Easy Pay Plus 6.79 1042 95+LMI 6.35
Adelaide Bank Variable SmartFit 6.79 495 95+LMI 6.49
Aust First Mortgage Complete Variable 6.80 275 90+LMI 6.77
CBA MAV Variable>90% 6.81 500 95+LMI 6.33
Bank of Melbourne Basic 6.83 600 95+LMI 6.39
Citibank Basic 80% 6.84 649 85 5.99
ANZ Simplicity Plus 6.85 nil 92 6.43
Suncorp Back to Basics 6.85 nil 95+LMI 5.99
Bankwest Premium 6.85 nil 95+LMI 6.59
Homeside/nab HomePlus 6.85 162 95 6.39
CBA No Fee Home Loan 6.86 nil 95+LMI 6.48
ING Simplifier 6.87 220 95+LMI 6.19
PLAN Lending/nab Performance Plus>90% 6.88 nil 95+LMI 6.64
Phoenix Circle C U Standard 6.90 600 95
Westpac Flexi First Option 6.91 600 95+LMI 6.54
Westpac Rocket Premier 6.91 nil 95+LMI 6.34
Notes : maximum LVR is 95% for purchases and 90% for refinance
: +LMI indicates lenders willing to add the Lender’s Mortgage Insurance premium to the base loan amount
: “low doc” loans are available up to 80% at higher rates than the “full doc” rates shown above
: additional monthly or annual fees may also apply on some loans

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