LENDING UPDATE – 20.03.17

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 20.03.17

PRODUCTS OF THE MONTH

  • two different lenders are currently offering an exceptional rate of 3.69% for owner occupier loans :
  • one is for First Home Buyers : 2 years fixed / owner occupied / established purchase only / max. 90% incl LMI
  • one is for ALL borrowers : variable rate / owner occupied / purchase or refinance / max. 80% / cash out OK

IMPORTANCE OF HAVING A PURCHASE PLAN

  • many borrowers do not have the necessary information or loan detail options well before purchasing
  • savings targets, borrowing power, VEDA credit report contents and lender requirements are all very important
  • some customers are ready to buy immediately, while others can take 12 months to prepare
  • a broker can identify key goals and key obstacles immediately, resulting in a solid purchase plan

85% OF AUSTRALIANS DO NOT KNOW THEIR CURRENT HOME LOAN INTEREST RATE

  • latest research from UBank reveals that 85% of customers do not know their home loan interest rate
  • this figure is up from 84% in 2016
  • many customers are paying around 4.50% variable rate, while an excellent rate of 3.69% is readily available
  • refinancing and consolidating high rate card/personal loan debts can result in substantial cash flow savings p.m.

CHANGES TO VICTORIAN STAMP DUTY RULES

  • stamp duty will be abolished for all First Home Buyers who purchase properties priced up to $600,000
  • reduced stamp duty will be charged on a sliding scale for FHBs purchasing between $600,000 and $750,000
  • investors purchasing “off the plan” properties will now pay full stamp duty based on contract purchase price
  • $10,000 cash First Home Owners Grant continues for the purchase of newly-built property in Melbourne
  • new stamp duty rules commence with contracts signed from 1st July 2017

INVESTMENT FINANCE AT OWNER-OCCUPIED RATES

  • a well-known lender offers “property bundling” finance all at the one rate
  • when residence and investment property are offered as joint security, the lower owner occupier rate applies
  • variable rate 3.79% for loans up to $750,000 / 3.85% for loans over $750,000
  • value of residence must be higher than value of investment property
  • “bundle” offer applies to purchase or refinance up to 90% LVR / loans can be split between properties

ELIMINATING BAD-DEBT HIGH INTEREST RATE LOANS BY REFINANCING

  • substantial cash flow benefits can be achieved by refinancing high rate loans : example:
    $400,000 home loan 4.30% variable $2025 pm
    $ 15,000 credit card 15% $ 450 pm
    $ 8,000 personal loan 8% $ 400 pm
    ————–
    $2650 pm
  • refinance total balance $423,000 at 3.69% $1945 pm (cash flow advantage $705 pm)

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