The following table shows some of the better variable rate residential mortgage products for an average $300,000 loan. Current 3 year fixed rates are also shown, as well as lender maximum loan-to-valuation ratios (LVRs). 12 month “honeymoon” products are excluded:
Variable %
|
LVR max %
|
3 Year Fixed %
|
||
PLAN Lending | Performance Plus <65% LVR | 6.88 | 65 | 7.30 |
Homeside/nab | Homeplus <75% LVR | 6.90 | 75 | 7.20 |
Adelaide Bank | Smartfit Special | 6.94 | 95+LMI | 7.59 |
ING | Simplifier Smartpack Special | 6.96 | 90+LMI | 7.44 |
PLAN Lending/nab | Performance Plus >65%LVR | 6.98 | 90+LMI | 7.40 |
Police & Nurses C U | Dream Home Loan | 6.99 | 95+LMI | 7.35 |
CBA | 3 Year Special Rate Saver | 6.99 | 90+LMI | 7.39 |
The Rock Bld Society | Rock Star Special Offer | 6.99 | 95 | 7.24 |
Homeside/nab | Homeplus 75-90% LVR | 7.00 | 90 | 7.20 |
AMP | Basic Variable Spring Special | 7.02 | 90+LMI | 7.09 |
Heritage Bld Society | Basic | 7.03 | 90 | 7.15 |
Homeloans Ltd | Ultra < 65% LVR | 7.04 | 65 | 7.74 |
Homeside/nab | Homeplus > 90% LVR | 7.10 | 95 | 7.20 |
Bankwest | Premium | 7.10 | 95+LMI | 7.44 |
ANZ | Simplicity Plus | 7.10 | 92 | 7.10 |
St George | Advantage | 7.10 | 92 | 7.09 |
CBA | MAV Standard Variable | 7.11 | 90+LMI | 7.24 |
St George | Basic | 7.13 | 92 | 7.44 |
Homeloans Ltd | Ultra > 65% | 7.14 | 90+LMI | 7.74 |
Suncorp | Back to Basics <90% LVR | 7.15 | 90 | 7.39 |
Westpac | Flexi First | 7.16 | 92 | 7.49 |
Westpac | Premier Advantage Rocket | 7.16 | 92 | 7.09 |
Aust. First Mortgage | Complete Option | 7.17 | 90+LMI | 7.63 |
Bankwest | Rate Cutter | 7.30 | 95+LMI | 7.44 |
Suncorp | Back to Basics >90% LVR | 7.35 | 95+LMI | 7.59 |
Variable %
|
||||
NAB | Tailored Variable | 7.67 | ||
ANZ | Standard Variable | 7.80 | ||
CBA | Standard Variable | 7.81 | ||
Westpac | Rocket Standard Variable | 7.86 |
Notes : | each lender has specific terms and conditions which must be satisfied. |
: | “low doc” loans will usually be offered at higher interest rates than shown above |
: | CBA, Westpac, St George and ANZ will lend up to 95%+LMI only to their own existing customers. Conditions apply. |
: | +LMI indicates those lenders who will add the mortgage insurance premium to the maximum LVR shown |
Borrowers should carefully consider the benefits of refinancing to another bank. If your current interest rate is around 7.1-7.2%, the costs of refinancing may not justify the move. It could take 2-3 years to recoup these costs in the pursuit of a marginally lower interest rate. However, many borrowers are being charged the full standard variable rate of 7.7-7.8%. In these circumstances, refinancing may well be justified, especially if exit costs are minimal and the new lender does not charge an application fee and/or offers a substantial cash incentive to refinance.
Melbourne Mortgage Finance would be pleased to introduce you to specialists who can assist you with the purchase of residential investment property including specialist taxation and accounting advice and regular reviews of your portfolio position.
We also offer access to expert insurance brokers who can find the most competitive deal for personal risk insurance from 10 leading Australian insurance companies. Personal risk insurance includes: life insurance, income protection, disability and trauma cover.
Please call Melbourne Mortgage Finance for FREE and IMMEDIATE assistance with the arrangement of your mortgage loan for purchase or refinance
Barry LeBrocq
Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
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. While every effort has been made to that content is accurate, potential borrowers should contact Melbourne Mortgage Finance to verify details and discuss their specific needs and loan eligibility.