LENDING UPDATE – 25.02.14

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 25.02.14

REFINANCE BUSINESS DEBTS FROM 4.84% VARIABLE

Excellent loans are available from 4.84% variable up to 80% of residential property valuation for the following purposes:

  • pay out business debt currently held in personal, business or company names
  • payout personal debt
  • pay out tax debt e.g. capital gains tax
  • if secured by established property, arrange cash out up to $1m for specific purposes

Adequate security must be provided, good repayment history evident and good credit history is required.

MORTGAGE INSURANCE WAIVED ON NEW LOANS UP TO 85% OF VALUATION

Mortgage insurance premiums can be very expensive. For example, a loan of $425,000 to purchase a residential property worth $500,000 (85%) would normally involve a mortgage insurance premium of $5,500. Loans are currently available up to 85% without mortgage insurance. Purchases only.

MORTGAGE INSURANCE WAIVED ON NEW LOANS UP TO 90% OF VALUATION FOR MEDICAL PRACTITIONERS

Several lenders offer medical professional packages up to 90% of residential property value with no mortgage insurance. On a loan of $450,000 to purchase a property worth $500,000 the mortgage insurance premium would normally be around $10,000. Applicants need to be an approved type of practitioner and hold an appropriate practicing membership certificate.

NEW LEGISLATION WILL AFFECT BORROWER CREDIT REPORTS

From 12 March 2014, new legislation comes into effect which allows credit providers to report even minor credit repayment difficulties to credit reporting agencies. Until now, credit providers have reported only major difficulties such as repayment defaults, court judgements and bankruptcies. Credit providers will soon have the option of reporting lesser difficulties, such as:

  • late payments / fines
  • missed payments
  • direct debit dishonours
  • cheque dishonours
  • overdrawn accounts

Repeated adverse entries such as these will have a detrimental effect on future credit reports and credit scores.

CORRECT STRUCTURING OF INVESTMENT PROPERTY PURCHASES AND LOANS

Investors should take care to check with their Accountant prior to purchasing investment property to ensure that:

  • property is purchased in the correct name (personal, joint, company, SMSF)
  • loan applications are lodged in the correct name
  • maximum allowable tax deductions are considered
  • any legislative requirements are complied with and documentation is accurate
  • loans are correctly structured : principal & interest, interest only or a combination. Variable, fixed or a combination

LOANS TO SMSF FOR INVESTMENT PROPERTY PURCHASES AND REFINANCE FROM 5.60% VARIABLE

A variable rate of 5.60% is available for the purchase of suitable residential property or refinance of existing loans. Conditions apply, including a maximum LVR of 80%.

Contact Melbourne Mortgage Finance on 0437 417 042 for further details

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