LENDING UPDATE – 27.09.10

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 27.09.10

Key lending issues

  • no change to variable home loan interest rates since last June.
  • several lenders have introduced “Spring Special Offers”.
  • more lenders have now increased their maximum loan back up to 95% of valuation without a penalty interest rate.
  • First Home Owners Grant $7,000 for established homes. $20,000 for newly-built homes. Conditions apply.
  • excellent deals from 6.45% available for purchase or refinance.
  • genuine savings of 5% deposit required by most lenders. One lender will accept 3% genuine savings.
  • best 3 year fixed rates now only marginally higher than variable rates. Refer table below.

MELBOURNE MORTGAGE FINANCE SERVICE

  • Home visit generally available within 24 hours
  • Full assessment of customer needs and financial position, including assessment that proposed loan is suitable
  • Help selecting an appropriate lender and completion of loan application and FHOG application if eligible
  • Immediate submission of application to lender if documentation is correct
  • Careful liaison with estate agent/solicitor to ensure purchase settlement occurs on schedule
  • Obligation-free review of personal risk situation by insurance experts
  • 35 years experience/available 7 days/no charge for arranging loan application

LENDER COMPARISON

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 excluded:

Variable %
LVR
max %
3 Year
Fixed %
PLAN Lending Performance Plus<65% 6.45 65 6.85
Homeside/nab Homeplus <75% 6.47 75 7.20
Homeloans Ltd Ultra Plus <65% 6.49 65 7.29
PLAN Lending Performance Plus 6.55 90+LMI 6.95
Homeside/nab Homeplus 75-90% 6.57 90 7.20
ING Simplifier Smartpack 6.58 90+LMI 6.89
Aust. First Mortgage Secure Option 6.59 95 7.18
Homeloans Ltd Ultra Plus 6.59 90+LMI 7.49
Suncorp Back to Basics Special Offer 6.61 95+LMI 7.19
AMP Basic Variable Spring Special 6.64 90 6.99
The Rock Bld Soc Rock Star Special Offer 6.64 95 6.99
Homeside/nab Homeplus >90% 6.67 95 6.95
CBA Rate Saver 3 yr Special 6.68 90+LMI 7.39
Bankwest Premium 6.70 90+LMI 6.94
ANZ Simplicity Plus 6.71 92 7.71
St George Advantage 6.73 92 7.14
Adelaide Bank Smartfit 6.74 95+LMI 7.29
Police & Nurses C U Dream Home Loan 6.74 95+LMI 7.35
St George Basic 6.74 92 7.14
Citibank Standard 6.79 90 7.09
Westpac Flexi First 6.81 92 7.19
CBA MAV Standard Variable 6.86 92 7.24
Heritage Bld Society Basic 7.05 90 6.75
Bankwest Mortgage Shredder 7.30 95+LMI 6.94
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

INVESTMENT PROPERTY PURCHASES

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.

PERSONAL RISK INSURANCE REVIEW

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.

Please call Melbourne Mortgage Finance for free 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.

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