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.