LENDING UPDATE – 28.11.12

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 28.11.12

Untitled Document

  • Deposit Bonds or Deposit Guarantees are available, for a very reasonable cost, to borrowers who have a full loan approval but do not have available cash to pay a required deposit. For example:
    • good equity in one property , but no ready cash to pay a deposit for the purchase of a second property
    • deposit funds are tied up in a fixed investment account and unavailable for a required deposit
    • current house sold unconditionally, but cash proceeds not yet available for a required deposit

    The Bond can be applied for as soon as the lender has issued a formal approval. The Bond is usually issued by the insurance company within 24 hours and replaces genuine deposit money not yet available. Use of Deposit Bonds must be cleared with the vendor and selling agent prior to purchase at auction.

  • 2 year fixed rates are available from 4.99% p.a. subject to lender conditions.
  • Stamp Duty discounts increase for First Home Buyers with loans settling on or after 01.01.2013. The current discount of 20% will increase to 30%. Maximum purchase price is $600,000 and buyers must be eligible for the First Home Owners Grant.
  • New products announced recently include:
    • “Business Low Doc” up to 60% of valuation. Available for business purposes only. Lender will accept income declarations signed by borrowers/guarantors themselves. BAS statements and bank trading statements not required.
    • “Flexi Choice Low Doc” up to 80% of valuation with an Accountant’s declaration confirming income.
  • Rapid reduction of loan balance can be achieved by using the following strategies:
    • arrange direct salary crediting into loan account
    • transfer surplus funds into loan account and access by redraw when required
    • use credit card to cover living expenses, then set up a credit card full sweep payment each month
    • make monthly payments higher than the required contract minimum amount
    • make lump sum payments into the loan e.g. tax refunds, gifts, proceeds from asset sales
  • Refinance loans are available up to 95% of property value, but no debt consolidation permitted. Refinance with debt consolidation is available up to 90% of value.

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