LENDING UPDATE – 29.11.13

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 29.11.13

FREE HOME LOAN HEALTH CHECK

It only takes 30 minutes to review your current loan situation. Many borrowers can benefit significantly from a simple refinance and/or debt consolidation, saving hundreds of dollars on their monthly cash outflow. Variable interest rates are available from 4.83% and 2 year fixed rates from 4.59%

100% HOME LOAN FINANCE IS AVAILABLE

On a $400,000 purchase, a 95% $380,000 loan is available together with a $20,000 secured credit card limit at the same home loan interest rate. Mortgage insurance is added to the loan amount. Customers must still have 5% genuine savings which can be retained for home renovations. Loans available for owner-occupier purchases only. Employment and income conditions apply.

VEDA CREDIT REPORTS

Loan applications can be adversely affected by the contents of a borrower’s credit report. If in doubt, it is advisable to obtain a copy of the report in advance and address any issues prior to lodgement of a loan application. Logical up front explanation of credit report irregularities to the lender can prevent loan declines.

95% INVESTMENT LOANS STILL AVAILABLE

Investors can still purchase with a 5% deposit and funds to cover stamp duty. Mortgage insurance is added to the base loan amount. Alternatively, investors can use the equity in their existing property and borrow 100% of the purchase price.

MORTGAGE INSURANCE PREMIUMS CAN VARY SIGNIFICANTLY

Borrowers should be aware that mortgage insurance premiums can vary dramatically in some circumstances:

  • one insurer offers greater premium discounts for first home buyers
  • a minor change to the loan to valuation ratio can affect the premium dramatically. On a $500,000 purchase with
    a $455,000 (91%) loan, the premium is $12,600. If the loan is reduced to just $450,000 (90%) the premium falls
    to $8,600.

FIXED RATE LOAN WITH 100% OFFSET, FULL REDRAW AND FREE RATE LOCK

One lender has a very flexible fixed rate loan which offers excellent features not available from any other lender:

  • 100% offset facility with no limit on payments into offset account
  • up to $20,000 additional repayments p.a. off the fixed rate loan balance
  • full redraw facility to access additional repayments off the loan balance
  • free 90 day rate lock from time of electronic loan lodgement

SOME LENDERS RELY EXCLUSIVELY ON COMPUTER-GENERATED “CREDIT SCORE” SYSTEMS

Some loan applications should not be submitted to lenders who use “credit score” assessment procedures. If there is anything adverse or unusual, applications can be declined automatically with no right of review or appeal.
For example, applications involving probation employment, short term employment, and minor credit report problems should be directed to lenders who manually assess applications and will consider logical explanations.

REFINANCING BUSINESS DEBT AT LOW RESIDENTIAL RATES

Some lenders will refinance business debt at low residential rates if loans have been well conducted and a residential property is available as security. Loans up to 80% of valuation.

Contact Melbourne Mortgage Finance on 0437417042 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