MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 12.05.20

REFINANCE HOME LOANS AVAILABLE FROM 2.09%

  • many borrowers are still paying over 3% on the owner-occupier home loans and high rates on cards and P/Ls
  • refinance loans are available from 2.09% fixed for 2 years principal & interest
  • significant cash flow benefits can be gained by refinancing a current home loan and paying out other debts too

FIRST HOME LOAN DEPOSIT SCHEME

  • on a maximum $600,000 purchase price, First Home Buyers often require a 95% $570,000 loan
  • the normal Lender’s Mortgage Insurance (LMI) premium would be approximately $20,000 depending on lender
  • the Federal Government FHLDS allows loans up to 95%, but effectively eliminates the normal LMI premium
  • up to a purchase price of $600,000, there is no stamp duty for First Home Buyers in Victoria
  • FHBs approved under the FHLDS will pay no stamp duty and no LMI premium…a massive saving
  • a full application must be lodged through one of the approved FHLDS lenders
  • once approved, customers then have 90 days to sign a Contract of Sale and send it to the lender
  • customers must be FHBs and qualify for the required loan amount under lender’s normal eligibility rules

REVERSE MORTGAGE LOANS FOR SENIORS OVER 60

  • a specialist lender is available to provide finance to seniors who are retired or still working
  • applicants must be over 60 and be able to offer a suitable residence as security for the loan
  • a holiday home or investment property can be offered as security, but the loan amount on these will be reduced
  • at 60, the maximum loan is 15% of property value and this increases by 1% each year after that (age 70 = 25%)
  • funds may be spent on any worthwhile consumer purpose, but not for business
  • monthly loan repayments are not required, but can be made voluntarily to stop the loan balance increasing

UNLIMITED NUMBER OF DEBTS CAN BE CONSOLIDATED

  • one lender allows an unlimited number of debts to be consolidated into one refinance Home Loan
  • loan amount cannot exceed 90% of property valuation
  • significant monthly repayment cash flow benefits can result
  • statements showing good repayment record are required for each debt being paid out

Barry LeBrocq
Melbourne Mortgage Finance
Mob 0437417042
Web www.melbournemortgagefinance.com.au

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 12.05.20

  • REFINANCE HOME LOANS AVAILABLE FROM 2.09%
  • FIRST HOME LOAN DEPOSIT SCHEME
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
  • UNLIMITED NUMBER OF DEBTS CAN BE CONSOLIDATED
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