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 very much for the service you provided us regarding the refinance of our home loan. All went well and smoothly with no problems. We are happy with the new loan arrangement. Once again, thank you very much for your assistance.

Bala Krishna
Cranbourne 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 24.09.18

  • Product of the month : 3.62% fixed for 2 years
  • Tips for First Home Buyers
  • A reverse mortgage loan can fund an Aged Care bond
  • If your bank says “No”, alternative lenders are available
  • Use a Deposit Bond when cash is not available

MELBOURNE MORTGAGE FINANCE TIPS FOR BORROWERS

WHAT IS REQUIRED AND WHAT TO AVOID

PURCHASES:

  • ENQUIRE EARLY: the more you know about lender requirements and loan eligibility conditions the better

  • LOOK AT SEVERAL LENDERS not just your existing bank

  • CLEAN CREDIT HISTORY is important. Obtain an online VEDA Credit Report on yourself before you apply. Some lenders will not accept applications if there are ANY credit defaults, while others will consider minor credit breaches.

  • CALCULATE CASH NEEDED: how much cash do you need for deposit, stamp duty, Titles Office fees, mortgage Insurance and legal fees. Lenders will need proof that funds are available to meet these costs.

  • SELECT A LENDER that best meets your needs. E.g. some lenders will add mortgage insurance to the loan. Others won’t.

  • INCOME PROOF: keep current payslips, PAYG Group Certificates, Tax Assessment Notices.

  • SAVINGS PROOF: lenders require copies of account statements for at least the previous 3 months. Evidence of steady savings accumulation is important. Saving accounts must be held in the borrower’s name, not someone else’s name.

  • LUMP SUM DEPOSITS: keep evidence of source of these deposits….tax refunds, gifts, sale of assets, inheritance etc.

  • GOOD ACCOUNT KEEPING: keep transaction accounts, credit card accounts, loan accounts fully up-to-date. Lenders often require these statements to check on borrower behaviour. Payment dishonours, late payment fines and arrears penalties on existing account statements can easily cause a new loan application to be declined.

  • STEADY EMPLOYMENT HISTORY: preferably 12 months in current job. If not, then 6 months in current job and 2 years in same industry or job role.

  • ARRANGE “PRE-APPROVAL” before purchasing, especially for auction purchases. This requires a full loan application, not just a quick verbal opinion from a lender representative or mortgage broker. Opinions are not reliable.

  • SELECT A CONVEYANCER to act for you. Their details need to be written into the Contract of Sale. A full copy of the Contract of Sale should be given to your conveyancer for checking prior to signing.

  • AUCTION PURCHASES ARE UNCONDITIONAL: loan “pre-approval” is strongly recommended. With private sales, Contracts should be signed “subject to finance approval/pest inspection” usually within 14 days

  • FULL CORRECT LEGAL NAMES (as appearing in passport) to be used in Contract of Sale when purchasing. Full borrower identification is required by lenders. Names on Contract must match names on ID documents.

  • AVOID PROBLEM PROPERTIES : properties with obvious structural damage, that adjoin freeways or easements which contain high voltage electricity towers. Lenders may not accept these as suitable securities.

  • APPLY FOR STAMP DUTY DISCOUNTS: if you will live in the property, instruct your solicitor or conveyancer to prepare a “Principal Place of Residence” PPR form. In Victoria, reduced stamp duty is payable on properties priced up to $550,000 if simple conditions are met. Additional stamp duty cuts of 50% are also available for eligible first home buyers

  • KEEP SOME SAVINGS: some funds should be retained for contingencies and normal property running costs. Budgets are important.

  • 2nd HOME BUYERS should be careful with finance: before selling your current home, make sure that finance is available for the next purchase. Lender requirements change frequently and borrowers should NOT assume that a new loan is guaranteed.

 

REFINANCE:

Many of the tips above also apply to borrowers who are refinancing.

 

  • GOOD RECORD: clean VEDA credit report, proof of reliable income and satisfactory employment history are all essential.

  • CLEAN REPAYMENT HISTORY: lenders will generally require 6 months of loan repayment statements for debts being refinanced from another lender, including mortgage loans, personal loans and credit card debts. Clean repayment history on these statements is required.

  • CHECK THE COSTS: will there will be significant costs in terminating loans with your current lender: early loan repayment fees or costs for early termination of fixed rate loans.

  • CHECK THE BENEFITS: assess that the advantages of refinancing (eg. debt consolidation, lower monthly repayments, lower interest rates) will justify any costs involved in refinancing.

 

Please call Melbourne Mortgage Finance for FREE and IMMEDIATE assistance in arranging your loan.

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 ensure accuracy, it should be understood that lenders frequently change their loan products, policies, interest rates and fees without notice. Potential borrowers should contact Melbourne Mortgage Finance to verify details and discuss specific needs and loan eligibility.

 

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