Posts Tagged ‘Lending Update’

LENDING UPDATE – 10.07.14‏

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 10.07.14

CURRENT LENDING NEWS

3 YEAR FIXED RATE AT 4.69%

  • borrowers must be a current member of an approved Trade Union or Super Fund….details available
  • loans up to 95% of valuation
  • normal loan eligibility conditions also apply
  • free 90 day fixed rate lock period from application date

LOANS UP TO 95% + FULL MORTGAGE INSURANCE STILL AVAILABLE

  • only one lender still offers this loan package
  • example: purchase $400,000 with a 95% $380,000 loan plus full $13,000 insurance premium = $393,000 total loan
  • other lenders will not include the full mortgage insurance premium in the total loan amount = $388,000 total loan
  • 5% genuine savings must be demonstrated

LOANS UP TO 85% WITHOUT ANY MORTGAGE INSURANCE STILL AVAILABLE

  • only one lender still offers this loan package
  • example: purchase $400,000 with an 85% $340,000 loan….save the normal insurance premium of $4,000
  • conditions apply : clean credit history, $200,000 minimum loan, satisfactory income and security property
  • available for purchase or refinance…6 months good repayment history required for refinance

CONSTRUCTION OF UP TO 4 UNITS ON ONE TITLE AT 4.84%

  • maximum loan is 80% of “on completion” single title valuation
  • 80% of anticipated rental can be used when assessing satisfactory income requirements
  • normal lender conditions apply, including retention of units for rental purpose

INVESTMENT PROPERTY LOCATION SERVICE

Many potential investment property buyers simply do not know how, what, where or when to buy. Expert advice can be obtained from investment property consultants who can assist you with these decisions. Melbourne Mortgage Finance is a full member of Professional Lenders Association Network of Australia (PLAN). Only one investment property consulting firm is recognised by PLAN. Steps are as follows:

  • we meet with you to discuss your general plans regarding an investment property purchase
  • we assess your borrowing potential taking into account your income and existing loan commitments
  • having established the approximate purchase price, we arrange for you to meet with our partner consultants
  • the first meeting is a no-obligation discussion about your purchase plans, including what and where to buy
  • from there, it is up to you to decide if you wish to proceed with recommended property choices

REFINANCE EXPENSIVE MORTGAGE, PERSONAL LOAN, CREDIT CARD AND BUSINESS DEBT AT JUST 4.87%

Excellent loans are available for borrowers who wish to eliminate high interest rate debts:

  • credit card debt up to 20%
  • personal loan debt up to 12%
  • business debts up to 10%

All these debts can be refinanced at just 4.87% with residential property as security provided the loan does not exceed 80% of property value. Lender conditions apply.

Contact Melbourne Mortgage Finance on 0437 417 042 for more details

Barry LeBrocq

Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
Mob 0437417042
Web www.melbournemortgagefinance.com.au

Disclaimer: The above information is intended as general information only and does not address specific personal situations. Loan products, interest rates and fees change frequently without notice. Please call Melbourne Mortgage Finance to verify details and discuss your specific needs and loan eligibility.

LENDING UPDATE – 26.05.14‏

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 26.05.14

CURRENT LENDING NEWS

ALTERNATIVES FOR FIRST HOME BUYERS

With rising prices and the elimination of the $7,000 First Home Owners Grant for established homes in Victoria, there are several possible solutions available for first home buyers:

  • buy a property and lease it out, thereby taking advantage of rental income and tax benefits
  • buy a property with a sibling or partner, thereby joining forces with deposits and incomes
  • parental assistance with cash deposit or a Parental Guarantee loan where 80% of the loan is secured by the new property and 20% by the parents’ home. In this case no mortgage insurance is payable…a saving of $13,000 on the purchase of a $400,000 property

85% RESIDENTIAL LOANS WITH NO MORTGAGE INSURANCE

  • Lenders nearly always arrange Lenders Mortgage Insurance on any loan exceeding 80% of property valuation. The premium charged a normal 85% loan ($340,000 loan on a $400,000 purchase) is $4,000. A well- known lender offers loans to 85% without mortgage insurance if borrowers have:
  • genuine savings
  • steady employment history and strong incomes
  • clean credit histories

REFINANCE EXPENSIVE BUSINESS LOANS AT JUST 4.87%

Interest rates of 7-8% are often charged by lenders for commercial or business loans. These can be refinanced at just 4.87% if certain basic refinance conditions are satisfied:

  • existing loans have been well conducted and credit history is clean
  • application is in personal name and residential property in the same name is offered as security
  • loan does not exceed 80% of value and adequate income is proven

ATTRACTIVE COMMERCIAL LENDING OPTIONS AVAILABLE

  • normal commercial property loans up to 75% from 5.93% for factories, offices, warehouses
  • “lease doc” commercial loans up to 60% from 6.03% for these types of properties using lease as proof of income
  • vehicle/lease/equipment finance

POSITIVE CREDIT REPORTING HAS NOW COMMENCED

Once a loan application was lodged, lenders have previously reported only significant problems to credit reporting agencies, including defaults, court judgements and bankruptcies. From March 2014, lenders may now also report lesser repayment difficulties including late payments, arrears, and overdrawn accounts. Such reporting is optional.

LOANS TO NON-RESIDENT INVESTORS

Several lenders are prepared to lend to foreign non-resident individuals who are wishing to purchase in Australia:

  • newly built or “off the plan” residential investment properties only…established properties not permitted
  • loans up to 80% of property value, but some lenders will only lend to 70%
  • PAYG income earners preferred, but a few lenders will consider self employed
  • applicants must reside in certain nominated countries and documents must be translated and certified

ACCOMMODATION BONDS CAN NOW BE USED TO ACCESS HIGH CARE AGED FACILITIES

Until now, Accommodation Bonds (entry fees) were payable for placement of elderly citizens in low care facilities. From 1 July 2014, bonds can now be used to gain access to high care facilities as well. Several lenders will advance funds to pay the bond using the applicant’s home as security. Loans are available up to 45% of the value of the property which may be retained by the family instead of having to be sold.

Contact Melbourne Mortgage Finance on 0437 417 042 for further loan details

Barry LeBrocq

Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
Mob 0437417042
Web www.melbournemortgagefinance.com.au

Disclaimer: The above information is intended as general information only and does not address specific personal situations. Loan products, interest rates and fees change frequently without notice. Please call Melbourne Mortgage Finance to verify details and discuss your specific needs and loan eligibility.

LENDING UPDATE – 09.04.14‏

MELBOURNE MORTGAGE FINANCE LENDING UPDATE – 09.04.14

CURRENT LENDING NEWS

SIMPLE RAPID LOAN REPAYMENT TECHNIQUES

A variety of simple things can be done to fully repay loans in less than half the normal 30 year term:

  • pay fortnightly instead of monthly. There are 26 fortnights each year which means 13 payments are made yearly
  • commence “principal & interest” repayments immediately and avoid “interest only” options
  • pay full salaries straight into the loan account and redraw only what you need
  • pay normal monthly living expenses by credit card, then fully clear card debt each month using loan redraw facility
  • if interest rates fall, maintain your repayments at the higher rate level
  • as salaries increase, make higher voluntary repayments each year

PORTFOLIO LOAN WITH UP TO 10 SUB-ACCOUNTS FOR DIFFERENT PURPOSES

  • one master credit limit is approved at 4.99%, with up to 10 different sub-accounts for different purposes
  • each sub-account has its own separate credit limit and operates separately
  • unused or unrequired sub-account credit limits can be transferred to other sub-accounts
  • total credit limit available up to 90% of property value

LOANS UP TO 95% AVAILABLE FOR NON-STANDARD BORROWERS

Attractive loans up to 95% are available to borrowers who do not meet normal lender criteria:

  • up to 90% from 5.30% without traditional mortgage insurance or credit scoring
  • up to 95% from 5.55% without traditional mortgage insurance or credit scoring
  • manual assessment lender’s internal risk fee charged instead of mortgage insurance

BENEFITS STILL AVAILABLE TO FIRST HOME BUYERS

  • $10,000 grant for new properties or properties to be built. Maximum price $750,000.
  • Principal Place of Residence (PPR) stamp duty exemption up to $3,100. Maximum price $550,000.
  • 40% stamp duty discount. Maximum price $600,000.

NEW LENDER OFFERING REVERSE MORTGAGES AND ACCOMMODATION BONDS

  • borrow up to 45% of property value depending on age of borrower
  • minimum age of youngest borrower is 70
  • no formal loan term, no monthly loan repayments required
  • 6.70% variable rate, establishment fee $860
  • independent legal advice required

MANY VENDORS DO NOT HAVE FINANCE APPROVAL FOR THEIR NEXT HOME

Vendors often sell their current home without establishing their eligibility for finance on the next home or without knowing details of deals available from other lenders:

  • vendors should check that they are eligible for the loan on their next property….they may not be eligible
  • pre-approval for the next required can be obtained within a few days
  • many vendors have used the current lender for years and have no knowledge of deals available from other lenders

Contact Melbourne Mortgage Finance on 0437 417 042 for further loan details

Barry LeBrocq

Melbourne Mortgage Finance
Patterson Lakes, VIC 3197
Mob 0437417042
Web www.melbournemortgagefinance.com.au

Disclaimer: The above information is intended as general information only and does not address specific personal situations. Loan products, interest rates and fees change frequently without notice. Please call Melbourne Mortgage Finance to verify details and discuss your specific needs and loan eligibility.

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