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MELBOURNE MORTGAGE FINANCE LENDING UPDATE - 18.11.11
Key lending issues
- all lenders have now announced their new variable interest rates following the recent RBA rate cut
- 3 year fixed rates have continued to fall to as low as 5.99% pa (conditions apply)
- some lenders have eased their lending policies and assessment criteria
- “low doc” loans for self-employed are still readily available with basic income proof needed
- loans up to 95% of valuation are also readily available from most lenders
- Citibank has waived mortgage insurance on loans 80-85% of valuation (conditions apply)
LENDER COMPARISON
This table shows some of the residential mortgage products currently available for a $300,000 loan. Initial set up fees, maximum loan-to-valuation ratios (LVRs) and 3 year fixed rates are also shown.
Lender
|
Loan
|
Variable
%
|
$ Setup
Fee |
|
3 Year
Fixed %
|
| PLAN Lending/nab |
Low Rate <75% |
6.50 |
330 |
75 |
6.36 |
| Suncorp |
Money Manager<80% |
6.55 |
300 |
80 |
5.99 |
| PLAN Lending/nab |
Low Rate 75-90% |
6.60 |
330 |
90 |
6.46 |
| PLAN Lending/nab |
Performance Plus<75% |
6.60 |
nil |
75 |
6.36 |
| Aust First Mortgage |
Complete ProPack<75% |
6.60 |
435 |
75 |
6.77 |
| Bankwest |
Premium Select<75% |
6.60 |
nil |
75 |
6.59 |
| Homeside/nab |
HomePlus<75% |
6.60 |
nil |
75 |
6.39 |
| AMP |
Essential Home Loan |
6.60 |
295 |
90+LMI |
5.99 |
| Heritage Bldg Soc |
Discount Variable |
6.60 |
600 |
95 |
6.29 |
| Police&Nurses C U |
Easy Pay Plus<75% |
6.64 |
1042 |
75 |
6.35 |
| Macquarie |
Classic<80% |
6.64 |
nil |
80 |
5.99 |
| ANZ |
Breakfree<80% |
6.65 |
nil |
80 |
6.28 |
| Bankwest |
Super Start |
6.65 |
nil |
95+LMI |
6.59 |
| CBA |
MAV Variable<80% |
6.66 |
500 |
80 |
6.33 |
| Adelaide Bank |
Variable SmartSaver |
6.69 |
395 |
95+LMI |
6.49 |
| Bankwest |
Premium Select >75% |
6.70 |
nil |
95+LMI |
6.59 |
| PLAN Lending/nab |
Performance Plus 75-90% |
6.70 |
nil |
90+LMI |
6.46 |
| Aust First Mortgage |
Complete ProPack |
6.70 |
435 |
90+LMI |
6.77 |
| Bank of Melbourne |
Advantage<80% |
6.70 |
495 |
80 |
6.24 |
| Citibank |
Basic <70% |
6.70 |
600 |
70 |
5.99 |
| Homeside/nab |
HomePlus 75-90% |
6.70 |
nil |
90+LMI |
6.39 |
| ANZ |
Breakfree>80% |
6.70 |
nil |
92 |
6.28 |
| ING |
Simplifier Smartpack |
6.71 |
719 |
95+LMI |
6.19 |
| CBA |
MAV Variable 80-90% |
6.71 |
500 |
90+LMI |
6.33 |
| AMP |
Variable Propack |
6.72 |
645 |
90+LMI |
5.99 |
| Macquarie |
Classic |
6.74 |
nil |
90 |
5.99 |
| CBA |
3 year Rate Saver |
6.74 |
750 |
95+LMI |
6.48 |
| Police&Nurses C U |
Dream Home Loan |
6.74 |
1342 |
95+LMI |
6.35 |
| Rock Bldg Soc |
Rock Star Special |
6.74 |
200 |
90+LMI |
6.19 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
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ANZ
|
Simplicity Plus Special |
6.75 |
nil |
92 |
6.43 |
| Bank of Melbourne |
Advantage |
6.75 |
495 |
95+LMI |
6.24 |
| AMP |
Basic |
6.77 |
545 |
90+LMI |
5.99 |
| Citibank |
Basic 70-80% |
6.77 |
649 |
80 |
5.99 |
| Heritage Bldg Soc |
Basic |
6.78 |
600 |
95 |
6.29 |
| Police&Nurses C U |
Easy Pay Plus |
6.79 |
1042 |
95+LMI |
6.35 |
| Adelaide Bank |
Variable SmartFit |
6.79 |
495 |
95+LMI |
6.49 |
| Aust First Mortgage |
Complete Variable |
6.80 |
275 |
90+LMI |
6.77 |
| CBA |
MAV Variable>90% |
6.81 |
500 |
95+LMI |
6.33 |
| Bank of Melbourne |
Basic |
6.83 |
600 |
95+LMI |
6.39 |
| Citibank |
Basic 80% |
6.84 |
649 |
85 |
5.99 |
| ANZ |
Simplicity Plus |
6.85 |
nil |
92 |
6.43 |
| Suncorp |
Back to Basics |
6.85 |
nil |
95+LMI |
5.99 |
| Bankwest |
Premium |
6.85 |
nil |
95+LMI |
6.59 |
| Homeside/nab |
HomePlus |
6.85 |
162 |
95 |
6.39 |
| CBA |
No Fee Home Loan |
6.86 |
nil |
95+LMI |
6.48 |
| ING |
Simplifier |
6.87 |
220 |
95+LMI |
6.19 |
| PLAN Lending/nab |
Performance Plus>90% |
6.88 |
nil |
95+LMI |
6.64 |
| Phoenix Circle C U |
Standard |
6.90 |
600 |
95 |
- |
| Westpac |
Flexi First Option |
6.91 |
600 |
95+LMI |
6.54 |
| Westpac |
Rocket Premier |
6.91 |
nil |
95+LMI |
6.34 |
| Notes : |
maximum LVR is 95% for purchases and 90% for refinance |
| : |
+LMI indicates lenders willing to add the Lender’s Mortgage Insurance premium to the base loan amount |
| : |
“low doc” loans are available up to 80% at higher rates than the “full doc” rates shown above |
| : |
additional monthly or annual fees may also apply on some loans |
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.
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Address : 20 Ajax Drive Wheelers Hill VIC 3150 Ph : 03 95601598 Fax : 03 95601566 Mob : 0437 417042 ABN : 84 833 193 613
Barry LeBrocq is a Credit Representative (Credit Representative Number 400034) of BLSSA Pty Ltd
(Australian Credit Licence No. 391237)
