LENDING UPDATE - 15.12.11 |
|
Key issues
- all lenders have now announced their new variable rates following the RBA’s December rate cut
- 3 year fixed rates have continued to tumble to as low as 5.73% p a (conditions apply)
- First Home Buyers again active due to reduced property prices and reduced stamp duty charges
- loans up to 100% of price available to First Home Buyers with strong incomes (conditions apply)
LENDER COMPARISON
This table is in variable rate order and 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.
Loans below 6.50% pa are very competitive:
Lender
|
Loan
|
Variable
%
|
$ Setup
Fee |
|
3 Year
Fixed %
|
| PLAN Lending/nab |
Low Rate <75% |
6.25 |
nil |
75 |
5.88** |
| Suncorp |
Money Manager<80% |
6.30 |
nil |
80 |
5.99 |
| PLAN Lending/nab |
Low Rate 75-90% |
6.35 |
nil |
90+LMI |
5.98 |
| PLAN Lending/nab |
Performance Plus<75% |
6.35 |
nil |
75 |
5.98 |
| Aust First Mortgage |
Complete ProPack<75% |
6.35 |
275 |
75 |
6.69 |
| Bankwest |
Premium Select<75% |
6.35 |
nil |
75 |
6.29 |
| Homeside/nab |
HomePlus<75% |
6.35 |
nil |
75 |
6.24 |
| Heritage Bldg Soc |
Discount Variable |
6.35 |
600 |
95 |
5.95 |
| Police&Nurses C U |
Easy Pay Plus<75% |
6.39 |
692 |
75 |
6.20 |
| Macquarie |
Classic<80% |
6.39 |
nil |
80 |
5.99 |
| ANZ |
Breakfree<80% |
6.40 |
nil |
80 |
6.14 |
| Bankwest |
Super Start 3 year |
6.40 |
nil |
95+LMI |
6.29 |
| CBA |
MAV Variable<80% |
6.41 |
150 |
80 |
6.33 |
| Adelaide Bank |
Variable SmartSaver |
6.44 |
495 |
95+LMI |
6.49 |
| Bankwest |
Premium Select >75% |
6.45 |
nil |
95+LMI |
6.29 |
| PLAN Lending/nab |
Performance Plus 75-90% |
6.45 |
nil |
90+LMI |
6.08 |
| Aust First Mortgage |
Complete ProPack |
6.45 |
275 |
90+LMI |
6.69 |
| Citibank |
Basic <70% |
6.45 |
600 |
70 |
5.94 |
| Homeside/nab |
HomePlus 75-90% |
6.45 |
162 |
90+LMI |
6.24 |
| ANZ |
Breakfree>80% |
6.45 |
nil |
92 |
6.14 |
| ING |
Simplifier Smartpack |
6.46 |
719 |
95+LMI |
5.99 |
| CBA |
MAV Variable 80-90% |
6.46 |
150 |
90+LMI |
6.33 |
| AMP |
Variable Propack |
6.47 |
295 |
90+LMI |
5.99 |
| Macquarie |
Classic >80% |
6.49 |
nil |
90 |
5.99 |
| CBA |
3 year Rate Saver |
6.49 |
750 |
95+LMI |
6.48 |
| Police&Nurses C U |
Dream Home Loan |
6.49 |
1342 |
95+LMI |
6.20 |
| Rock Bldg Soc |
Rock Star Special |
6.49 |
200 |
90+LMI |
6.19 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
ANZ
|
Simplicity Plus Special |
6.50 |
600 |
92 |
6.29 |
| Bank of Melbourne |
Advantage |
6.50 |
100 |
95+LMI |
6.24 |
| AMP |
Basic Spring Special |
6.52 |
545 |
90+LMI |
5.99 |
| Citibank |
Basic |
6.52 |
649 |
80 |
5.94 |
| Heritage Bldg Soc |
Basic |
6.53 |
600 |
95 |
5.95 |
| Police&Nurses C U |
Easy Pay Plus |
6.54 |
692 |
95+LMI |
6.20 |
| Adelaide Bank |
Variable SmartFit |
6.54 |
495 |
95+LMI |
6.49 |
| Aust First Mortgage |
Complete Variable |
6.80 |
275 |
90+LMI |
6.77 |
| CBA |
MAV Variable>90% |
6.56 |
150 |
95+LMI |
6.33 |
| Bank of Melbourne |
Basic |
6.57 |
600 |
95+LMI |
6.39 |
| ANZ |
Simplicity Plus |
6.60 |
600 |
92 |
6.29 |
| Suncorp |
Back to Basics |
6.60 |
nil |
95+LMI |
5.99 |
| Bankwest |
Premium |
6.60 |
nil |
95+LMI |
6.29 |
| Homeside/nab |
HomePlus |
6.60 |
162 |
95 |
6.24 |
| CBA |
No Fee |
6.61 |
nil |
95+LMI |
6.48 |
| ING |
Simplifier |
6.62 |
220 |
95+LMI |
5.99 |
| PLAN Lending/nab |
Performance Plus>90% |
6.63 |
nil |
95+LMI |
6.26 |
| Phoenix Circle C U |
Standard |
6.65 |
600 |
95 |
- |
| Westpac |
Flexi First |
6.66 |
600 |
95+LMI |
6.39 |
| Westpac |
Rocket |
6.66 |
nil |
95+LMI |
6.19 |
| Citibank |
Basic>80% |
6.66 |
649 |
85 |
5.94 |
| Notes * |
* PLAN Lending currently offers 5.73% fixed for 3 years if a loan is split 50/50 fixed/variable <75% LVR |
| : |
maximum LVR is 95% for purchases and 90% for refinances |
| : |
+LMI indicates lenders willing to add the Lender’s Mortgage Insurance premium to the base loan |
| : |
“low doc” loans are available up to 80% of value, but at higher rates than the “full doc” rates shown above |
| : |
monthly / Professional Package fees may also apply on some loans |
DID YOU KNOW ???????????
- some lenders will advance the $20,000 construction First Home Owners Grant (FHOG) at land settlement stage. This greatly resolves the problem of funding the land purchase and government stamp duty at land settlement stage. Most lenders will only advance the Grant after the house has reached slab stage.
- some lenders will approve “low doc” loans for self-employed borrowers up to 80% of valuation using only bank trading statements or an Accountant’s verification letter . Most banks require official ATO BAS statements.
- loans are available to build up to 4 units on a single Title at residential loan rates, not commercial rates.
- some lenders will approve 95% loans and add the full 3.5% mortgage insurance premium to the loan i.e. total approved loan is 98.5%. Other lenders will limit the addition of the mortgage insurance premium so that the total loan does not exceed 97%. Borrowers must pay the difference of 1.5% in cash from savings.
- 100% finance is available to First Home Buyers using a 95% loan, a secured $20,000 credit card advance and the FHOG. Strong income and other conditions apply. 100% finance is also available using a Parental Guarantee loan.
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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