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
