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MFAA Prosper : Mortgage and Finance Brief 05
More help for bor rowers Victorian Mortgage Group has re-launched its Flexi loans with a more flexible approach to borrowers with past defaults. "Now we are more understanding of borrowers who have had a history of minor, non-financial defaults," said Bernie McIntosh, Managing Director of Victorian Mortgage Group. "We allow two, up to a maximum of $1000." Ordinarily these borrowers would have qualified for the group's Five Star 'Assist' product (9.44%). The Flexi rate is lower at 7.45%. Spring in Mortgage Choice's step Now that the election results are in, investors and home buyers alike may be willing to bounce back into the market with renewed vigor and more reasons to buy. Data from Australian Property Monitors shows the apartment market looks healthier since rental yields grew to 4.2% for the June quarter. An undersupply of new housing also makes the market more competitive. Mortgage Choice is tapping into the Spring property selling surge by launching an integrated campaign, featuring advice, advertising and seminars, to be held nationally for buyers between 22 August and 15 October. The company says the number of leads has risen on loan options, and the seminars help improve the lines of dialogue between brokers and the community. Advantedge completes NCCP roadshows Changes to the National Consumer Credit Protection Act (NCCP Act) means brokers will need to select a licensing option by 31 December. Brokers will have to choose between operating under their own Australian Credit License (ACL) or as a credit representative. Advantedge, which represents 40% of the broking industry, is providing support services to brokers or loan writers under its aggregation groups -- PLAN Australia, Choice Aggregation Services and FAST. Advantedge has also recently completed a roadshow around Australia to assist broking principals to better understand their obligations under the NCCP Act. More than 2000 agreement holders attended 15 sessions that were run across three weeks. Advantedge has announced it will cover off the credit representative option by charging a flat fee of $139 per month plus GST. Steve Weston, Advantedge's General Manager of Broker Platforms, believes this will be the more popular approach given the cost difference with getting a licence. Liberty Financial has announced that for a limited time, it will absorb almost all non- government customer upfront fees (including valuation fees) on any Prime home loans.. "We have a competitive Prime offering that is now even more attractive with next to no upfront fees, rates starting from 6.80%, LVRs up to 95%, and exceptional service levels that ensure quick settlements for our customers," said Kendall Mahnken, Liberty Financial's General Manager of Personal Business. "We are committed to providing competitive products to Prime customers as well as those with more specialised borrowing needs," added John Mohnacheff, Group Sales Manager of Personal Business. This offer only applies to Liberty Prime residential loans submitted or approved until Friday 15 October. NEXT TO NO UPFRONT FEES, RATES FROM 6.80%, LVRS UP TO 95% Liberty cuts upfront fees on Prime loans 10 | Mortgage & Finance brief NoticeBoard
Mortgage and Finance Brief 06