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Warren Schrodter CEO and Founder at National Finance Corporation and First Home Owner Advisory Service Brisbane Area, Australia

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Filed under: Uncategorized ]]> http://nationalfinancecorporation.net/2011/08/26/invitation-to-connect-on-linkedin/feed/ 0 warrenschrodter 29950d4.jpg -d62eyu-grs5d6d4-6w.gif http://nationalfinancecorporation.net/2011/08/05/non-genuine-savings-95-lvr/ http://nationalfinancecorporation.net/2011/08/05/non-genuine-savings-95-lvr/#comments Fri, 05 Aug 2011 03:36:19 +0000 warrenschrodter https://nationalfinancecorporation.wordpress.com/2011/08/05/non-genuine-savings-95-lvr/ ]]> Major Australian Bank has reintroduced non genuine savings to Loan Valuation Ratios of 95%. This means borrowers (subject to credit approval and normal underwriting criteria) may not need to prove any savings as required by most lenders. The 5% deposit may be gift or sale of some secondary asset. The only condition is that the 5% deposit is not a loan.

This is great news for first home buyers and for borrowers who are rebuilding and have not had the chance to meet the genuine savings requirements.

Call National Finance Corporation on 07 3356 8132 or email info@nfc.com.au for more information.

This table is a summary of how we achieve this –

Call Warren Schrodter to find out if you qualify on 07 3356 8132 or email warren@schrodter.com.au . Warren Schrodter has been a mortgage broker since 1997 and knows how to achieve this results. The average Australian Bank now will only consider to 97% LVR in some cases.

New Discount Table Below and is available until 31 May, 2011.

New Discounts:

Total New Borrowings	Loan to Value Ratio (LVR) is greater than 75%	Loan to Value Ratio (LVR) is less than or equal to 75%
$250,000 to less than $499,999	0.75%	0.80%
$500,000 to less than $749,999	0.85%	0.90%
$750,000 or more	0.90%	0.95%

Note: These discounts only apply to new money Home/Investment Home Loan and Line of Credit applications on the Standard Variable rate (SVR) and Residential Equity Rate (RER) under Mortgage Advantage.

Example scenarios:

Total New Borrowings	Product combination	Eligible Discount p.a.	Eligible rollover discount p.a.
$250,000 (LVR >75%)	$200,000 – SVR $50,000 – Fixed	0.75% 0.15%	N/A 0.75%
$250,000 (LVR ≤ 75%)	$200,000 – SVR $50,000 – Fixed	0.80% 0.15%	N/A 0.80%
$500,000 (LVR >75%)	$300,000 – SVR $200,000 – Fixed	0.85% 0.15%	N/A 0.85%
$500,000 (LVR ≤75%)	$300,000 – SVR $200,000 – Fixed	0.90% 0.15%	N/A 0.90%
$800,000 (LVR >75%)	$600,000 – SVR $200,000 – VLOC	0.90% 0.90%	N/A N/A
$800,000 (LVR ≤75%)	$600,000 – SVR $200,000 – VLOC	0.95% 0.95%	N/A N/A

Conditions apply and only applies to new borrowings to CBA.

Source Australian Broker News 12.4.2011

February has seen lending finance drop across the board, new Australian Bureau of Statistics data has shown.

The ABS figures, released yesterday, show a 4.8% seasonally adjusted decline in home loan lending for February. Likewise, lending for personal, commercial and lease finance have all declined over the month. Commercial finance saw a 6.6% decline during the month, seasonally adjusted, with finance for investment properties dropping a seasonally adjusted 1.4%.

The data follows on last week’s figures on housing finance, which showed a 5.6% decrease for total housing finance commitments in February after a 13.5% decrease in January. The numbers showed commitments for the purchase of new homes falling by 12%, and lending for the purchase of established homes dropping 6%.

_{By Ben Abbott | 12/04/2011 7:00:00 AM |}

_{Source Australian Broker News 12.4.2011}

The non-bank lending sector will disappear when the exit fee ban becomes law in 1 July, and are already going backwards despite the government’s focus on mortgage competition, according to the MFAA.

Referring to Australian Bureau of Statistics figures released last week, the association said in a statement released to media that smaller lenders are losing ground, while the banks’ 90.2% market share was the highest since September 2010.

The MFAA said that in contrast, non-banks managed only 1.9%. This contrasts with the 13.6% share that non-banks had achieved in competition with the banks prior to the financial crisis. The ABS figures found that credit unions and building societies held a 7.9% market share in February.

MFAA CEO Phil Naylor said that these ABS figures support our contention that the upcoming elimination of exit fees will not increase competition.

“Most of the major banks have already dropped their exit fees ahead of government regulation and this has clearly resulted in a churning of loans among the major banks but to the detriment of non-bank lenders," he said.

“On the basis of this trend, non-bank lenders will disappear when exit fees are totally banned in July. How can it be good for consumers when the most competitive lenders are forced out of the market?” he said.

Naylor said the MFAA had asked the government to exempt smaller lenders from the ban on exit fees.

“Non-bank lenders are synonymous with bringing down the margin on home loans in Australia, making them more affordable for all Australians,” Naylor said. “Those loans offered by Aussie and Wizard were built on the deferred establishment fee – it allowed them to compete with the banks.

“Without deferred establishment fees, competition will reduce and Australians will eventually pay more for their mortgages.”

Non-banks and mortgage managers have already begun ditching DEFs prior to 1 July, with many considering broker commission clawback as part of their revised cost structure, in order to remain competitive.

The Commonwealth Bank now offers a LVR of 95% (97% capitalised) for new and existing customers for all home loans and Top Ups. We are also offering discounts for loan amounts (new to the bank) ≥ $250,000 under the MAV Package (Professional Package) until 30 June 2011.

LVR is greater than 75%
• 0.70% pa – $250,000 – $499,999
• 0.75% pa – $500,000 – $749,999
• 0.80% pa for loans of $750,000+

LVR is less than or equal to 75%
• 0.75% pa $200,000 – $499,999
• 0.80% pa $500,000 – $749,999
• 0.85% pa for loans of $750,000+