• Rates from 8.14% (higher rates at higher LVRs)
• NO BAS required, but trading statements are required
• Unlimited cash out <65% LVR (25% of loan amount >65% LVR)
• Some credit impairment permitted
• No vacant land or construction
• Must be GST registered

60% LVR = 8.14%
70% LVR = 8.34%
75% LVR = 8.59%
80% LVR = 8.85%
85% LVR = 10.40%

NOTE: Rates are current as at 7th March but are subject to change without notice.

For more information call Mike Nicholls on 0411 222 551

Low Doc Loans – ABN for less than 2 Years – No BAS is a post from: Sydney Mortgage Brokers MortgageCorp

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• 6.89% (including 0.65% upfront and 0.20% trail)
• Full feature loan product including direct card
• Line of Credit available with no rate loading
• No BAS statements or trading statements required on purchases
• Max. LVR 80%
• Loans available in the name of companies and trusts
• No vacant land or construction

Call Mike Nicholls on 0411 222 551 to find out more

Low Doc Loan Purchases – No BAS is a post from: Sydney Mortgage Brokers MortgageCorp

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• Rates from 7.97% (higher rates at higher LVRs as below)
• No BAS on refinances
• Unlimited Cash out to 65% LVR and up to 25% of loan amount 60-80% LVR
• No vacant land or construction
• Must be GST registered

60% LVR = 7.97%
70% LVR = 8.02%
75% LVR = 8.27%
80% LVR = 8.52%
85% LVR = 9.58%

To find out more call Mike Nicholls on 0411 222 551

Rates are current as at 7th of March, please note rates are subject to change without notice

Low Doc Refinances with No BAS is a post from: Sydney Mortgage Brokers MortgageCorp

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MortgageCorp has three No Doc or very Low Doc lenders some of which don’t charge Lenders Mortgage Insurance which can be a significant cost, in addition we have 7 other lenders that provide Low Doc loans with varying degrees of documentation and varying interest rates.

To find our more about Low Doc or No Doc Loans please call Mike Nicholls on 0411 222 551

No Doc Loans is a post from: Sydney Mortgage Brokers MortgageCorp

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At its meeting today, the Board decided to raise the cash rate by 25 basis points to 4.0 per cent, effective 3 March 2010.

The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong. The authorities in some countries are now seeking to reduce the degree of stimulus to their economies.

Global financial markets are functioning much better than they were a year ago and the extraordinary support from governments and central banks is gradually being wound back. Credit conditions remain difficult in some major countries as banks continue to face loan losses associated with the period of economic weakness. Concerns regarding some sovereigns remain elevated.

In Australia, economic conditions in 2009 were stronger than expected, after a mild downturn a year ago. The rate of unemployment appears to have peaked at a much lower level than earlier expected. Labour market data and a range of business surveys suggest growth in the economy may have already been at or close to trend for a few months. There are some signs that the process of business sector de-leveraging is moderating, with the pace of decline in business credit lessening and indications that lenders are starting to become more willing to lend to some borrowers. Investment in the resources sector is very strong. Credit for housing has been expanding at a solid pace, and dwelling prices have risen significantly over the past year. New loan approvals for housing have moderated a little over recent months, however, as interest rates have risen and the impact of large grants to first-home buyers has tailed off.

Inflation has, as expected, declined in underlying terms from its peak in 2008, helped by the fall in commodity prices at the end of 2008, a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. CPI inflation has risen somewhat recently as temporary factors that had been holding it to unusually low rates are now abating. Inflation is expected to be consistent with the target in 2010.

With the risk of serious economic contraction in Australia having passed, the Board moved late last year to lessen the degree of monetary stimulus that had been put in place when the outlook appeared to be much weaker. Lenders generally raised rates a little more than the cash rate and most loan rates rose by close to a percentage point.

Interest rates to most borrowers nonetheless remain lower than average. The Board judges that with growth likely to be close to trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Today’s decision is a further step in that process.

RBA raises cash rate by .25% to 4.0 is a post from: Sydney Mortgage Brokers MortgageCorp

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Its probably fair to say that many of the banks have Gail Kelly and Westpac to thank for leading the way and doing what the vast majority of them would never have dared to to do on their own.

Single handedly she has scored many Australian Bankers their bonus for the year by taking the lead and the heat whilst most of the others who raised their rates by similar levels have slipped quietly past without a murmur.

This rate rise was different to many of the past rate rises, instead of blanket changes by all the banks on the Tuesday as soon as the RBA announced their change, only Westpac announced changes on the Tuesday, the remainder of the big 4 banks announcing their rises 1-5 days after the RBA announcement and even now we are seeing smaller banks 10 days later announcing their changes.

A summary of the rate rises

• Westpac .45%
• Commonwealth Bank .37%
• National Australia Bank .25%
• HomeLoans Limited .25%
• ING .35%
• St George Bank .39% for most products .44% for Basic Home Loan Promotion
• Adelaide Bank .10% – aggressive pricing
• Suncorp .39%
• ANZ .35%
• AMP .30%

All you bankers should be raising your glasses to Gail this Christmas, after all she did help pay for the Bolly

Bankers must be silently thanking Westpac’s Gail Kelly for their Christmas bonus is a post from: Sydney Mortgage Brokers MortgageCorp

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Its interesting to note that there are a number of lenders who are offering very competitive terms as at 4th Dec 2009

RAMs, St George and The Rock Building Society are significantly cheaper than both Westpac and CBA. For more information call Mike Nicholls on 0411 222 551 or visit Mortgagebot our online home loan comparison engine

NAB sticks to .25% raise but CBA hits borrowers with .37% increase is a post from: Sydney Mortgage Brokers MortgageCorp

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Whilst commentators will criticize Westpac for this, its interesting to note, it would appear that costs of funds is increasing, certainly competition for deposits is hotting up with many banks offering rates close to standard mortgage rates in order to fix depositors in to long terms.

Its obvious to me that if one of the major banks can raise rates without fear of their competitors undercutting them, they have little concern about competition or loss of customers,  Westpac was not the cheapest of the big 4 banks either with their standard variable already more expensive than CBA so it doesn’t appear that they are concerned about being priced at a higher rate than the other banks.

At the time of publishing the ANZ, CBA and NAB had not announced any rises, perhaps they are waiting until the smoke clears until they make their move.

Westpac races ahead as RBA increases rates by 25bps is a post from: Sydney Mortgage Brokers MortgageCorp

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Mortgagebot Home Loan Comparision Engine

MortgageCorp Australia announces the launch of MortgageBot.com.au Australia’s first true online mortgage broker and home loan comparison engine.

Mortgagebot allows borrowers to calculate the loan payments, Stamp Duty, Lenders Mortgage Insurance and all fees for 25 lenders and 500+ Loans in real time.

“With the Big 4 banks and their sub brands holding 60%+ of the market we felt we had to build MortgageBot because there just wasn’t enough competition or transparency in the Mortgage Market” says Mike Nicholls, CEO of MortgageCorp.”

“No one is sticking up for borrowers anymore. In the last two years the Big 4 Banks have purchased or invested in Aussie, Wizard, St George, Bank West and RAMS. All the guys like John Symonds and Mark Bouris are now strangely quiet”

“We rank the loans based on one thing only, what is the best deal for the customer. There is no bias, favorites or advertising, it’s totally transparent. The rates are updated daily and borrowers can choose to go directly to the lender in question or start their application online with Mortgagebot”

“The big surprise is how many of the smaller bank, building society and non bank lenders consistently appear at the top of the Mortgagebot calculation results which tells you borrowers just aren’t getting the right information”

To try Mortgagebot visit Mortgagebot.com.au

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MortgageBot was built by MortgageCorp Australia an FBAA Accredited Finance and Mortgage Broker. For further comment or information Mike Nicholls CEO can be contacted at Twitter @MikeNicholls88, mike@mortgagecorp.com.au or (02) 8014 4288 or 0411 222 551

MortgageCorp aims to increase competition – Launches Mortgagebot.com.au Home Loan Comparision Engine is a post from: Sydney Mortgage Brokers MortgageCorp

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Franchsing Finance

ANZ Understands Franchising Finance

Obtaining a franchise in a successful franchise system is often difficult. The initial capital outlay is normally large, and to fully secure the loan you usually have to mortgage your house. This is where ANZ can help. We work from the basic belief that franchise businesses are different and usually inherit some strengths and capabilities from the franchisor.

ANZ offers:
> Loan assessments made quicker by placing a value on the past performance of the franchise system.
> ANZ Preferred status to selected franchisors to reflect the value of their franchise system.
> Ability for franchisees of preferred systems to borrow against the value of their business (including all franchise fees, training costs, stock and business assets) up to a percentage of the purchase price.
> Less focus on the franchisee’s personal assets when obtaining finance.
> Loan products tailored for franchisees.
> Market leading eCommerce services for franchise businesses.
> A full range of services which are customized and priced to reflect the value of the franchise.

ANZ Solutions

It’s Easy to Get More Details

For more information about ANZ Franchise Finance contact Mike Nicholls, Accredited ANZ Commercial Referrer on 0411 222 551 to discuss the right lending solution for your needs.

Franchsing Finance is a post from: Sydney Mortgage Brokers MortgageCorp

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