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The Mercury Real Estate Guide : April 22nd 2010
66 --- MERCURY Thursday, April 22, 2010 MERCURY MORTGAGE WATCH Fixed Rates Standard Variable Home Institution Phone Intro rate Intro Term Rate Equity rate 1 Yr Term 3 Yr Term 5 Yr Term Application Fee AMP 133030 6.49f 12 7.19 - 6.89 7.89 8.39 ANZ 131314 - - 7.16 7.31 6.62 7.87 8.23 Aussie 131 333 - - 6.94 6.83 6.64 7.54 7.79 B&E Ltd 1300 306 716 6.75f 12 7.12 - 6.75 7.99 8.39 Citibank 1300 361 922 - - 7.13 7.5 7.24 7.99 8.49 Commonwealth Bank 132 221 6.41v 12 7.11 7.21 6.89 7.89 8.19 CUA 133 282 6.24v 12 6.62 7.12 6.59 7.49 7.99 HomeSide Lending 132464 - - 6.52 6.47 6.49 7.49 7.79 ING DIRECT 1800 133 464 - - 6.79 7.09 6.69 7.59 7.94 ME Bank 131563 - - 6.74 - 6.65 7.65 7.95 mecu 132 888 - - 6.8 6.9 6.49 7.49 - MyLoan MyWay 1300 721 240 - - 6.38 6.85 6.75 7.65 8 MyRate.com.au 1300 663 558 - - 6.38 6.85 6.73 7.63 7.98 NAB 131312 5.90v 12 6.99 6.47 6.69 7.59 7.89 Nationwide Mortgage (02) 9265 1700 5.77v 12 6.75 6.85 6.41 7.47 7.82 QuickDirect 1300 79 69 80 - - 6.4 - 6.75 7.65 8 RESI Mortgage Corporation 136 126 5.87v 12 6.87 7.02 6.76 7.82 8.17 St. George Bank 133330 6.48v 12 7.18 7.28 6.74 7.69 8.09 Suncorp 131155 6.49f 12 7.19 7.19 6.64 7.59 7.99 Westpac 132 032 - - 7.26 7.41 6.79 7.79 8.14 The introductory rate reverts to the standard variable rate after the initail term f=fixed c=capped Source: www.infochoice.com.au CONVEYANCING Professional & Personalised Ian W. Sealy Pty Ltd Level 1 -- 138 Collins Street, Hobart Phone (03) 6223 2054 Facsimile: (03) 6223 2960 Email: email@example.com www.iansealyconveyancing.com.au 2011908-LA FINANCE AND CONVEYANCING Shape up to land loan RATTLE THE PIG: Cancelling unnecessary credit cards, consolidating loans, shopping around and seeking specialist advice can boost your chances of getting a loan. Tough lending conditions for homebuyers are expected to will continue for at least another year, but there are ways to make yourself more appealing to banks and other lenders, writes Anthony Keane Every bank is changing its criteria often and aggres- sively FIVE interest rate rises since October have not helped borrowers, but mortgage experts say most people can improve their loan prospects. Strategies such as cancelling unnecessary credit cards, consolidating loans, shopping around and seeking specialist advice can boost your chances. Smartline Personal Mortgage Advisers director Chris Acret, says the ''ability to repay'' test used by lenders has been tightened in response to the global financial crisis, but there is a huge difference in the amounts each lender will offer. ''These changes certainly don't mean that securing the right loan for your needs is an insurmountable task but it is certainly a lot more challenging and time-consuming,'' said Mr Acret. According to a Smartline survey of 22 mortgage lenders, a single borrower earning $60,000 with a credit card debt of $5000 would be able to borrow $277,000 from the most frugal lender and $372,000 from the most expansive lender. The global financial crisis is over but Aussie Home Loans chief executive Stephen Porges says credit markets are still tight for lenders to tap into, which in turn makes life harder for borrowers. ''Banks can afford to be much more selective in where they give their debt funding,'' Mr Porges says. ''People talk about credit markets opening up. Yes, they are, but they were closed [before]. Opening up just means you have a crack in the window.'' Mr Porges expects the tough lending conditions to continue for the foreseeable future. ''I doubt it's going to improve in the next year, possibly two years,'' he says. His key tip for borrowers is to make sure they have all their financial information a bank or broker might need. ''And don't fall for the 'how much can I borrow?' trap. That over-gears you when rates are still going up.'' Getting professional mortgage advice can pay off. ''Every bank is changing its criteria often and aggressive- ly,'' Mr Porges says. ''You can be sitting at one bank for six weeks before they reject you, then you go to bank two for six weeks, then bank three for six weeks.'' Mr Acret says cancelling unused credit cards and reducing limits on others can help. ''When most lenders assess your ability to repay a mortgage, they assume that your credit card will be fully drawn up to its limit,'' Mr Acret says. Shopping around makes sense as lenders can be ''very selective'' about the type of income they include in their repayment calculations. ''Almost every lender treats income derived from dividends, second jobs, child maintenance payments, company profits, bonuses, commissions, government benefits, annuities and rents differently,'' he says. Tax relief to boost savings MUM and dad investors will receive generous concessions to park their savings with banks and building societies as part of sweeping tax reforms. The Federal Government is preparing to unveil a new savings scheme offering tax breaks similar to superannuation's discount rate of 15 per cent, The Daily Telegraph reports. The plan will encourage investors to deposit savings with the four major banks and other respected financial institutions. But investors will have to ''lock up'' their savings --- perhaps for between five and 10 years --- to qualify for the special rate. The new savings deal will be announced as part of the Government's much-anticipated response to the Henry tax review. It will be part of a suite of measures aimed at building a new savings culture in Australia. But it is also hoped it will generate billions of dollars in bank deposits, cutting the need for finance houses to borrow from overseas. The Government expects it will be popular with voters who currently face punishing tax rates on savings. Some taxpayers can pay up to 50 per cent on interest earned from their bank deposits. Australia is one of the few countries in the world to tax bank savings at the full rate. Among key reforms, taxpayers will be able to lodge their annual tax returns with a few clicks of a mouse. And Australia's antiquated tax system --- which contains 125 different taxes --- will be streamlined to simplify arrangements. It is understood the Reserve Bank has raised concerns about the steady decline in deposits. 1 www.pwl.com.au C or e erie ced, rie d d ro e io er vice, d or our e ce o i d co t ct: A e u der Co ve ci P r e 622 8899 e u der @ .co . u
April 15th 2010
April 29th 2010