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Proper Finance Solutions - July 2005 Newsletter |
In this issue:
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Price war delivers greater discounts to home borrowers.
ANZ, Westpac and Commonwealth banks followed the trend of interest rate discounts started by St George bank late last year.
Although, St George announced that its 0.7% discount for loans greater $250,000 was a mere response to the professional packages offered by the majors, this proved to be an unbeatable offer for the following 6 months. In May 2005, Westpac and Commonwealth bank introduced their specials for the winter period to match the St George offer. Now everybody who borrows over $250,000 can be eligible for the interest rate as low as 6.62% variable.
Have you noticed rate reduction in your mortgage statements? If not, then you may consider taking advantage of the recent discounts and ask us about refinance by contacting us now.
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Recent home loan deals available
- for loans up to $250,000
- Interest rate 6.29% variable for the first year, 6.74% thereafter
- Application fee $300
- Ongoing fee $0
- for loans over $250,000
- Interest rate 6.62% variable for the life of the loan
- Application fee $0
- Ongoing fee $8 per month
- for all loan amounts
- Interest rate year one 7.24% variable
- Interest rate year two 6.99% variable
- Interest rate third year and after 6.49% variable
- Application fee $600
- Ongoing fee $0
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Loans and rates in foreign currency
Overseas property investors can now take advantage of low interest rates on the foreign currency loans. By earning income and paying the mortgage in the same currency, you eliminate currency fluctuations from your monthly repayments and also save on overseas transfers and conversions.
You can choose quarterly or semi-annually repayments. The interest rates are linked to the local markets, which means that the Australian rates will have little impact on the foreign currency mortgages. Below you will see indicative variable rates for this type of loans. To learn more feel free to contact us.
- GBP - 6.52%
- HKD - 5.00%
- USD - 5.00%
- Euro - 3.78%
- SGD - 3.78%
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Property market outlook and news
We can easily find stacks of articles and opinions from property professionals and agents. But what about asking lenders how they see future of the property market?
Unlike the real estate agents, who's job is finished as soon as the sale has settled, banks and other lender are exposed to the property market in a much longer term. They rely on own reports and projections in designing their lending policies and requirements. Interested in knowing what they think about the property market?
Now you can access a very comprehensive report and a recent update presented by one of the leading mortgage insurers in Australia, PMI group. Just follow the link: http://www.pmigroup.com.au/PropertyOverview.asp?country=AU
You will be requested to complete a registration form, which will take you about 30 seconds.
In our next newsletter
- Discussion about fixed rate loans: advantages and limitations
- Loan features. Which ones do you really use?
We will be happy to discuss and research various options for your new or existing mortgage in Australia. There are plenty of deals in store for you, simply contact us by sending an enquiry.
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Proper Finance Solutions - July 2005 Newsletter
Proper Finance Solutions - July 2005 Newsletter - Banks at a Price War
