by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
MFAA Prosper : Mortgage and Finance Brief 07
Low Doc refinancing. Easy as. + The Credit Provider is Pepper Finance Corporation Limited ABN 51 094 317 647. Terms, conditions, fees and charges apply and are available on request. All applications for credit are subject to Pepper's normal credit criteria. Full terms and conditions will be included in our loan offer. ^Excludes the refinancing of Private and Solicitor loans. PEP12624/SYN Cash out for stated purposes, including business use, up to an LVR of 80% Unlimited debt consolidation Up to 80% LVR with no LMI The Pepper Self-Employed Advantage® Loan allows you to easily refinance^ existing loans for your clients, including Low Doc and Investment loans. What's more, with the Pepper Self-Employed Advantage® Loan your clients also enjoy many exceptional Low Doc loan features such as: Call 1800 PEPPER (1800 737 737) or visit pepperonline.com.au Brokers could be set to benefit from an influx of first-home buyers in 2011, with lenders including St George and BankSA now accepting rental history as evidence of genuine savings. Throughout 2010, the end of the Federal Government's grants, higher interest rates and tough lending conditions all combined to make it a tough market for first home buyers. Chris Ward, BankSA General Manager Strategy and Operations, says "Yes, BankSA accepts rental history as evidence of savings for first time buyers seeking a mortgage. "We recognise that times have changed and it's now much harder to get into the housing market. Housing prices have increased, but wages have not kept pace. "More contemporary thinking is that evidence of being able to pay rent shows a commitment to budgeting, to meeting financial commitments and an ability to plan." Under the new system, evidence of continual rental payments for 12 months will be considered as part of the deposit. David Holmes, Chief Operating Officer of Pepper Home Loans, says, "Many first home buyers today are paying almost as much in rent as they would on a mortgage, making it difficult to save an acceptable deposit. "They can evidence a stable employment history, good credit history and adequate serviceability so should qualify for a home loan. Pepper has been following this flexible and sensible approach for some time and it is good to see the major lenders taking a similar approach." Other institutions, however, are not convinced that rental payments should be accepted as evidence of savings. Paul Caputo, Chief Risk Officer at Genworth Financial, says, "Genworth's standard policy does not currently accept historical rental payments as evidence of genuine savings for potential loan customers." Rental history can be considered as savings News
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08