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 08
The Credit Provider is Pepper Finance Corporation Limited ABN 51 094 317 647. Terms, conditions, fees and charges apply and are available upon request.All applications for credit are subject to Pepper's normal credit criteria. Full terms and conditions will be included in our loan offer. The interest rate discount is only available for new Pepper Flexi Advantage and Pepper Self-Employed Advantage Loan applications submitted from 28 February 2011, and is available for a limited time only. The interest rate discount applies for the first 12 months from the settlement date of the eligible loan. The loan must be in existence for 4 years from the settlement date to avoid recoupment of the benefit received from the interest rate discount. The interest rate discount is current as at 28 February 2011 and can be varied or removed from offer at any time. *Paid defaults of up to $500 are acceptable on both the Pepper Flexi Advantage and Pepper Self-Employed Advantage Home Loans. In addition, any number of defaults or judgements registered 2 years prior to the home loan application, irrespective of whether the defaults or judgements are paid or unpaid, are accepted with the Pepper Flexi Advantage Home Loan. PEP13107/SYN Call 1800 PEPPER (1800 737 737) or visit pepperonline.com.au Approved Finance. Easy As. No limit on the number of debts that can be consolidated Easy refinance of other lenders home loans, including low doc and non-conforming loans Cash out for stated purposes including business use Minor defaults accepted* Need to consolidate your client's debts into one manageable monthly repayment, refinance their existing home loan, or secure cash out for renovations or business use? Both Pepper 's Flexi Advantage® and Self-Employed Advantage® home loans o er many great features such as: 1.00% OFF the variable rate for the first 12 months No DEFs + Now with Mortgage brokers are concerned that the Federal Government's plan to ban exit fees on mortgages will reduce competition and increase fees for consumers -- and they have urged the Government to reconsider its position. Michael Russell, Chief Executive Officer at Mortgage Choice, said, "The Federal Government continues to imply a unilateral ban on exit fees will fuel lender competition. But this comes with a range of unintended consequences that will damage the competitive position of smaller lenders, who use exit fees to provide customers with more attractive, that is, more competitive, up-front pricing." Mortgage Choice has written to the Federal Treasurer, Wayne Swan, to urge the Government to reconsider its position on exit fees. It argues an unintended consequence of the proposal is that existing mortgage holders will now defer refinancing until 1 July 2011 to ensure they can refinance into a product with no exit fee. He said, "Property buyers and mortgage brokers alike should be very concerned about this situation. What Australia really needs is an environment where second tier lenders have better access to affordable funding -- this is what the government should be concentrating on taking immediate and decisive action to improve." Barry Elmslie, director of Western Australia-based mortgage broker About Home Loans, agreed with Russell that the ban on exit fees will do nothing to increase competition among lenders. He said, "Without the exit fee, non-bank lenders will find it hard to recover their costs if a borrower changes their lender in the early years of a mortgage. The risk is that they will stop lending and we'll go back to a situation where only the big four banks and a couple of regional banks will provide mortgages. The result could be increased fees and interest charges for consumers." Chris Dobbie, a Queensland-based broker with Loan Market, said, "Lenders have to make a profit -- if they get rid of exit fees, they will have to make this up by making borrowers pay fees elsewhere." Exit fee ban will reduce competition, say brokers News
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09