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MFAA Prosper : Mortgage and Finance Brief 10
More choice Brokers who aggregate through PLAN Australia, Choice and Fast now have access to new loan protection solutions. Parent company Advantedge has introduced the new insurance products, which provide lump sum benefits in the event of loss of life, terminal illness, trauma and total permanent disability (TPD), to aid diversification. Meanwhile, Choice has reached an agreement with Phoenix Mortgage Management that will see credit union mortgages become available to its members, and has also added Future Financial to its lending panel. Mortgage House has introduced its new Vantage Simple Home Loan, which has a standard variable interest rate of 6.78% p.a (comparison rate 6.81% p.a). The loan, which is available until the end of September, offers no ongoing fees, and no application or valuation fees. A wealthy vow Aggregator Vow Financial has launched financial planning line Vow Wealth Management as it looks to capitalise on the trend for brokers to diversify their businesses. The company envisages brokers engaging on three levels -- straight referrals, which will account for around70%of its brokers, limited financial planning advice 20%, and complete financial planning advice 10% Bankwest's clawback arrangement will remain in place following the changes to Deferred Establishment Fees. The lender calculates clawback on a pro-rata basis over 18 months from date of disbursal -- e.g. if the loan was discharged in month 14, Bankwest would clawback the proportion that represents the remaining four months from the original upfront payment. Meanwhile, Bankwest has also cut pricing on the Premium Select Home Loan and reintroduced the Low Doc Home Loan, replacing the Easy Doc Home Loan. The Premium Select Home Loan offers a life of loan discount with minimal fees. This sharpened pricing will offer 6.85% p.a (sub 75% LVR), and 6.95% p.a (75-95% LVR plus capped LMI) for aggregate borrowings between $200,000 and $749,000. For clients seeking aggregate borrowings above $750,000, bigger discounts are available. The reinstated Low Doc Home Loan will offer 7.20% p.a where LVR is equal to or less than 60%. Home from home Keep on clawing 16 | Mortgage & Finance brief Company news Warning: All comparison rates on these pages are true only for the examples given, and may not include all fees and charges.
Mortgage and Finance Brief 09
Mortgage and Finance Brief 11