How can we help as strategic mortgage brokers? 

Here are some ways that we can help as your strategic mortgage broker: 

  • Refinancing to a lower interest rate or interest-only repayments, especially whilst your income is unchanged. 
  • Releasing equity to give you cashflow if your income may be affected. 
  • Debt consolidation to make repayments manageable. 
  • Advice regarding your mortgage or buying a new property.  

Now is the best time in your lifetime to refinance and save yourself interest, increase cash flow and maximise your cash runway. 

Call us on 1300 896 045, email us directly or contact us here.

How can we help as a private banking team? 

  • Help you with extending your Interest only period with the bank and assist you through the process. 
  • Help you with fixing your loans to get the best of the rates cut offs that have been passed on by RBA. 
  • Negotiate better discounts from the banks for your loans. 
  • Contact lender to see what they are offering for mortgage relief. 
  • Remember, if you ever have any questions or need assistance with your lending, please feel free to contact us anytime. Think of us as your private banker for all of your lending needs.   

 

An update from Bank of Melbourne

Help for home loan customers

  1. Reduced Fixed Home Loan Rates: A 2.29% p.a. fixed rate home loan for one, two and three years for owner occupied customers on principal and interest repayments with Advantage Package, effective Friday 27 March 2020.
  2. Repayment relief for home loan customers: Bank of Melbourne customers who have lost their job or suffered loss of income as a result of COVID-19 should contact us for three months deferral on their home loan mortgage repayments with extension for a further three months available after review. Apply here
  3. $1 Billion in home lending commitment: Bank of Melbourne pledges to play its part to keep the property market and economy moving by supporting more Victorians with their home ownership needs.

 

Support for small businesses

  1. Unsecured three-year term loan up to $250,000 for eligible new and existing customers with turnover of less than $50M, as part of the Federal Government’s latest economic support measures that guarantees 50 per cent of new loans issued by eligible lenders to small and medium size businesses. Effective Monday 23 March 2020, credit criteria applies.
  2. 400 basis point reduction on unsecured lending term loan for new and existing customers, effective Monday 23 March 2020.
  3. 200 basis point reduction on overdrafts for new and existing customers, effective Monday 6 April 2020.
  4. 100 basis points interest rate reduction for small business cash-based loans, effective Monday 6 April 2020.
  5. Repayment relief for small business customers: Bank of Melbourne small business customers who need help to manage their cash flow can defer principal and interest repayments of business term loans for six months. Find out more and how to apply here.
  6. Merchant terminal rental fee waivers for up to three months.
  7. Helping small and medium businesses take advantage of the increased instant asset write-off and accelerated depreciation provisions in the Federal Government stimulus package with no establishment fees for equipment finance loans until the end of June 2020.
  8. These measures are in addition to the help already available for small business customers who are impacted by recent disasters and are experiencing hardship including restructuring and consolidating loans or fee free redraws.
If you are experiencing hardship as a result of COVID-19 please fill out our Financial Hardship form and we will contact you as soon as possible. If you are a business customer please go here.