Iden Money launches Xmas Special

On 1st December Iden Money and Property launched a low, low interest rate special on its Balanced Variable home loan.

Iden Director Brian Rowe said this offer would last until 31st January and was offered with a variable rate of just 6.87%, no application fee. The loan would also be offered as a combination loan with a low 2 year fixed rate of just 7.27%.

He said that this was a quality offer which included an offset account and discounted fixed rates between 1 and 5 years. Borrowers considering refinancing their existing loans would benefit greatly by obtaining their approval prior to the end of January.

Click here to visit our Specials page to see this offer.

Exit fees not a big issue – Brian Rowe

Iden Money Director Brian Rowe said today that he didn’t consider exit fees to be a major issue for borrowers provided the borrower carefully weighed up the advantages and disadvantages of loan products prior to settling on one.

Most lenders continue to have exit fees, some larger than others. Under the new ASIC guidelines the fees are not outlawed but must be justified.

It has been widely reported that non banks have higher exit fees than many of the banks however in most cases this is a symptom of the system in which non banks work. Exit fees charged by non banks are mostly put in place to cover the fee paid to the broker who wrote the loan, if the loan discharges in the first 4 years. Often, this fee reduces as time goes by and the lender has earnt margin income on the loan. Once the loan has run for a pre determined period the fee is no longer charged. This may not be the case with banks, who may charge a non reducing, pre-set exit fee out to 5 years. Read More »

CBA tips mortgage rates to rise

Commonwealth Bank of Australia’s (CBA) competitive pricing on mortgages helped it gain 21.9% of the mortgage market in 2009, but chief executive Ralph Norris has warned interest rates could rise.

“There’s no doubt we will reprice where necessary, we have to do what’s right on a commercial basis,” Norris said during the bank’s full year results briefing. Read More »

Good investment opportunities in Sydney – WBP

The Sydney property market has shown “marked improvement” and now offers good investment opportunities, according to valuation and property services firm, WBP Property Group.

Speaking at today’s Sydney Property Outlook breakfast, Chris Lackey, WBP, NSW state manager, noted a slight drop in the number of first home buyers as a percentage of total borrowers this month, an indication that activity in this segment may have begun to cool. Read More »