ING Introduces Mortgage Insurance Saver Loan

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ING Bank, has introduced a new approach to Mortgage Insurance. As many of you know, Mortgage Insurance or more accurately, Lenders’ Mortgage Insurance, can be an expensive matter when choosing a loan. All Banks charge you the premium when you borrow over 80% of the value of the property for which you are seeking a loan. It can be expensive, for example, a borrower looking for a loan of $300,000 on a property valued at $316,000 will be asked to pay a premium of around $3,856, and a borrower looking for 95% of a property worth $600,000, ie a loan of $570,000, will have to pay $13,120.

So you can see it’s pretty expensive.

The ING bank loan offers an option of not paying Mortgage Insurance replacing it with an “Equity Fee”. there are strict guidelines but the end result means you can make substantial savings and qualify more easily for higher loan amounts.

It’s called the Reduced Equity Fee.

I can give you all the details, just call me on 1300 133 193

Repair Your Credit Rating

St George Bank released the following information on a service that assists borrowers to repair their credit rating. If you need any further information please call me on

1300 133 193.

Borrowers can now repair their credit worthiness using an online service from a Sydney legal practice.

The service, which is available around the country from Credit Law Australia (CLA), allows people to have their credit bureau file reviewed and their case assessed for possible resolution with financiers

CLA Director, Stephen Tully, says the service was established with the sole purpose of assisting individuals and companies who have had their application for credit or finance declined.

“Some credit providers make errors when accessing or entering private credit information,” Tully says. “Many people are entitled to challenge these errors and improve their chances of securing a loan”.

For a set fee of $220, CLA’s legal team will assess a person’s file, advise them of any problems and provide a comprehensive credit assessment report. The report will advise of any legal avenues available to fix the file provide an estimate of CLA’s costs for doing so.

“The work involved in fixing a file is varied and differs on a case by case basis,” Tully says. “It may involve the removal of Court judgements or defaults and correcting errors and/or miscalculations. In some instances it is possible to explain to a lender why a client has had a poor file”.

Take for example a woman who was unable to get credit for over five years.She had one home loan and six personal loan applications rejected by various finance providers. when the final potential provider cited her bad credit report as the reason, the woman discovered that her mobile phone carrier had listed her as a bad credit risk.

Previously, the woman had got into arrears with her mobile phone account, but she had paid it off soon after. the default on the woman’s file was subsequently cleared.

CLA can provide people with a legal assessment on whether the difficulties they may experience when applying for finance are a result of past financial dealings and if there is any mechanism available to them to rectify problems.

I have come across a few cases recently where borrowers have had finance declined because of bad credit reports where the borrower had no knowledge of the problem. Once it became known however, we were able to get the decision reversed.

This service may make life a lot easier for many people who have “bad” credit reports through no fault of their own.