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MortgageInsider
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Issue 3
www.mortgageinsider.com.au
 
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How to use Mortgage Insider
Mortgage Insider - Issue 3 - Page 2 of 20 
NOTICE
The information contained in this publication is for reference only and should not be relied upon in any why.The publishers of the Mortgage Insider and all contributors recommend that any person considering a mortgage in Australia should obtain independent legal advice.
Editorial and advertisingenquiries
Tel: 02 4759-2799Fax: 02 4759-2696oasismortgagegroup@gmail. comwww.mortgageinsider.com.au
Publisher
Oasis Mortgage Group Pty Ltdabn: 92 097 503 556
SUBSCRIPTIONS:
Click here to subscribe
The Mortgage Insider magazine isa true interactive magazine thatallows you to get additionalinformation when you need it.Whenever you see a story or a adyou'd like more information on,simply click on the blue informationbutton that appears in it.You can read Mortgage Insider online, print it or save it to your harddrive in .pdf form to read later.Even in .pdf form on your harddrive all the interactive buttons willstill work.The entire issue is searchable.You'll also find a full index of alleditorial content on the MortgageInsider's web site.The Mortgage Insider will bepublished monthly andcontributions and feedback aremore than welcome.As you can see, Mortgage Insideris a true interactive electronicmagazine that aims to bring youinformation at the time you need it.Naturally you need to be on-line forthe active information links to work.
Be sure to check out theSUBSCRIBERS area on theMortgage Insider website.
Payback time!
MUNCIE, Ind. (AP) - A landlord said he wanted people to see the painof his property tax bill when he hauled $12,656.07 in coins and $1 billsto the county treasurer's office.
Cary Malchow said the heavy load left him "out of breath" but it was worthwatching three cashiersworking overtime andguarded by sheriff'sdeputies on Monday tocount every last cent of thesemi-annual payment for his home, business andrental properties."I did it so people canphysically see what$12,000 is," said Malchow,who has staged other recent protests to drawattention to Indiana'sproperty tax increases.It took 75 minutes to countout the cash, saidDelaware CountyTreasurer Warren Beebe."They were fast, they werehustling. They're used tocounting money, but of course that left other people standing in line. Itwas an awkwardsituation," Beebe saidTuesday.Malchow's protestprevented the office frommaking its daily bankdeposit, costing the countyan estimated $1,135.90 ininterest that would haveotherwise accruedovernight, Beebe said.
 
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For more information, click this symbol whenever you see it.
Mortgage Insider - Issue 3- Page 3 of 20 
Free, fast and anonymous 
In a first for Australia, potential borrowers can now do 60 second assessment to see if they would qualify for a home loan. The web site offering this service calls it the "60 second home loan challenge".
The My Home Loan Approval web siteis not affiliated with any one lender orbrokerage firm so users get a totallyunbiased response.The challenge only takes 60 secondsand is provided
FREE OF CHARGE
 and its use can be totally
anonymous
.On top of that, the assessment resultsare provided
INSTANTLY
.There are products from over 170lenders associated with the web siteso borrowersget a prettygood idea about their chances ofgetting a home loan and how manyproducts they may qualify for in amatter of seconds.The web site includes products likeReverse Mortgage, Lo Doc and Nodoc loans as well as fully featuredmainstream bank loans.To take the 60 second home loanchallenge click the blue informationbutton to be taken towww.myhomeloanapproval.com.auEveryone who does the challenge iseligible to receive a complementarycopy of the eBook.
Mortgage Secrets Exposed 
.
MFAA INTRODUCES NEW HARDSHIP ASSISTANCE FORBORROWERS
The Mortgage and Finance Association of Australia (MFAA)has introduced new measures toensure non bank lenders,mortgage managers and brokersassist borrowers who find themselves in financial difficulty.The Association has amended its Code of Practice in responseto rising levels of community concern about the small number of borrowers who are finding themselves in some difficulty inservicing their loans.
“
Essentially, our members must nowconsider whether it is appropriate tovary the terms of repayment on a loanonce they are aware a borrower is infinancial difficulty,” said Phil Naylor,CEO of the MFAA.“MFAA members owe their businesssuccess to the strong relationship
 
theyhave built with borrowers. About 55%of all mortgages in Australia are writtenby non banks, mortgage managersand mortgage brokers and it isappropriate that they assist borrowerswho find themselves in financialdifficulty,” said Mr Naylor.“It is crucial, however, that borrowerswho are in some financial difficulty, toadvise their lender or brokerimmediately to ensure the best resultcan be achieved.”Under the new provisions, MFAAmembers can consider:•the borrower
’
s request to varythe payment terms in goodfaith and within a reasonabletime, giving regard to theborrower
’
s financialcircumstances;•suspending any action torecover any payments dueunder the credit facility and, ifit has not listed a defaultalready, not list a credit defaultin respect of the credit facilityagainst the borrower until thematter is decided;•encouraging the borrower tomake payments the borrowercan afford pending theMember informing theborrower of its decision to alterthe payment terms.Further, MFAA members must actreasonably in assessing the borrower
’
srequest to vary the payment termsunder the borrower
’
s credit facility andmust not require:•the borrower to apply for theearly release of any part of hisor her superannuationentitlements; or•the borrower to obtain fundsfrom family members, friendsor other third parties, prior tothe Member consideringwhether to, or agreeing to,vary the payment terms.
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alysaally

Its very nice information and good sharing.

reply10 / 13 / 2008
spinoza4

hai, thank for providing good information about mortgage

reply09 / 16 / 2008
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