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First Home Buyer Tools
Home Loan Options
A lot of first home buyers don't fit into the
'box' that many banks expect them to be in. Most lenders will require
you to have saved at least 5% of the purchase price over a period
of at least 3 months. A lot of major lenders are now only lending up to 90% of the property value whereas in the past they would lend up to 100%. In many cases we can help borrowers who do
not fit into this 'box'. If you fit into one of the following categories
we may be able to help. If you have any questions about any of the
products mentioned please submit your question using our contact
us page or call us on 1300 66 12 11. If you would like a free,
no obligation assessment of your loan options please apply
online.
You have at least a 3% deposit saved over a period of at at least 3-6 months & you are a first home buyer - 97% home loan
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You have at least 3% of the purchase price saved over a period of at least 3 months AND you have other funds available for costs (First Home Owners Grant can be used to pay for costs) |
| We have access to a lender who will may lend you up to 95% of the purchase price of an owner occupied property + the lenders mortgage insurance premiumif you are a first home buyer and you have saved at least 3% of the purchase price over the past 3-6 months. Please call 1300 66 12 11 for more information or apply online for a free, no obligation assessment of your situation. |
You have at least a 5% deposit saved over 6 months
+ have funds for costs - 97% home loan
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You have at least 5%
of the purchase price saved over a period of at least 6 months
AND you have other funds available for costs (First Home Owners
Grant can be used to pay for costs)
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| If you are in this situation you should have
access to the a number of loans available in today's home loan
market. There are some lenders that may lend you up to 95% of a property's
purchase price as long as you satisfy their credit and serviceability
criteria. In some cases you may be able to borrow up to $1 million
dollars using a 95% home loan. Some lenders will also allow
you to add the mortgage insurance premium to the loan, effectively
giving the loan a 97% Loan to Valuation Ratio. If you have more
than a 5% deposit it is generally easier to qualify for a loan.
Any loan which is greater than 80% of the purchase price usually
involves Mortgage Insurance and as such a one off mortgage insurance
premium will need to be paid. Please call 1300 66 12 11 for
more information or apply
online for a free, no obligation assessment of your situation.
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You have at least 20%
of the purchase price available as a deposit AND you have
other funds available for costs
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| Generally, if you have a 20% deposit, most
lenders will not want evidence that at least 5% has been saved
over a period of 6 months or more. As such you would have access
to most loans on the market assuming you pass the lenders' credit
and serviceability criteria. Also you would not need to pay
a mortgage insurance premium, which could save you thousands
of dollars. Please call 1300 66 12 11 for more information or
apply
online for a free, no obligation assessment of your situation. |
You have at least a 5% deposit saved over less than
6 months + have funds for costs - 97% home loan
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You have at least 5%
of the purchase price saved over a period of at least 3 months
AND you have other funds available for costs (First Home Owners
Grant can be used to pay for costs)
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| We have access to lenders who will ask for
proof of 5% savings over 3 months instead of the normal 6 months.
They may lend you up to 95% of the purchase price of an owner
occupied property and will even add the mortgage insurance premium
to the loan to bring it up to 97% of the purchase price. The
rates offered by these lenders are some of the most competitive
on the market. Please call 1300 66 12 11 for more information
or apply
online for a free, no obligation assessment of your situation. |
You have no genuine savings - 90% no genuine savings home loan and 95% no genuine savings home loan
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You have no genuine
savings but have a good steady income
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There is still one lender who may lend up to 95% of the purchase price and doesn't require borrowers to have any genuine savings.
Please call us on 1300 66 12 11 for more information.
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You have no genuine
savings but are being given a non repayable gift from a relative
or friend or you have attained a deposit from sources other
than a loan
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| If the gift is sufficient to make up 5% of
the property price, you may be able to use a 95/5 home loan
for this situation, where the 5% deposit does not have to be
saved. Please note though that a 90% non genuine savings loan is not as difficult to qualify for. Usually, if you borrow more than 80% of the property
value you will be required to prove that you have saved 5% over
a period of 3 months or more. In the case of a 95/5 loan you
may be able to borrow up to 95% of the property price without any genuine
savings and at a competitive interest rate. The maximum loan
amount using this type of loan is generally $500,000 per property.
You will also need additional funds to pay for costs such as
stamp duty and mortgage insurance. If you are a first home buyer the First Home
Owners Grant may be enough to cover the costs. Please call 1300
66 12 11 for more information or apply
online for a free, no obligation assessment of your situation.
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You have no genuine
savings but have a relative with significant equity in a property
and is willing to act as a guarantor
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| There are a number of lenders on our panel
who offer family equity type home loans. Some of these lenders
do not require you to have any genuine savings and will even
lend you extra funds to pay for the purchase costs, such as
stamp duty. The interest rates on these products are very competitive.
All you need is a relative who owns a property with equity in
it and is happy to act as a guarantor. It is also possible
to limit the guarantee so your relative is not a guarantor for
your entire home loan, but for only a small portion of it. Once
you build up enough equity in your property the guarantor can
then apply to have their guarantee removed. Please see our guarantor home loan page for more information or call us on 1300
66 12 11. You can also apply
online for a free, no obligation assessment of your situation.
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You have defaults on your credit report or are even
a discharged bankrupt
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You are a PAYG employee
or self employed with tax returns and have defaults on your
credit record or are bankrupt
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| There are still a few 'non-conforming' lenders
in the market. These are
lenders that will lend to credit impaired applicants, but generally at
a higher interest rate. Assuming you are a PAYG employee or
self employed and can fully verify your income you may still
be able to borrow 90% of the purchase price even if you have
defaults listed against your name. If your credit problems are
serious and you have numerous defaults (unlimited number of
defaults) or are even a discharged bankrupt you may still be
able to borrow up to 80% of a property price. For more details
please call us on 1300 66 12 11 or apply
online for a free, no obligation assessment of your situation. |
You are self employed
Please visit our self
employed home loans page for more information on self employed
loan options.
Disclaimer:
* Loans are approved or declined on their merits by the specified
lender and a loan approval is not guaranteed.
* We believe the information on this page to be correct. However
we can give no warranty to this effect and we expressly disclaim
any liability for loss or damage by any person acting upon advice
contained on this page.
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