Hi All,
I have been hearing on the radio a lot that 95% home loans are back.
Is this correct, can you now get a loan with only 5% deposit?
Your views on this would be appreciated what do people think?
I think the question is did they ever go away? They were always available, though I know many lenders preferred not to do them. You could always find a lender somewhere that would do them. Especially if you have proven savings.
Were they talking about particular lenders on the radio (eg. The four big banks?)
If a mortgage broker could chime in here and tell us which lenders are happy to give the 95% that would be great.
Ryan McLean
Free Ebook "How To Find Positive Cash Flow Property"
http://CashFlowInvestor.com.auRyan McLean | On Property
http://onproperty.com.au
Email MeHi Dr
Simple politician answer is Yes and No.
Typically these days many lenders advertise they will do them but the trick is getting thru the mortgage insurer.
Very much Credit scored these days so all depends on the rest of the deal.
Sorry to sound so vague but without hard data it is difficult to comment further.
If you owned 3 properties with medium gearing and had a good PAYG income then probably a straight forward deal however with limited savings a gift from mum and just started work probably got no chance of getting it over the line.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
95% lends never really left.
As Richard said though – they are scrutinized a lot more heavier.
Being an existing client with a good banking history can help quite a bit with 95% lends.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'd agree that 95% lends never left. You just had to be able to do the research to find them!
It may just be more hype about them now – and you happened to be amidst it.
I reckon 95% lends are useful to get your property easily – and perhaps even get more properties faster for your portfolio
Agree with Richard.
It never left; but the biggest hurdle would be the LMI.
If you have a good clean record/credit + 5% deposit + Solid employment -it shouldn’t be too much of a problem.
Any small hiccup- and LMI will shoot you down!
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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