St George 100% Finance

I have been listing to the audios for Steve’s Kickstart program, and on one of the Webinars Steven mentioned he did not think St George offer 100% finance without additional Security. However, they do offer such a product, and it has been available for a while.

St George have a product called the “No Deposit Home Loan” (and have even trade marked this name). below is a brief summary.

It is available for Houses, strata units and town houses. Also available for building loans.

Min Loan size is $50K, max is $600K.

LVR is 100% for both Owner occupied and Investor loans.

There are 2 choices for the loan in terms of mortgage insurance:
1) LMI (if you qualify)
or
2) LEF

The interest on the LEF option is 0.30% higher than the standard variable and fixed rates. The LMI option is at standard rates.

100% offset account is available.

Serviceability assessment is more strict with a 1% margin added on the rate for this loan (on a PI basisi) and any other loans being paid already. They wish to see the applicants bank statements for 3 months prior to application (looking at spending habits, non disclosed loans etc). Want to see statements for other loans as well. Copy of medicare care (undisclosed kids)

No Genuine savings is needed for the LEF option.

Switching to other products is permited after 12 months of good repayment history.

They are looking for stability in Residence and Employment.

For investment loans, need to demonstate net assets of $175,000.

Available for companies and trusts.

Terryw
Discover Home Loans
Parramatta
[email protected]
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