With the current wave of LVR (Loan to Value Ratio) restrictions hitting home loan borrowers in 2009, Aussie home buyers and builders are now having to save more of a deposit over 3 consecutive months, ask parents for financial contribution and/or ask for their Guarantee. In the majority of cases banks are asking for 5% genuine savings.
Guarantees are either in the common form of Equity (letting you use part of their equity in their home so you have no deposit) and/or Servicing (parents guaranteeing that you will repay the loan).
Some banks are still lending up to 95% of the Market Value of the property, this will often depend upon whether or not you are an existing client of theirs that has a lending product (I.e. Credit Card, Car Loan, Home Loan etc)
St G is one that lends to 95% still – but you must have been a customer with the bank for at least 6 months prior.
Bankwest can also do 95% on the higher interest rate product.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Suncorp also do 95% dont they?
Suncorp do a limited amount of 95% lvr loans.
Taking 3-4 weeks at the moment to look at a deal and then only do that lvr in certain post code regions.
I can also think of 2 other lenders off the top of my head that do 95% lvr one without any form of genuine savings.
Richard Taylor | Australia's leading private lender
im going to ask who Richard, but i have this feeling you wont tell me
Hi Rudiga,
Westpac & the CBA will also do 95% of the Market Value of the property, this will often depend upon whether or not you are an existing client of theirs that has a lending product for 6 months (I.e. Credit Card, Car Loan, Home Loan etc) Though you do need genuine savings.
There maybe some limits as to what you can borrow though.
Hope this helps.
Course i have no problems in telling you.
NAB thru their 4 Star Brokers and Collins do a 95% No Gen Savings amongst others thru their approved introducers.
Richard Taylor | Australia's leading private lender
Anyone know of one that can add LMI to the top of the loan? St G can still – any others?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi
I recently took up a 90% LVR IO loan with MyRate via a Family Trust with Corporate Trustee, and they allowed the LMI to be added on top.
Regards
DanielQlds007 wrote:Course i have no problems in telling you.NAB thru their 4 Star Brokers and Collins do a 95% No Gen Savings amongst others thru their approved introducers.
cool thanks for that.
never heard of Collins, and i suppose people have to make sure they use a broker who is 4 star with NAB
Daniel
That is at 90% LVR and most lenders can do that.
Terry is referring to a 95% LVR i believe.
Richard Taylor | Australia's leading private lender
Yep 95% + LMI.
90% is pretty standard
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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