While most of Australia’s largest banks and lenders have dropped their maximum loan to value ratio to 90% there’s still a couple of major lenders that are prepared to lend 95% of a property’s value. (Subject to conditions)
Over recent months there has been a tightening of credit policies with virtually all of Australia’s major banks and lenders. One of the largest changes that we have seen is that we saw no deposit mortgages disappear. Now the banks are winding back their maximum LVR’s, in some cases, 97% back to 90%.
Some banks are still offering 95% loans making it that little bit easier for customers without existing equity to buy a home, particularly first home buyers. The lending policies will still state that you are required to have a minimum of a 5% Genuine Savings which has been saved over a 3 month period.
This information is provided as a guide only and is subject to change.
Hi Trent
And there is still a lender who offers 95% lvr with no genuine savings albeit at a slightly increase application fee.
Interest rate however is modest.Richard Taylor | Australia's leading private lender
Some that still do are ST George, Suncorp and Bankwest.
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
Also NAB Terry for their 4 Star Brokers.
Richard Taylor | Australia's leading private lender
CBA & Westpac will also still look at 95% if you have an existing CC with them that is in order.
Cheers
Yes in fact Westpac will even go to 97% if you are an existing customer.
Richard Taylor | Australia's leading private lender
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