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First Home Owner
Loan |
Suited to
borrowers, including first home buyers,
with limited savings, or those
wishing to use money not sourced from
their own savings as a deposit. For
example, this money may have been a gift,
an inheritance, obtained from another
loan, or government grant such as the
First Home Owners Grant (FHOG)
LVR can go to 97% with clean credit and stable employment.
(note: we do have a lender that will
lend to 95% without Genuine Savings on
First Home Owner Loans only - however
mortgage insurance rates are very high
What is Genuine Savings? Lenders like to
see a borrowers' history of savings -
normally the minimum is 3% - 5% of property
value and they like to see this saved
over a minimum of 6 months.
(see
faq's for more info)
.
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Applicant type
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First
Home Owners Only |
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Employment
requirements |
P.A.Y.G. must be
full-time or part-time permanent. If
Self-Employed, two years. |
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Income: required
proofs |
P.A.Y.G. Pay slips,
group certificates or employer
letter. Self-employed, two years tax
returns. |
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Loan amounts
maximum and LVR |
97% LVR up to $750,000
(with 3% genuine savings)
95% LVR up to $500,000 (no genuine
savings)
Capital Cities
& Major regional |
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Purpose
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Owner-Occupied |
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Loan
Term |
Up to 30
years |
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Credit related
issues |
CLEAN
credit and stable employment |
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Variable, fixed
or both |
Both |
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P&I, I/O, or
both |
Principal & Interest |
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Comments,
special conditions |
High LVR
Loans require:
Stability in employment 2 years
minimum
No credit related issues
Positive Asset Position excluding
Contents & Superannuation (Assessor
will take into account customer's
age in comparison with their asset
position and level of income) |
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Important
Information:
Some email
filters will send form confirmation
links directly to your junk mail
box. If you can not find a reply
confirmation in your inbox please
check in your junk mail. |
If
you wish to proceed, then we will help
you to complete all the necessary
paperwork and liaise with the lender on
your behalf. This will include the
completion and submission of your home
loan application and the on-going
communication between all parties until
your home purchase is settled
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