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.
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Applicant type
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First Home Owners Only
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Employment requirements
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P.A.Y.G. must be full-time or part-time permanent. If Self-Employed, two years.
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Income: required proofs
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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
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97% LVR up to $750,000 (with 3% genuine savings)
95% LVR up to $750,000 (no genuine savings)
Capital Cities & Major regional
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Purpose
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Owner-Occupied
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Loan Term
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Up to 30 years
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Credit related issues
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CLEAN credit and stable employment / positive asset position
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Variable, fixed or both
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Both
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P&I, I/O, or both
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Principal & Interest
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Comments, special conditions
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High LVR Loans require:
Stability in employment 12 months in same job or 2 years in same industry
No credit related issues / not too many credit enquiries on credit report
Positive Asset Position excluding Contents & Superannuation (Assessor will take into account customer's age in comparison with their asset position and level of income)
Will take into consideration rent payed on time over a period
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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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