21 Jul '13
Can now offer 100% lending but in a different format. Can do 95% plus lenders mortgage insurance as long as 100% loan valuation ratio is not exceeded. May also take a secured credit card totake loan valuation ratio to 100%. Call us now to see if you qualify.
Genworth and QBE/PMI have withdrawn their 100% Home Buyers Products. Early April 2009 saw the last 100% LVR Home Buyer Product vanish from the Australian lending market. The best a home buyer can expect now is 95% of the purchase plus mortgage insurance to a maximum of 97% (this means 95% of purchase price with mortgage insurance being added to this as long as you do not exceed 97% of the purchase price after mortgage insurance is capitalised).
NOTE OF CAUTION
During late 2009 and early 2010, some of the major banks have tightened home loan lending policy even further. We have discovered instances where the mortgage insurer will take on the risk but some banks will not. We now have to consider the lender based upon the mortgage insurance provider.
Ask us today for recent examples.