| | | | Current Lending Guidelines
- The maximum you can borrow as a first home buyer is 95% of the purchase price of the property, plus the cost of the mortgage insurance which you can capitalise on top of the loan
- To be eligible for a 95% lend, some lenders will require that you are an existing customer with an existing credit facility, i.e. personal loan, credit card for more at least 6 months
- Once you borrow greater than 80% loan to value ratio (LVR), you will pay Lenders Mortgage Insurance (LMI). Most lenders will allow you to capitalise the LMI cost on top of the base loan amount
- If borrowing > 90% LVR, lenders will require that you demonstrate genuine savings to the value of 5% of the purchase price. These funds must have been held in an account or form of investment (in the borrowers name) for at least 3 consecutive months. Gifts are acceptable as long as they have been held in your own account for 3 months. Some lenders will count the FHOG towards genuine savings
- By using a Family Pledge Facility you can borrow up to 100% of the purchase price, plus the costs; without paying any LMI.
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