All Topics / Finance / St George 100% Finance

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  • Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I have been listing to the audios for Steve’s Kickstart program, and on one of the Webinars Steven mentioned he did not think St George offer 100% finance without additional Security. However, they do offer such a product, and it has been available for a while.

    St George have a product called the “No Deposit Home Loan” (and have even trade marked this name). below is a brief summary.

    It is available for Houses, strata units and town houses. Also available for building loans.

    Min Loan size is $50K, max is $600K.

    LVR is 100% for both Owner occupied and Investor loans.

    There are 2 choices for the loan in terms of mortgage insurance:
    1) LMI (if you qualify)
    or
    2) LEF

    The interest on the LEF option is 0.30% higher than the standard variable and fixed rates. The LMI option is at standard rates.

    100% offset account is available.

    Serviceability assessment is more strict with a 1% margin added on the rate for this loan (on a PI basisi) and any other loans being paid already. They wish to see the applicants bank statements for 3 months prior to application (looking at spending habits, non disclosed loans etc). Want to see statements for other loans as well. Copy of medicare care (undisclosed kids)

    No Genuine savings is needed for the LEF option.

    Switching to other products is permited after 12 months of good repayment history.

    They are looking for stability in Residence and Employment.

    For investment loans, need to demonstate net assets of $175,000.

    Available for companies and trusts.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Keep in mind St George will not take into account any rental income with servicing/borrowing capacity on their 100% loan for investors.

    Also the required Net $175.000 is in saleable assets less current liabilities. Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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