Hello All,
I am wondering if anybody could be able provide any information (Good or Bad) on "Homeloans Limited" and "Challenger Finance".
Have been told by a broker they would provide finance of 85% LVR with non-genuine savings for the rest but having never heard of either I am a little hesitant because whats looks/sounds good on the surface may not be what it seems. Should we steer clear of this or are they fairly reputable?Appreciate any help as we are first home buyers and don't want to make a mistake.
Cheers
Craig.
Hi Craig,
Home loan Ltd is a mortgage manager and the wholesale non bank lender is Challenger. Challenger is very active non bank lender in the market at the moment and they have been in the past reducing their rates similar to the banks based on the Reserve bank rate reduction decisions.
Challenger have however removed their non-genuine savings product and as a result if you are borrowing more than 85% LVR you would need 5% genuine savings. If you are borrowing 85% or less LVR you do not require genuine savings.
What your broker has advised you sounds correct.
Hi Craig
All i would say is if you only want an 85% lvr with the balance of funds coming from a combination of family gifted deposit and FHOG you could do a lot better than either of those 2 organisations.
Have a couple of household names who would look at the deal with no interest rate or applic fee loading.
Richard Taylor | Australia's leading private lender
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