100% lend finace

Viewing 10 posts - 1 through 10 (of 10 total)

murmur009
Member
@murmur009
Join Date: 2003
Post Count: 6
November 6, 2003 - 2:29 pm
hi there i was wondering if anyone knew
of a bank or other finance company that offer
100% lend[?]
C2
Participant
@c2
Join Date: 2002
Post Count: 518
November 6, 2003 - 4:44 pm
Hi murmur,
If you have additional security or equity quite a few lenders will do 100% or more finance.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Billfromoz
Participant
@billfromoz
Join Date: 2003
Post Count: 381
November 6, 2003 - 4:51 pm
G’day C2…
As I’ll be away for 3 days.why not post your PFA?
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
g00dman
Member
@g00dman
Join Date: 2003
Post Count: 8
November 7, 2003 - 1:23 am
I have just done a mortgage course, our company does %100 lend:-
Must haves:-
Been employed in the same job for 2 years
Have 3% genuine savings (savings pattern)
Only up to 300k
if you would like to know more here is my emial address [email protected] , it is my personal one so I will be happy to return any questions you have.
James
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 7, 2003 - 1:43 am
Murmur
Why not try St George Bank or Pepper Home Loans both who offer 100% lend.
Cheers Richard
[email protected]
http://www.fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
November 7, 2003 - 2:25 am
Do these companies charge mortgage lender’s insurance though? If you don’t have a 20% deposit (via equity or cash), then most places will charge MLI. You’ll be paying thousands extra on your loan. Why not just save a reasonable deposit?
kay henry
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 7, 2003 - 3:01 am
Hi
Yes LMi on the 100% lend would be around 2.5% of purchase price!
Terryw
Discover Home Loans
North Sydney
[email protected]
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
Lyrical
Member
@lyrical
Join Date: 2003
Post Count: 18
November 7, 2003 - 5:00 am
I was just wondering the pro’s and cons of saving the 20% vs paying the LMI. On a $150,000 property, 20% deposit will be $$30,000 whereas the LMI will be $3750. If you delay your purchase by 12 months to get together the deposit and the market rises by 5% your $150,000 property is now going to cost you $157,500.If you can save rather than borrow the LMI aren’t you better off? What do others think?
Administrator
Keymaster
@piadmin
Join Date: 2013
Post Count: 3,225
November 7, 2003 - 5:29 am
Hi there,
there is a brokers website: mortgagemakers.com.au.
they offer 100% finance through some of the major lenders – and can hunt around for you to save you the time. I haven’t used there services so cannot comment on quality or such.
Lyrical, saving vs paying the LMI will depend on how fast you can save, how quickly prices are rising, can your savings keep up with the price rises so that your 20% deposit is still 20% in 12 months or whenever you need it by?
I chose to use LMI for one of my recent purchases, property prices were rising dramatically. In retrospect, the prices rose by about 30K in the time it would have taken me to save 10K to make up my 20% deposit. Saving would not have helped me at all. I chose to look on the LMI as a cost of doing business, factored it in and have happily taken the capital gain less the 2000 approx LMI cost! Cheers Lisa R
Brendan3
Participant
@brendan3
Join Date: 2003
Post Count: 1
November 8, 2003 - 10:31 am
I am Australian but am currently living in Hong Kong therefore not considered a resident. Can I still access a 100% deposit loan (I have enough to make a deposit but don’t want to tie up my equity if possible). Thanks for any advice
Brendan