Forums / Getting Technical / Finance / 100 % home loans

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  • Profile photo of uncivilizeduncivilized
    Member
    @uncivilized
    Join Date: 2003
    Post Count: 38

    I have seen ads for 100% home loans. Does anyone have information regarding these loans? Is it possible to borrow 100%?

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733

    You can borrow ‘more’ than 100%

    Including loan costs etc etc, you just have to be able to loan against Equity you already have !

    Nothing for nothing, the bank lends to you ‘when’ it’s safe for them.

    You’d need to post more information on your personal situation..

    REDWING

    “The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    There are a few lenders that offer 100% home loans 9ie secured on the one proeprty). The requirements are very strict and mortgage insurance is payable (approx 2.6% of the loan amount!).

    You still need a certain amount of savings for all the costs and LMI. Only available for metropolitan areas, good employment record, no high-rise units, etc.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    The lenders that offer 100% loans include:

    – St George
    – Homeloans Ltd
    – Tonto
    – Pepper

    I haven’t had a lot to do with these loans. Some require genuine savings and some don’t. Some investor clients of mine use these loans as a way of increasing leverage.

    Cheers

    Stu

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