100 % home loans

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uncivilized
Member
@uncivilized
Join Date: 2003
Post Count: 38
January 11, 2004 - 10:21 am
I have seen ads for 100% home loans. Does anyone have information regarding these loans? Is it possible to borrow 100%?
redwing
Participant
@redwing
Join Date: 2003
Post Count: 2,733
January 11, 2004 - 10:38 am
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”
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 12, 2004 - 3:08 am
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 Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
January 12, 2004 - 7:46 am
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