uncivilizedMember@uncivilizedJoin Date: 2003Post Count: 38
I have seen ads for 100% home loans. Does anyone have information regarding these loans? Is it possible to borrow 100%?redwingParticipant@redwingJoin Date: 2003Post 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..
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
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.
Discover Home Loans
[email protected]Stuart WemyssMember@stuart-wemyssJoin Date: 2003Post Count: 598
The lenders that offer 100% loans include:
– St George
– Homeloans Ltd
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.