All Topics / Finance / 5% non genuine savings incl. FHOG

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75
    January 30, 2006 - 7:10 pm

    Hi,

    Just wondering if there are any products available that allow the deposit to be
    – 5%
    – Non genuine savings (ie. gift etc)
    – Include funds from the FHOG (which is received on settlement of the property)

    If there are products that suit this criteria, what extra conditions do they have besides regular lending criteria?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 31, 2006 - 1:23 am

    Hi Brizza

    There are a few lenders that will waive the requirement of seeing a saved deposit and they offer the same terms conditions, fees and charges that they offer their other clients.

    Some charge a higher interest rate but in the main you should be able to obtain a great deal these days.

    Richard Taylor
    Residential & Commercial Finance Broker
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75
    February 2, 2006 - 6:51 am

    Thanks Richard.

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164
    February 3, 2006 - 3:16 am

    Hi Brizza,

    Mortgage insurers have relaxed their requirements for some of the majors, and provided your debt servicing is very strong you can get a 95% loan without genuine savings now quite easily.

    Kind Regards,

    Cameron Perry
    Finance Consultant
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044

    Profile photo of dpalmieridpalmieri
    Member
    @dpalmieri
    Join Date: 2005
    Post Count: 1
    February 14, 2006 - 1:21 am

    HI Brizza,

    I’ve just been wondering …..

    Deleted ***Advertising***

    Profile photo of AnitamarshallAnitamarshall
    Participant
    @anitamarshall
    Join Date: 2005
    Post Count: 79
    February 15, 2006 - 7:32 am

    hi there – most of the majors now have what they call a 95/5 product and they do not require 5% genuine savings and the will take the FHOG into the 5% also. You can also capitalise any LMI. There are some excellent interest rates available for this product – one that comes to mind is a honeymoon rate of 5.99%pa and no establishment fee, no valuation fee, no legals, fee free transaction account, interenet banking, redraw, 100% offset. Excellent product. Happy to give you more information if you like.

    Anita Marshall
    Advanced Finance Solutions
    http://www.advancedfinance.com.au
    [email protected][biggrin]

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    February 15, 2006 - 12:29 pm

    Anita,
    What is the revert rate at the conclusion of the honeymoon period?

    In most cases the revert rate on these intro/honeymoon type products is very high and usually attract expensive deferred establishment fees.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

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