All Topics / Finance / New First Time Buyers Loan

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  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Interesting new product currently being piloted for public release in Feb 2007.

    It is a 100% loan offered by a secondary Bank who lend 80% of the purchase price and a separate lender provides the 20%.

    LMI applied to the 20% however no repayments are actually made.

    2nd mortgagee takes a share of the future profits / losses when the property is sold. (some conditions apply)

    Initially release is to the owner occupied market only with investors to follow later in the year.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of SK2SK2
    Member
    @sk2
    Join Date: 2003
    Post Count: 36

    Hi Richard,

    This is interesting and might be something that could suit me. Which two lenders is this product through?

    What will the interest rates be like?

    I already have an investment loan on the CBA wealth package but am now considering loans I could take out to purchase a home to live in.

    Regards,

    Sk2

    Profile photo of krautcankrautcan
    Member
    @krautcan
    Join Date: 2007
    Post Count: 24

    What if an investor never sells the property, it seems like a large risk for the second lender!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I can’t let you know who the lenders are at this stage as we submitting a couple of loans under a non disclosure program.

    Investors applications are not able to be submitted initially to iron out any problems the lender has.

    Further news will follow when available.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

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