All Topics / Help Needed! / Are 95% home loans back

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Dr.SpockDr.Spock
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    @dr-spock
    Join Date: 2004
    Post Count: 69
    November 9, 2011 - 10:22 am

    Hi All,

    I have been hearing on the radio a lot that 95% home loans are back.

    Is this correct, can you now get a loan with only 5% deposit?

    Your views on this would be appreciated what do people think?

    Profile photo of Ryan McLeanRyan McLean
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    @ryan-mclean
    Join Date: 2010
    Post Count: 547
    November 9, 2011 - 10:52 am

    I think the question is did they ever go away? They were always available, though I know many lenders preferred not to do them. You could always find a lender somewhere that would do them. Especially if you have proven savings.

    Were they talking about particular lenders on the radio (eg. The four big banks?)

    If a mortgage broker could chime in here and tell us which lenders are happy to give the 95% that would be great.

    Ryan McLean
    Free Ebook "How To Find Positive Cash Flow Property"
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    Ryan McLean | On Property
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    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 9, 2011 - 11:28 am

    Hi Dr

    Simple politician answer is Yes and No.

    Typically these days many lenders advertise they will do them but the trick is getting thru the mortgage insurer.

    Very much Credit scored these days so all depends on the rest of the deal.

    Sorry to sound so vague but without hard data it is difficult to comment further.

    If you owned 3 properties with medium gearing and had a good PAYG income then probably a straight forward deal however with limited savings a gift from mum and just started work probably got no chance of getting it over the line.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    November 9, 2011 - 11:38 am

    95% lends never really left.

    As Richard said though – they are scrutinized a lot more heavier.

    Being an existing client with a good banking history can help quite a bit with 95% lends.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of mattstamattsta
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    @mattsta
    Join Date: 2011
    Post Count: 604
    November 9, 2011 - 11:42 am

    I'd agree that 95% lends never left. You just had to be able to do the research to find them!

    It may just be more hype about them now – and you happened to be amidst it.

    I reckon 95% lends are useful to get your property easily – and perhaps even get more properties faster for your portfolio

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099
    November 9, 2011 - 1:32 pm

    Agree with Richard.

    It never left; but the biggest hurdle would be the LMI.

    If you have a good clean record/credit + 5% deposit + Solid employment -it shouldn’t be too much of a problem.

    Any small hiccup- and LMI will shoot you down!

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

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