All Topics / Help Needed! / 5% deposit investment home loans

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  • Profile photo of Jamie2013Jamie2013
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    @jamie2013
    Join Date: 2013
    Post Count: 5
    June 27, 2013 - 3:16 am

    Hi everyone,

    we are looking at building in western victoria and we are wondering if there are any lenders who do investment loans with only 5% deposit down? what is the eligibility for this type of loan?

    we need a loan for around the $220000 mark, we currently live in brisbane but would like to build in vic.

    any advice would be great.

    thanks

    jamie

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    June 27, 2013 - 3:56 am

    You would need 5% plus government and other charges (such as Legal, B & P). This equates to around 8-10% of the purchase costs.

    What is the purchase price and what is the total deposit that you have?

    TheFinanceShop | Elite Property Finance
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    Residential and Commercial Brokerage

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    June 27, 2013 - 4:34 am

    95% loans are available for construction deals.

    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 Corey BattCorey Batt
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    @cjaysa
    Join Date: 2012
    Post Count: 1,010
    June 27, 2013 - 5:55 am

    Not all lenders will do 95% for construction IP but there are a decent number of lenders which do, not much of an issue if you fit credit scoring models.

    Where in Western Vic are you looking to build?

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
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    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 27, 2013 - 3:28 pm

    Hi Jamie

    With some of the new blended loans on the market you may find this a cheaper way to go as the LMI will be a lot less.

    Just settled one for a forum last week and we managed to get 98% with the LMI being nearly half the price of what her own Bank had quoted her.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie2013Jamie2013
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    @jamie2013
    Join Date: 2013
    Post Count: 5
    June 27, 2013 - 10:10 pm

    thanks for the replies. i called my bank yesterday and they do 95% lending. we are looking at horsham.

    does anyone know any good affordable builders there? 

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 27, 2013 - 11:47 pm

    Jamie a lot of lenders do 95% lvr but what is their LMI premium like ?

    As them also if they do 95% on vacant land to start with.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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