There are mortgages up to 80% LVR without mortgage insurance. Since home
loan simply based on lender criteria, it is easy to get approval for these
loans.
Above 80% there are no LMI products. There is a risk fee instead.
You may find up to 90% home loans this basis. Advantage is that NO Mortgage
Insurer. Your loan is approved by the lender only and therefore a greater
chance of success to obtain mortgages.
Home loans above 80% up to 95% are
available with LMI. Lender and insurer both have to approve mortgages, risk
of getting loan approved is twice. Mortgage insurance at 95% will be closer
to 3% of your loan amount.
When you tell us how much savings you have, we
will tell you best way to obtain your home loan. Our suggestions will be
based on cost savings. Some mortgages need genuine savings, saved money in
your bank account at least 3 months. Mortgage loans with non genuine savings
could be expensive.
Owner occupied and investment mortgage loans with 95%
LVR are available with our lenders. A home loan refinance is also possible,
no cash out. Debt consolidation is allowed only up to 90%.
Full doc
bad credit mortgage loans are available to 85% LVR. Non conforming lender
home loan products are expensive. Minor Telco defaults does not matter. 90%
mortgages with many defaults will have very high interest rates, fees or
charges.
There are 100% loan solutions to first home
buyers if you can prove high financial stability. These mortgage lenders
help you with alternative strategies and may cost you more. 110% mortgages
as family pledge loans are possible alternatives to above.
Refinance loans will rely on your past loan repayment
history. Any other valid document for other type of income.
Defaults & Bad Credit (if
applicable) Confirm in writing what has been recorded and current status of
default.
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