

Hi James, Yes there are lenders that can help, although not many & rates are a fair bit higher at that LVR. As long as you do the contract/s & loan in the same name as the rental ledger with an external agent for a minimum of 6 months, you can get a 95% loan. Happy to discuss this & some other options that may assist you - regards Steve

Hi James, as long as you have a good rental history (six months or more ) evidenced via a Licenced Property Managers letter, and ability to service the loan , plus 5% deposit / fees there are a few banks that do this as a niche . If you are WA based feel free to touch base for more info.


As advised from other brokers - not all lenders require genuine savings to borrow up to 99%. That % will be higher. Not sure of your purchase price: example $500k - borrow $495k - deposit needed $27k- 5.34% = 2,764.18 per month. This is achievable with no credit cards or other loans - clean credit - 2 working @ $45k per year PAYG. Its generally a short term plan which is then refinanced after 2 years once valuations changed or loan is reduced - ideally < 80% - else LMI is payable again.


Hi James, As the other brokers above have mentioned you don't need genuine savings for certain lenders if you have a sound rental ledger from a licensed real estate agent over a 6 to 12 month period as a minimum. Some lenders will even accept a non-genuine savings applicant and no rental ledger but their interest rates are higher than the normal rates advertised for that Loan to Value Ratio ( LVR) and construction type product. The best thing to do is to contact an experienced broker and have them take a snapshot or look at your whole unique financial situation and then you can be provided with relevant lenders who can assist and help you reach you goal? A broker can't just say they can help you with out knowing your whole financial situation and also your employment history and borrowing capacity. Kindest Regards. Glenn


Hi James, Not a problem. We have some banks we can work with and even go up to 99% . Let's look at your borrowing capacity and find out whom you bank with? You are not wasting your time I am very positive about getting this loan for you. Please click on my profile and will take the next steps. Looking forward to meeting with you and obtaining the loan for you. Kind regards Sam


Hi James, Rental history can be used as savings. Also I've got lenders who don't care if you don't have genuine savings. Plus you get the FHOG & depends on which State you are in - there are other benefits - such as 1/2 stamp duty till 30/6/17 or NO stamp duty from 1/7/17 in Vic. I do loans all over Australia - so can help you - no matter what State you are living in. There are special rates for FHO at the moment starting from 3.69% fixed - which you can do for the land purchase & split with a Variable rate for the construction till house is finished. Look forward to hearing from you. Lezli


Hi James, You are not wasting your time. Yes there is lenders that will consider a loan application with no genuine savings. There is also lenders that will take your current rent paid as your genuine savings. You also have the option to use your parent's house as security for deposit and you could avoid LMI all together. Your mortgage broker will be able to run you through all of these options. All the best.

Hi James, this is definitely possible depending on a couple of things.. how long have you been at your current address and is it through a real estate agent you pay the rent to? There is also the FHOG that is applicable, depending on which state you are in, and whether you are building or buying established? If you would like to get in contact I can make sure that we can tick all of the boxes. Thanks, Sarcia

Margaret
Hi Sam, I'm based in Perth, so if you have limited deposit, I can present the option of 98% lending, which means you only need to contribute 2% depsoit and only 1 % needs to be demonstarted as genuine svings over 3 months. However we need to determine you eligibility by obtaining more information regarding your employment status, income etc. Please do not hesitate to contact me to discuss other options too.