воскресенье, 6 ноября 2016 г.

5 Ways To Borrow At A High LVR

5 Ways To Borrow At A High LVR


5 Ways To Borrow At A High LVR


Can you build your genuine savings?


Borrowing 90% or more will require you to have at least 5% of the purchase price in ‘genuine savings’ in order to get a home loan with most lenders. For example, you’ll require around $25,000 in genuine savings in order to purchase a $500,000 property.


Can someone act as guarantor on your mortgage?


If you’d like to borrow more than what the banks have capped your LVR at, you can ask your mum and dad to use their property as security for the loan. Otherwise known as a guarantor home loan, it’s the only way on the market to borrow 100% of the purchase price plus costs.


Compare LMI premiums


Borrowing over 80% LVR will incur Lenders Mortgage Insurance (LMI), a one off fee that protects the banks in case you default on your mortgage. It can cost you thousands of dollars so it pays to shop around by comparing LMI premiums from different lenders.


Go with a lender that doesn’t credit score


Most lenders use an automatic scoring system to rate you as a borrower and it can either see your LVR capped or your application declined altogether. Luckily, there are still some lenders that don’t use credit scoring meaning that they take a more commonsense approach when assessing your application.


Go with a bank that still offers great discounts on 95% home loans


Are you a low risk borrower? You may qualify for an interest rate discount, a reduced LMI premium or even an LMI waiver on a 95% LVR home loan with one of our lenders


Original article and pictures take https://www.homeloanexperts.com.au/blog/infographics/how-to-borrow-at-a-high-lvr/ site

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