Policy Changes

Borrow Up To 95% On A 457 Visa

personOtto Dargan access_timeJune 13, 2014

457 visa holders living in Australia can now borrow up to 95% of the purchase price of a home including lenders mortgage insurance (LMI) thanks to a recent policy changes with one of our banks. What does approval depend upon? Approval is still subject to your financial situation...

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Home Loan With Spouse’s Income

personOtto Dargan access_timeJune 11, 2014

Many couples choose to separate the ownership of assets from the source of income. For example, the husband may have a good income and the wife may buy the family home in her name with a home loan in both names. Unfortunately, many banks don’t like this structure or many of...

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APRA Tells The Banks What To Do

personOtto Dargan access_timeJune 5, 2014

Did you know that the Australian government monitors and reviews the lending criteria of the banks? The Australian Prudential Regulation Authority (APRA) released for consultation ‘APG 223 – Residential Mortgage Lending’, a draft prudential practice guide intended to...

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Change To 95% Investment Loans

personOtto Dargan access_timeJuly 17, 2013

Australia’s leading mortgage insurer, Genworth Financial, has reduced the maximum loan amount from 97% of the property value to 95%. This may not sound like much, however it means that an investor who is buying a property for $500,000 would be required to have an additional...

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Privacy Act Amendment

personOtto Dargan access_timeDecember 4, 2012

Recent changes to the Privacy Act 1988 now give banks greater insight into your credit history. But the big question is, how will this affect the way lenders view your home loan application? Read on to find out more. What has changed? On November 29 2012 the Senate Committee...

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Mortgages Over $1,000,000

personOtto Dargan access_timeMarch 13, 2012

Many lenders have changed to stricter policies on loans over 80% of the property value for mortgages over $1 million. This is due to changes made by the lenders mortgage insurers. The insurers have their own restrictions and will not insure the banks and lenders if you are borrowing...

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Home Loan Using A Gifted Deposit

personOtto Dargan access_timeNovember 29, 2011

Are you looking to a buy a new home? What if you don’t have any savings? Most banks require a 5% deposit to put towards the purchase price before they will lend to you. In the past, the banks had very restrictive genuine savings policies and would only approve individuals where...

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No Genuine Savings Loans For 95% LVR

personOtto Dargan access_timeNovember 29, 2011

In the past, borrowing from the banks meant having a stable income, a strong employment history and at least 5% genuine savings. Not anymore! New policy Whilst some banks are more conservative in their lending policies, we know lenders that waive the requirement for genuine savings,...

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NSW Mortgage Witness Requirements

personOtto Dargan access_timeNovember 3, 2011

The New South Wales (NSW) Government has recently passed legislation tightening the witnessing requirements for mortgages over NSW property. Previously witnesses for NSW Mortgages were only required to have known the person signing the Mortgage personally or be provided with...

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Rent As Genuine Savings Just Got Easier!

personOtto Dargan access_timeSeptember 15, 2011

The banks are making it easier for first home buyers to qualify for a mortgage of up to 95% of the property value. Despite this, younger home buyers still face many hurdles when trying to get approval. This is generally because they don’t have the savings or financial stability...

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