Re: How do I qualify for 95% home loans?
Posted: Fri Jan 18, 2019 1:16 pm
Hello Noah. Welcome to the forums.
To qualify for a 95% home loan, as a minimum you’ll need:
Not all lenders offer 95% home loans.
Lenders consider all loans over 80% of the property value to be a high risk, so often they will insure these loans with LMI. They are a higher risk because if you were to default on your mortgage, there’s a higher chance that the property value will not have risen enough and they may be at a loss if they were to approve your loan in the first instance.
Call us on 1300 889 743 or complete our free assessment form to find out if you qualify for a 95% home loan.
Cheers,
To qualify for a 95% home loan, as a minimum you’ll need:
- A deposit: 5% deposit including the first home owners grant (FHOG).
- Funds to cover the costs of completion: This amounts to around another 3-5% of the property to cover stamp duty, conveyancing fees, transferring the property title, other government and legal fees, and Lenders Mortgage Insurance (LMI).
- A steady income: You should be able to show regular income to support your mortgage repayments.
Not all lenders offer 95% home loans.
Lenders consider all loans over 80% of the property value to be a high risk, so often they will insure these loans with LMI. They are a higher risk because if you were to default on your mortgage, there’s a higher chance that the property value will not have risen enough and they may be at a loss if they were to approve your loan in the first instance.
Call us on 1300 889 743 or complete our free assessment form to find out if you qualify for a 95% home loan.
Cheers,