How can I qualify for a 95% home loan?

Any general questions you might have in regards to loans and finance.
Post Reply
User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How can I qualify for a 95% home loan?

Post by Otto Dargan »

Hi Jordan,

Welcome to the forums.

To qualify for a 95% home loan, you will need a minimum of 5% deposit. It seems like you’re just shy of $2,500.

As you mentioned that this is the first time you’re purchasing a property, you might be eligible for a first home owners grant (FHOG). You can use the grant to make up for the rest of the deposit.

You might also be eligible for an interest rate discount if you can prove that you’re in a strong financial position.

Note that not all lenders offer 95% home loans.

Most lenders consider all loans over 80% of the property value to be high-risk so they often charge Lenders Mortgage Insurance(LMI).

Call us on 1300 889 743 or complete our free assessment form to find out if you qualify for a 95% home loan.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How can I qualify for a 95% home loan?

Post by Otto Dargan »

Hey Jordan,

The actual amount you get varies depending on the various first home owners grants and stamp duty concessions available in each state.

You can use our first home grant calculator to find out just how much you can expect to receive.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How can I qualify for a 95% home loan?

Post by Otto Dargan »

Hey Jordan,

The LMI premiums vary depending on the loan amount compared to the property value (LVR), your overall borrowing amount and the lender you choose.

You can use our LMI calculator to find the cheapest LMI premium from our panel of lenders and speak to one of our mortgage brokers directly to find out if you qualify.

Call us on 1300 889 743 or fill our
free assessment form so one of our mortgage brokers can assist you.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Post Reply