Overview |
---|
flagFounded: 2018 |
businessOwned by: Privately Owned |
monetization_onFunded by: Banks and Non-Bank Lenders |
securityLMI Provider: N/A |
account_balanceLender type: Specialist Lender |
Granite’s 100% home loan has been withdrawn at the moment. However, it is offering a 95% no LMI home loan for professionals.
How do Granite Home Loans compare?
Pros
- No deposit/low deposit home loan
- 95% waived LMI home loans
- Competitive rates for SMSF
- No early repayment fees
- Repayment frequency option
- 100% free offset account
- No minimum net asset or liquidity requirements for SMSF
- No valuation and establishment fees
- Dropped Application Rates
- Provides NDIS loans
Cons
- Strict credit criteria for both income threshold and industry experience
- Higher repayments in the earlier years
- Higher total interest over the loan period
- Comparatively higher loan fees such as loan establishment fees
- Early exit fees apply to some of their products
- No lump-sum repayments
What home loan products does Granite Home Loans offer?
Granite Home Loans offers three different products:- Professional: These products are tailored for professionals to buy a residential property without the need to pay LMI or rely on a guarantor, even when borrowing above 80% of the property value.
- SMSF: You can borrow up to 80% for purchase or refinance.
- NDIS: You can either build or buy an SDA-compliant property. PAYG and self-employed borrowers can apply.
- 95% loan with waived LMI – no income requirement for university educated professionals with solid income and good job stability.
- 90% loan with waived LMI – with no income requirement for essential workers like police officers, firefighters, paramedics, registered nurses, and primary or secondary teachers
- 85% with waived LMI – for investors, homebuyers and refinancers. A university degree is not required.
Requirements for getting the GRANITE95 Loan
The requirements for getting a 95% LVR Loan are pretty strict and standard. Applicants must meet the following requirements:- Borrow $1 million or less.
- Australian citizen or permanent resident with corresponding VISA (living and working in Australia)
- University education
- Employed in the same professional industry for at least three years
- In case of self-employed: minimum 24 months of tax returns and full financials with profit reported each year
- Strong credit history
- Professional roles such as Lawyer, Doctor, Medical Professional, Network Engineer, IT/Telecommunications, Software Developer, Accountant, Auditor, Executive, Manager (White Collar professionals)