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Our award-winning mortgage brokers will find you the right home loan for your situation.
How do I qualify for a 5% deposit home loan?
- Clear credit history: This means that you need a clear credit file, specifically, payment of all of your bills such as rent, credit cards, personal loans and other debts on time every time for the past 6 months.
- Stable employment: In most cases, you need to have been in your current job for 6 to 12 months.
- A good income: Your ‘serviceability ratio’ must be outstanding.
- Reasonable asset position: Lenders want to see that you have a good asset position relative to your age and income.
- Genuine savings: Almost all lenders require you to prove that you have saved 5% of the purchase price but we can tell you if you qualify for a 95% no savings loan or a 110% guarantor home loan.
- Minimal debts: As a rough guide, people who have more than 5% of the purchase price in unsecured debts such as personal loans and credit cards are often not accepted.
- Location / property type: Many lenders may be hesitant to approve loans for properties in smaller towns, high rise units in the CBD or unusual properties.
How do I get a 1.10% rate discount?
Applicable for all loans over $500,000 and then the discount drops to 1.00% for all loans over $250,000 up to $500,000.
- You have at least 5% in genuine savings (some exceptions are made for renters).
- You don’t need savings of your own to cover the cost of the deposit if you’re paying rent.
- You are borrowing no more than 95% of the property value plus Lenders Mortgage Insurance (LMI).
- You have a perfect credit history.
- You are borrowing more than $250,000 and less than $1,000,000.
Can I borrow more than 95%?
One of our lenders allows you to apply for an additional loan facility with a limit of up to $20,000 along with your 95% home loan! You can use the funds from this additional loan at settlement for costs such as stamp duty or conveyancing fees just like the funds from the mortgage.
The catch is that you must have 5% of the purchase price saved in a bank account to pay your deposit and qualify for the mortgage.
The interest rate is the same as the home loan but you’re required to pay off the loan quickly so the repayments are relatively high.Therefore, this option is only viable for people with a high income.
With the additional loan and capitalised mortgage insurance, the total loan is often over 100% of the purchase price!
This is a great option for second home buyers who have 5% in genuine savings, yet do not have the funds to cover the stamp duty and other purchasing costs.
We’ve lent more than $1 billion+ Australia-wide.
They walked us through the process step by step
We would like to say thank you to Hank from Home Loan Experts for all his help in getting us a guarantor loan.
We were really unsure if we would ever get an approval for a home loan, but Hank immediately knew the right lender to approach for our situation, and made the whole process simple…
We would definitely recommend Home Loan Experts to anyone. Thanks again to Hank and the team from Home Loan Experts for making it possible for us to own our first home.
Ianthe S & Jadobi l, Carina QLD
A very friendly, professional and helpful team
The team was very friendly, professional, helpful and went out of their way to get the right loan that was suitable for us… I recommend this service for those who find it very hard to purchase a property going directly to a bank. Thank you Home Loan Experts, you have finally given my family and me the opportunity to own a beautiful home.
Denise H, Epping VIC
A lot smoother and less stressful than having to deal with banks as an individual
Our mortgage broker was very personable and made us feel like he went above and beyond to assist us in getting our home loan. He had a great knowledge of guarantor home loans which set our minds at ease. He was happy to answer any questions even outside business hours and responded in a professional and timely manner. As a second home buyer I would recommend going through the home loan experts as this process was a lot smoother and less stressful than having to deal with banks as an individual. I would especially recommend Hoa to others.
Melissa H & Rhys B, Wynnum West QLD
Exceeded my expectations in terms of results
Throughout the process I felt confident in knowing I could rely on you and at no stage did I ever feel that trust could be an issue with you. You have exceeded my expectations in terms of results and have done this with very short notice. You are an asset to your company and a role model to your profession… I already have and will continue to recommend your services to friends and family.
Thomas M & Tanya W, Botany NSW
So easy to speak to no matter how stressful the situation
We are both so grateful to Amine for all of his hard work and great advice over the past year! It’s been such a long journey… We are starting to settle into our new home in Trentham now. It is just so beautiful and relaxing! We really love it and are so happy with our purchase. Amine was right all along – things happen for a reason! Thank you Amine for always being there for us.
Tanya & Andrew B, West Melbourne VIC
He even made a guarantor loan from our parents seem effortless!
After the roller coaster ride of going cap in hand to the bank manager, only to be turned away… we found Tony. What a refreshing change! Within a 2 week time frame, we had approval and were able to follow the normal approval process to get the loan…. With Tony’s inside knowledge on how lenders think he was able to approach the bank with an excellent case and really put us in a great position in the lender’s eyes…. We recommend Tony and Home Loan Experts strongly and will be using them for our next purchase…
Julie W & Luisa C, Waikiki WA