A new home loan product has been created by a non bank lender to specifically suit the needs of first home buyers.
The new Home Loan is available at up to 95 per cent LVR with a capped risk fee and no need for LMI (Lenders Mortgage Insurance). The capped risk fee can be added to your borrowings which means first home buyers do not require such a large deposit.
Interest rates for the new loan product start at around the standard variable rate of the major banks.
The product has been designed to assist first home buyers struggling to meet recently tightened lending rules, in particular in the mortgage insurance arena.
There has been a significant tightening in credit criteria for first home buyers over recent months which is preventing many from getting into the property market.
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Contact Us if you would like further information or if you know a first home buyer that needs help
Ph 1300 577 233