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95% Loans Still Available |
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Thursday, 28 May 2009 |
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While most of Australia’s largest banks and lenders have dropped their maximum loan to value ratio to 90% there’s still one major lender prepared to lend 95% of a property’s value.
Over recent months we have seen the tightening of credit policies with virtually all of Australia’s major banks and lenders. Low doc lending was first to go, then we saw no deposit mortgages disappear. Now the banks are winding back their maximum LVR’s from, in some cases, 97% back to 90%. Suncorp are still offering 95%LVR loans making it that little bit easier for customers without existing equity to buy a home, particularly first home buyers. Suncorp’s lending policy states that the customer needs to have at least 3% of the purchase price as genuine savings. As an example if you want to purchase a $350,000 property you need to demonstrate to Suncorp that you have saved $10,500 over a minimum 3 month period. The remainder of the deposit can come from the first home owners grant or any other source. Suncorp are offering very competitive interest rates as well. Their variable rate is currently 5.80%pa (comparison rate 5.96%) however if you borrow greater than $250,000 you receive a 0.70%pa discount reducing your rate to 5.10%pa. To apply for a Suncorp 95% loan please click here. |
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