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2% deposit no LMI

Discussion in 'Property Finance' started by Elives, 13th Oct, 2015.

  1. Elives

    Elives Well-Known Member

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    Last edited: 13th Oct, 2015
  2. Sonamic

    Sonamic Well-Known Member

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    It's for PPOR only. And it can be your ONLY property. Pretty much a great deal for FHO?
     
  3. Elives

    Elives Well-Known Member

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    yea thats what i thought its not really a investor product but its seems like such a good deal for the average person who only wants 1 property.
     
  4. Sonamic

    Sonamic Well-Known Member

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    The real question is can the FHOG be used for that 2% Deposit or does it need to be genuine Savings? That would get a LOT more people on the property ladder if you could.
     
  5. Azazel

    Azazel Well-Known Member

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    To be eligible for the loan you must:
    • live in Queensland and be a citizen or permanent resident of Australia
    • not own or part-own another property
    • have a household income under $141,000 per annum
    • intend to live in the home
    • have a good credit history
    • have no significant debts
    • have a regular savings history
    • have savings to cover the deposit and other costs, such as legal fees, stamp duty and insurance
    • be able to afford the loan repayments without hardship
    • have earning potential for the term of the loan.
    I think you would need to show some savings.
     
  6. Bullion Baron

    Bullion Baron Well-Known Member

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  7. Azazel

    Azazel Well-Known Member

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    Is that the one that first home buyers get first opportunity to buy a property for a certain amount of time?
     
  8. Bullion Baron

    Bullion Baron Well-Known Member

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    Homestart Finance is a different program to the Affordable Homes one.
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    We have a similar thing in WA, Keystart. You do need genuine savings for ours.

    Rates are much higher and assessment rate is 8%. It's pretty strict but can be helpful for some borrowers.
     
  10. Azazel

    Azazel Well-Known Member

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    Ah, no worries.
    Homestart is a private company I take it?
     
  11. Bullion Baron

    Bullion Baron Well-Known Member

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    Created by government, not sure if it has private backing/partnership.