Current Lender Specials
Filed under: Current Mortgage Specials, First Home Buyer, Home Loans, Interest Rates
Below are current specials offered by various lenders.
Commonwealth Bank – 3 Year Rate Saver – $0 loan service fee for new borrowing
Homeloans – $0 upfront for their Premium Full Doc Loan
St George Basic Variable – Low rate at 4.99%, no up front and ongoing fees for new customers only.
Westpac – .20% discount on all fixed rates under Premier Advanatge Package. Nil upfront fee for Flexi First Option Home Loan for first home buyers.
First Home Buyers Grant Extended
The Australian government announced in Tuesday’s budget a six month extension to the first home owners grant boost.
Grants of $14,000 for established homes and $21,000 for new purchases will stay until September 30. From October 1 to December 31 the grant will be scaled back to $10,500 and $14,000 and return to the original amount of $7,000.
State governments have also given first home buyers a hand by either reducing the stamp duty and or adding to the grant with funds of their own. Check with your state revenue office to find out what concessions you are entitled to receive or contact us.
Home Loan Lending Tightening Up!
Filed under: First Home Buyer, Home Loans, Mortgage Scenarios
Home loan lending is certainly tightening up. Yesterday RAMS announced that they are removing their 100% home loan product for risk management purposes.
With now only one reputable lender offering 100% home loans, it is going to become more difficult for those with out a deposit to get a mortgage.
Banks and other lenders also require home buyers to have a minimum 3% to 5% deposit sourced from genuine savings for a minimum of 3 months. Genuine savings can be in the form of bank deposits, shares, equity in another property and for some lenders rent paid over a 12 month period.
Not all lenders require genuine savings for a successful application but similarly to 100% home loans we will see a shift towards most lenders require savings of some sort before they will accept a potential borrower.