Lender Speed Dating: What the banks are currently doing well.
There are many lenders in the market now having a dizzying array of different products all with varying policies and niches. So, we thought we would give you a snapshot of what different banks are doing well right now to show you some highlights.
What are they doing? Lending up to 95% plus lenders mortgage insurance for construction loans.
Why we are loving it: Not all lenders are in the construction space let alone will allow such a high LVR. This is ideal for anyone with a low deposit looking to build at a great interest rate.
What are they doing? Low deposit home loans with no mortgage insurance.
Why we are loving it: Keystart is a viable option helping those wanting to get into a home when a lack of a deposit is an obstacle.
What are they doing? A great option for anyone with credit impairments or for those whose scenario does not fit into mainstream lending products.
Why we are loving it: Resimac work particularly well in the space of find solutions for those who fall outside typical banking and mortgage insurance guidelines.
What are they doing? Require only one year of financials for Self Employed applicants.
Why we are loving it: With the standard being a solid two years of financials required when self-employed, this policy is helping people with limited financials get into the property market sooner.
What are they doing? Require only three months’ salary credits for casual applicants to verify income.
Why we are loving it: Most lenders require extensive verification for casual applicants such as group certificates and 6 month’s salary credits.
What are they doing? Will lend up to 95% including Lender’s Mortgage Insurance for refinances.
Why we are loving it: This is a fantastic option for Keystart mortgage holders who wish to refinance to a lower rate but usually are light on when it comes to equity.
What are they doing? Will accept one day employment history for applicants.
Why we are loving it: Most lenders will want to see stability in employment history and many not favourable if an applicant is on probation.
What are they doing? Helping First home buyers by offering $1 Lenders Mortgage Insurance for applications up to 85% loan to value ratio
Why we are loving it: It gives First Home buyers a little extra wriggle room by eliminating this charge which can sometimes be in the several thousands of dollars.
What are they doing? $2K per property rebate when refinancing over to them
Why we are loving it: It helps cover the fees associated in moving lender plus a little extra as a bonus.
What are they doing? One day turnaround for assessment plus competitive rates.
Why we are loving it: When time is of the essence it’s a great option to know your deal will be picked up fast, with the added advantage of low rates.
What are they doing? Offering no Lenders Mortgage Insurance up to 85% for refinances
Why we are loving it: Often mortgage holders will not refinance to a cheaper rate if an LMI charge is going to eliminate the benefit of doing so. This mitigates such a limitation.
AFG HOME LOANS:
What are they doing? Operate under five different funders broadening options available.
Why we are loving it: Having a range of options means that many more lending scenarios are going to be serviced.
What are they doing? No annual fee is payable for the life of the loan for First Home Buyers.
Why we are liking it: It is always great to see lenders offering a little extra to first home buyers to help them get ahead.
Are you happy with your current lender or do you think you could get much more love elsewhere? For more information on any of the above lenders contact us and see what potential savings you may be missing out on.