How much deposit do I need?
There are various options available. Below is an explanation of different mortgage types.
5% or greater deposit – This would be 5% of the purchase price or valuation whichever is the lesser. eg. purchase is $500,000 so you will need $25,000. This can be savings or equity. These are very hard to get and you will generally require a minimum of 10% deposit.
Security Loans – these are generally up to 70% of a properties value and are with non bank lenders. Interest rates are around 3% higher than banks and the loan term is short at up to 2 years. A security loan can assist people who have equity in property and are unable to get bank finance. They can also assist in giving time to sell a property where payments may be in default
Loan qualifying assessment
For a quick assessment of your borrowing ability please click here
Getting a pre approved mortgage
We specialize in arranging pre approved finance for people. The advantage of a pre approval is that this can put you in the same position as a cash buyer and give you better negotiating ability when it comes to purchasing a property.
Once we have assessed your borrowing ability we can guide you through your options . We will require:
- completed application pack
- 3 months bank statement on your income account
- 3 wage slips or financial accounts
- printout or statement of your own funds/deposit
These can be scanned and emailed