000 First Home Buyer Loan
No Fuss-No Fees-No LMI-100% LVR
Interest Rate: 10.35%
Comparison Rate: 10.35%*
First home buyers can now get a home loan with virtually no financial outlay
No hefty mortgage insurance premium (because we pay it) saving the borrower thousands. No need to save for a deposit - borrow up to 100% of the purchase price. Comes with a 100% offset account helping to reduce the interest charged and enabling the loan to be paid off faster
Note:Interest rate reverts to our standard rate after 5 years of satisfactory loan conduct
True 100% Lend without LMI
First home buyers can now use the money they would normally spend on mortgage insurance to help cover their loan related costs such as Govt charges, pest/building and legal fees. And they may even have some left over to help meet the set up costs of their new home
Loan Purpose
Purchase of Owner Occupied Home.
Investment Purposes.
Setup Costs
Application: Free
Valuation: Free
Lenders Legals: Free
Lenders Mortgage Insurance: Free
.
Note: Borrower Legals, Insurance, Building/Pest and Government charges are payable by the borrower. Some states have minimal setup costs.
Lenders Mortgage Insurance (LMI)
Free at no cost to borrower.
Interest Rate Info
Variable only.
Loan Type
Full Document Only
Loan to Value Ratio: LVR
Up to 100%
Income Test
Yes applies to enable servicing.
Internet
Yes
Repayment Info
Salary crediting to loan account or direct debit from a pre-nominated bank account
Redraw
Yes free - 100% offset.
Loan Account Fees
No monthly account keeping fee
Unlimited free phone and Internet account access
No annual fees
Over the counter deposits incur a $2 fee
ATM - first 5 free, then $1.20 each
Example
Owning your own home couldn't be easier
Let's say borrwers Michael and Sarah want to purchase a property for $400,000, they have amassed $15,000 which their parents have gifted to them as a deposit.
Purchase costs*:
Application fee*
$ 150.00
Settlement fee*
$ 75.00
Legal fees*
$ 350.00
Title insurance*
$ 110.00 (+ stamp duty - varies by state)
Valuation fee*
$ 220.00
Stamp duty*
NSW exempt for FHB purchases < $500,000
$ 0.00
Borrower solicitor fees*
$ 2,000.00
Lenders mortgage insurance**
$16,320.00
Total purchase costs (estimate)*
$19,225.00
Lander pays LMI
($16,320.00)
Balance of costs now required
$2,905.00
Michael and Sarah can use their initial cash deposit of $15,000 plus the first home owners grant of $7,000 to cover the balance of purchase costs of $2,905.00, leaving them with $19,095.00 which they can put towards their loan or any remaining costs.
Why rent when you can own your own home? With the MAX true 100% home loan your clients can now realise their home ownership dream.
*WARNING: The comparison rate is calculated on a loan of $250,000 over 25 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. All loans are subject to the lenders normal terms and conditions. Loan qualification criteria apply. Interest rate quoted is available for all new applications received. The rates are indicative only and subject to change at any time.
