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Any lenders doing 95% on purchases?

Discussion in 'Finance & Banking' started by bazza52, 18th May, 2009.

  1. bazza52

    bazza52 Member

    Joined:
    4th Dec, 2006
    Posts:
    17
    Location:
    Canberra
    A friend of mine is a first home buyer and after a 95% loan. Are the days of these products gone for the moment, or are there still a couple of lenders doing it? Thanks
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Try RAMS.

    But definitely get them to shop around and use a broker if they need help.

    Ensure they are careful of deferred establishment fees that can slam them if the want to re-finance in the next 3-5 years.
     
  3. joanmc

    joanmc Well-Known Member

    Joined:
    10th May, 2009
    Posts:
    72
    Location:
    brisbane
    I think Westpac still is too. Good luck!
     
  4. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Bazza,

    St George have a 10% deposit which 5% can be made from the FHOG and 5% from genuine savings (ie, proving you can save).

    Cheers,

    Dan
     
  5. FinSpec

    FinSpec Member

    Joined:
    15th Jun, 2009
    Posts:
    16
    Location:
    Sydney
    Hi there,

    95% loans are still widely available on the market, however they are not heavily marketed by the banks like the used to be. Some banks have stopped lending at this level completely.

    For a purchase, it's possible to borrow 95% if you've been a customer of your bank for a while, however it's for purchases only and not for cash outs (in most cases).

    If you've been with your bank for a little while, call your banker or the loans enquiry centre - or alternatively, a broker.