We know how tough it is to get into your first home.
Changes implemented by the Reserve Bank mean that trading banks restrict the ratio of lending they approve to people borrowing over 80% against a property (have a deposit that is less than 20% of the property value).
We can still get lending for borrowers who need to borrow more than 80% against an existing dwelling they will reside in. We can arrange up to 90% through a trading bank and there are other lenders – outside of the main banks – who we can arrange up to 90% through. In either of these circumstances the funders are very choosy about who they will lend to at this level.
Often you will get one chance to get it right when applying for lending over 80%.
We make sure we present the deal in the best possible way to give it the best chance of getting approved.
Other exceptions to the rule include building your own home through traditional means – where we can get up to 90% and buying a home off-plans via a “turn-key” contract where we can up to 95% finance. You can read more about these options here – Building and Construction Finance.
There are different ways of getting you into that first home and, whilst it is tougher to get there right now because of the rule changes, we know what we’re doing and work hard to tailor solutions to our client’s circumstances.