85% NO LMI! With so many incentives out there right now in the market, it hasn’t been easier in the history of lending to buy your first home. I mean this is great and everyone should be taking advantage of this however, isn’t it annoying that all these new schemes are helping only first-home buyers?
Well Not Anymore!
Now there is a bank on the market that is offering 85% NO LMI – but wait, what is LMI? if you need help here, you can jump onto our glossary but in general terms, it’s a fee that is changed by the banks to protect them (yes, them) in case you default, it doesn’t protect you at all. Bot one little bit. This “protection” can cost you upwards of $20,000 and is applied to the loan if you borrow more than 80%.
That’s how it used to be
Now we have a lender that is offering ZERO $0 LMI for all customers, not just first home buyers, and are offering rates starting from 2.04% (1yr fixed) and 2.54% Variable.
So, what does this all mean? Well, if you have been trying to save the full 20% to avoid LMI then now you don’t have to and I would highly recommend that you get in contact with us ASAP so that we can assist you to buy something before the house prices blow out even further!
But wait, did you say you want more? (Don’t we all?)
How about a cashback too?
This bank will also give you a $2000 cashback! This is only available on the Variable home loan offer (sorry not the fixed) and here are some T&C Own home loan applications received by 30 September 2021 and settled by 30 November 2021 that are eligible for cashback. The minimum loan amount is $250,000. This offer is limited to 1 cashback per primary borrower, regardless of the number of loans. The cashback will be paid within 14 days of settlement.
What else do I need to know?
Here’s what you need to know!
- Applicable to variable and fixed owner-occupied principal and interest products only (sorry no interest only or investment here)
- There will be no LMI or additional fees charged
- Available for both purchases and refinances
- Available to applicants in any industry
So… what are you waiting on?
Contact us below and we will be in contact within 24 hours – go on then… do it!
