First Time home Buyer ApplicationInitial House Buyer Request
So if you don't have much of a security bond available, is it possible to get a high LVR loans to buy a home? That means that the debtor can get a 95% credit and then adds the LMI costs to the credit. To buy a home for $400,000, you can get a 95% $380,000 mortgage, which means you have to make a $20,000 down payment.
You can, however, include the LMI costs in the amount of the credit (up to $8,000), which increases the overall credit to $388,000 or 97%. In the end, it doesn't make any difference whether you want to buy in WA or Western Sydney for your investments or for your own home. There are six things you can show that you are eligible for a low-paid loan:
Creditors are more prudent when it comes to judging their capacity to pay back a 95% debt, so their usability must be excellent. That means there are no errors in your record and you have all your invoices such as rents, credits card, consumer credits and other debt settled on time and each time in the last six month.
Candidates with multiple credentials and many consumer credits may find it difficult to be accepted. A general guideline is that those who have more than 7% of the sales value in uncollateralized debt, such as consumer credits and debit card, are often not authorized.