One of the biggest hurdles for first home buyers to overcome is the time it takes to save for a deposit.
$1 First Home Buyer Lenders Mortgage Insurance (LMI) is now available for first home buyers with only a 15% deposit. (Typically a 20% deposit is required to avoid the need for LMI).
By reducing the cost of LMI, this could help first home buyers own their home sooner.
What is the eligibility criteria?
Applications must be for a first home loan for a first property (for joint applications, only one applicant must be a first home buyer).
Loans with at least 15% deposit (LVR up to 85%) at the time of formal approval.
Owner Occupier with Principal & Interest repayment only.
A maximum loan size of $850,000.
What loans are not eligible?
Construction Loans.
Offer not available in conjunction with the Family Pledge option.
Residential lending originated under family or company trusts.
Important details
The First Home Buyer LMI Offer is available on eligible home loan applications from Monday 13 July 2020 and can be withdrawn or varied at any time.
Clients are not required to be receiving the First Home Owner Grant to be eligible for the First Home Buyer LMI Offer.
This offer does not have an income cap for eligible applicants.
Next steps
If you are eligible, unsure if you are eligible or have any questions, please contact LoanCaddie on 1300 13 22 33 to discuss your situation and apply for a pre-approval.
Further reading: