There are a number of different types of Prime Home Loans available that we can process from our full range of Banks and Non-Banks and Building Societies. When combined with the ‘industry speak’ used to describe them they can confuse even the most astute rookie. By dealing with one of our mortgage brokers all this jargon can be simplified, we can compare and contrast the many different mortgage products from the lenders on our panel to find out which type of loan would be the best suite your requirements.
For these loans, you may need to meet the Prime Requirements of the Lender.
The main requirements are:
- Clean Credit
- Show Genuine Savings if you have a low deposit under 15%
- Last 2 Payslips and Latest PAYG Summary or 2 years of lodged returns for Self Employed
- Be in Stable Employment (6 months for PAYG and 12 months for Casual Employment)
- Not have too much Unsecured Debt
Types of Prime Loans that we can help you with:
(Click on a heading for more information)
To apply for a Construction Loan you will require:
- Council approved Plans
- Fixed price quote from Licensed Builder
Maximum of 95% LVR. Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.
General acceptable Security includes:
Zoning of a Residential nature that permits residential usage House or Unit.
There are a number of different types of Subprime Prime Home Loans or Non-Conforming Loans available that we can process from our full range of Specialist Funders.
These categories of loans are for clients that do not meet prime lending criteria. Many Borrowers have become a victim of Lenders tightening their credit policies since the GFC to keep the cost of their funding down. A vast majority of these borrowers are more than capable of servicing a loan but for one reason or another they don’t comply with prime lender policies
You have a lot of debts to consolidate
You have arrears on your loans
Your financials are not up to date and you have bad credit
You have been declined by other lenders
You have a large number of credit enquiries
You are discharged from bankruptcy or part 9 or 10
You wish to refinance a Private Loan
You have a credit report showing defaults or judgements
You have tax debts that need to be paid out as part of the refinance
You require working capital for your business
You may have a low credit score
Your Bank does want you as a customer
The mortgage insurer will not insure your loan