Prime Home Loan

A prime home loan is a type of mortgage offered to borrowers with good credit scores and a low risk of default. In general, prime borrowers have a credit score of at least 680 and a history of paying their bills on time.

Prime home loans typically offer lower interest rates, as well as more favorable terms and conditions, compared to subprime loans. This is because lenders view prime borrowers as less risky, which means they are more likely to repay their loans on time and in full.

A prime home loan is essentially a “fully featured” home loan that includes 100% offset accounts. This product is suitable for Purchases, refinance of both Owner Occupied and /or Investment Property and is available to PAYG applicants that have been in the same job for at least 6 months and similar industry for 2 years and Self Employed with 2 years of lodged financials . Both investment and owner-occupied loans have similar features, fees and charges, although interest rates may vary.

• Suitable for Purchase, refinance of owner-occupied and/or Investment in cat 1 to 3 locations
• Owner Occupied P&I Investment P&I and Interest Only.
• Credit History – Paid telco defaults up to $500 (paid at least 6 months before application)
• Up to 90% of the loan amount for Debt Consolidation.
• Refinance to 90% LVR on Owner Occupied and to 90% LVR on Investment Properties.

Maximum Loan Amount on a Prime Home Loan

Loan size limits and LVR parameters are listed below:

$2,000,000 up to 80% LVR.

$1,500,000 up to 90% LVR.

$1,150,000 up to 95% LVR.

Acceptable Securities

• Residential & Rural Residential securities with a max land size of 25 acres (10 hectares)
• Units >50m2 Balcony and Car Park
• Standard zoned residential, rural residential
• Available for Land and Construction to 90% LVR
• Residential units (with separate title) over commercial premises up to 80%
• Residential: Up to 2 properties on 1 title
• High Density Greater than 50m2, excluding balcony and car parking and within acceptable postcode Max @ 70% LVR High Density Apartments (depending on location).

Income documentation for a Prime Home Loan

• (PAYG) Last 2 pay slips plus one of the following: Letter of employment, Tax assessment notice, Latest income statement from MYGOV website or 3 months bank statements
• (SELF EMPLOYED) 2 years tax returns for Companies and last 2 personal returns for sole traders and tax assessment notices minimum 2 years ABN registration.

Standard Features & Versatility