We discuss the Coalition plans for first time buyers. As expected. Sound of can being kicked down the road!
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Caveat Emptor! Note: this is NOT financial or property advice!!
Access the deposit calculator https://www.huntergalloway.com.au/deposit-calculator/
About a decade ago, Australia’s property investors and buyers could access 100% LVR (loan-to-valuation) loans with ease – in other words, you could borrow the entirety of the property’s value — and in some cases, loans as high as 105% were relatively available.
Nowadays, lending criteria from banks is stricter, and most banks and lenders have restricted the loan to valuation ratio that they’re willing to extend to borrowers.
So, if you don’t have much of a deposit at the ready, is it possible to get a high LVR loan to buy a house? The simple answer is, it depends.
The Big Four banks are generally willing to finance home purchases of up to 95%, provided you have a very strong employment history and savings history and evidence of genuine savings. The loan amount will also strongly influence the lender’s decision.