First Home Owner max LVR?

[tobe]

I dont want to see your docs, lol.

There are a couple of diferent mortgage managers that have access to this product. Ive confirmed with the one I use that the credit card is definately available after settlement wherever VISA is accepted, and it will be for 30 years or until the home loan is refinanced, or the card paid out and cancelled.

I cant comment on the conditions in your docs, but Id suggest this is outside the norm for this product.

 

[DaveM]

I dont want to see your docs, lol.

LOL I meant the retention clause not the whole thing

 

[Aaron_C]

My Barnes loan document specifically says that the visa retention can only be used for purchasing costs at settlement and is not accessible for anything else?

Yes it can only be used for purchasing costs at settlement - this is to stop people using it as part of funds to complete (as this would make the 5% genuine savings requirement defunct). Post-settlement you can do what you want with it.

 

[Rolf Latham]

and its been around since I was a pup

ta

rolf

 

[Jake D]

I see a lot of these people going to the wall when rates start to go up in the next year or so.

Well, it's not like they couldn't use the extra men up there, what with the wildlings attacking and all.

 

[Token Funder]

Well, it's not like they couldn't use the extra men up there, what with the wildlings attacking and all.

Soon comes the cold, and the night that never ends.

 

[tobe]

Ahh token funder, what sort of high LVR/FHB thread would it be without your input? I was begining to think you had forgotten about us?

 

[lvrmax]

Nothing stops the card being used after settlement, at HR, or anywhere else you can use a credit card.

Its at the same rate as the LOC home loan rate, and can be used for costs when making a purchase (not the 5% genuine savings, which must be contributed).

Ive used it a lot for people not eligible for the FHOG, or people who arent able to raise the extra money to cover stamp duty etc.

As noted earlier, its much harder to qualify for this product, but its not unusual to have a credit card alongside a home loan, the only diference here is the lender makes it possible to draw the credit card at settlement to pay stamp duty, whereas most other lenders either activate the credit car prior to or after settlement.

Its not a intro rate, the credit card is always the same as the LOC rate. Ongoing fee is $150 pa.

Is this product still available? I realise the thread is pretty old. Any advice appreciated. Looking to borrow 280-300K for PPOR apartment in Melbourne and have the 5% genuine savings and ability to service loan.

 

[Rolf Latham]

Is this product still available? I realise the thread is pretty old. Any advice appreciated. Looking to borrow 280-300K for PPOR apartment in Melbourne and have the 5% genuine savings and ability to service loan.

sort of

I know homeloans still have somethng around it though with reduced debt levels

ta
rolf

 

[Aaron_C]

Still around but max 95% incl LMI.

 

[tobe]

Bankwest do 95% plus LMI to 100%, Rams do up to 98.5% and the rest do 97% inc LMI.
The credit card product is still available to $20,000 however the max LVR is now 95% including LMI, so its not vey useful when the purchase is over $350/$400k or so.

 

[red liverbird]

Does the loan amount have anything to do with it?

If your buying your first apartment or something small thats ~ 250k that 20k credit card could go a long way.

 

[Aaron_C]

Does the loan amount have anything to do with it?

If your buying your first apartment or something small thats ~ 250k that 20k credit card could go a long way.

The loan amount is irrelevant actually although there are some LVR restrictions for larger loan amounts (and location).

 

[red liverbird]

Interesting, thanks for the response Aaron