First Home Buyer Home Loan Special 2.53% 95% LVR (5% Deposit) @ Herobroker

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AssociatedPHeroBroker on 10/03/2020 - 17:01 herobroker.org (297 clicks)
Last edited 11/03/2020 - 16:00 by 1 other user

First home buyer special available with up to 95% LVR (5% deposit) with a rate of 2.53%
Owner Occupier Varble rate loan.

Getting off to an awesome start with your home loan gives you the best chance of paying off owning your home sooner. We believe in being apart of your home loan journey for the full
term of your loan and what better way than to start with the best 95% LVR loan in Australia.

Max LVR: 95%
The loan has no application fees, annual, monthly fees or settlement fees.
Redraw facility and unlimited extra repayments
This loan does have a valuation fee's of $300 for a standard property
Discharge Fee: $350

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  mr_vino89 on 10/03/2020 - 17:11

  +2

  Hi OP, if you are borrowing 95% LVR do you need to pay Lender's Mortgage Insurance(LMI)?

  • 

    exnihil0 on 10/03/2020 - 17:46

    Not with the Federal Government's First Home Loan Deposit Scheme. However, conditions apply to this, and it's important to note that if you're borrowing with a 5% deposit, the likelihood of you defaulting on your loan absolutely skyrockets. Better to wait it out and go with the 20% deposit, hard graft as it is, IMO.

    • 

      equitygame on 10/03/2020 - 19:56

      +1

      You won't get a 2.53% loan on the Federal Government's First Home Loan Deposit Scheme.

    • 

      mr_vino89 on 10/03/2020 - 21:20

      It may be worth mentioning in your post that LMI is payable if you are borrowing with 95% and don't receive the First Home Loan Deposit Scheme. Not everyone qualifies for the scheme and you also have to purchase a price with a certain threshold under the scheme.
      IMO i think it's misleading that alot of lenders advertise that you can borrow with a 5% deposit but don't make mention that LMI may be payable especially when LMI can be upwards for $15K+ which you either have to pay yourself or have it capitalised on the loan (which changes the LVR).

  • 

    nicholsonr on 10/03/2020 - 19:02

    Not if you get one of the 10,000 spots in the government scheme, if not, then you are up easily 10k or more in additional costs

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  boku on 10/03/2020 - 17:33

  +1

  What's your rate for investment home loan?

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  mortgagebroker on 10/03/2020 - 17:37

  Whos the funder?

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  PainToad on 10/03/2020 - 17:40

  +2

  Expecting lots of defaults on loans in the coming years with this 5% deposit rubbish. Especially with calculations of repayments being based on basically no interest. When, not if, rates go back up, it’s going to get very messy.

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  ozy on 10/03/2020 - 17:41

  Cancer

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  countmein on 10/03/2020 - 17:55

  I was married when I bought my first property under ny name only. Would my mrs entitled as a first home buyer?

  • 

    tg on 10/03/2020 - 18:08

    Unfortunately, no.

    • 

      countmein on 10/03/2020 - 18:14

      O ok thnks

    • 

      ozy on 10/03/2020 - 22:06

      Even if the initial loan was a joint one? How does that work?

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  Dice on 10/03/2020 - 19:11

  +1

  Website says open till 8pm. Just called and it says "there are no available agents in the queue" then hangs up.

  • 

    PainToad on 10/03/2020 - 19:38

    007 is busy tonight.

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  harryzee on 10/03/2020 - 21:03

  Isn't this cheaper https://www.ozbargain.com.au/node/523307

  Edit: I see, the 95% LVR

• 

  Phreaker on 11/03/2020 - 08:59

  How long does the deposit need to be present in the account to qualify?

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  Slo20 on 29/03/2020 - 08:21

  Not really a great rep. Doesn’t answer one comment to a deal he/she posts