Some lenders still offer loans for 95% of the purchase price, otherwise known as a 95% Loan to Valuation Ratio (LVR) loan. Borrowing a high percentage of the purchase price isn’t easy because lenders are far more conservative when assessing your loan application.
So how do you get approved for a 95% loan? And which lender has the cheapest rates and fees?
Australian lenders consider all loans over 80% of the purchase price to be a high risk. Because of this they insure these loans with Lenders Mortgage Insurers (LMI).
The LMI providers have their own lending guidelines that are stricter than those used by the banks, and because of this, borrowing 95% is relatively difficult compared to other home loans. So how do you get approved for a 95% home loan? And which lender has the cheapest rates and fees?
This is a relatively difficult home loan to get approved and a Trusted Mortgage Broker will be able to help you.
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