Near Prime Home Loans

You can still get a Home Loan with Non Standard Income / Employment Despite a changing workforce with a diversity of employment types, banks are still very conservative. Lending polices are increasingly tougher and this is making it more difficult than ever to obtain a home loan. Traditionally, banks saw individuals that worked a 9-5 job in a high demand industry as low risk borrowers, however the work force is changing at a rapid pace. Some of the highest [...]

Can I get a Home Loan while on Probation? Probation home loans are required as it is now more common within many public and private employment sectors for new Employees to be on a Probation Period. It allows your employer to review your performance within a company before rewarding you with a full time position. Equally, you can also assess whether or not you like your new job before making a commitment under contract. There are many advantageous aspects [...]

Are there Lenders that don't require Genuine Savings? During the global financial crisis, banks in Australia tightened up their lending policy with most requiring a 15% deposit minimum before they would lend. The deposit of 5% needed to come from a genuine savings source - that is, saved up or held in a bank account for 3 months minimum before the bank would lend. Recently though, policy has started to relax and home loans with lenders that don't require [...]

Favourable Purchase: What is it? A favourable purchase is a lending term for a transaction where a property is sold privately and under "market value".  A private sale means without a real estate agent involved so generally the buyer and seller know each other. Under "market value" refers to the situation where the seller is not selling the home for what the property is worth and are therefore in essence gifting the purchaser equity. The best example is where [...]

Can I get a Home Loan without Genuine Savings? The majority of lenders require you to prove that you have saved a 5% deposit before they will approve your home loan application. If, however, like many other Australians, you find yourself in a position where you have the money for a deposit, but you have not saved the money yourself and you still want a home loan. Then consider a non-genuine savings home loan. What are Non Genuine Savings? [...]

Home Loan with Unusual Employment or Income Since the Covid Pandemic an increasing number of people are choosing flexible working opportunities to successfully combine both their lifestyle and their income commitments. However, many home loan applicants have found that their bank is apprehensive towards them and it is because of their irregular working hours. They don't seem to fit into the strict lending guidelines set out by banks and they are not seen by banks as holding down a [...]