Did you know that each bank has its own set of rules regarding savings requirements for different types of loans.
Why does this matter you ask?
If you are wanting to purchase an investment property and you approach one bank who needs a 10% “genuine savings” deposit then you will be turned down. The bank wont tell you that their competitor will have no problem structuring this loan for you. You may miss an opportunity as you are not aware of the rules that each bank has.
Many customers come to us and say they like this bank or this one, but sometimes the bank you like is not necessarily the bank that will approve your loan. Some banks only require a 5% deposit for both owner occupied properties and investments whilst others will require a 10% deposit for an investment property. Some banks will allow 95% on construction loans whilst others will only allow 90%.
If you want to know more about your options and which banks will suit your needs speak to us at Bee Finance Savvy.
This is also the case if you have “non genuine savings” some banks will allow this for investment properties up to 90% of the purchase price whilst others will not allow this at all above 80 or 85%. Some banks will allow non genuine savings up to 95% but only for owner occupied properties. Ensure your needs are matched with a bank whose policies will match your current situation.
Talk to us today.
Call us on 1300 140 554 or email your query to firstname.lastname@example.org
If you have not already done so, please like us on Facebook, to stay up to date with the latest news and trends.
You may also enjoy – What-on-earth-is-a-self-managed-super-fund-loan-and-why-would-i-want-one?