Mortgage finance available above 80% lending
Welcome to 2014! We're all back up and running here at Loan Market Highland Park.
We hope you had a fantastic Christmas break!
Funding above 80 per cent frees up
Slowly but surely, funding above 80 per cent is finally becoming available. I’ve had several calls from banks notifying me that limited funds are available for live deals (for example, deals with a sale and purchase contract in place). My main recommendation for clients? Make an offer conditional on finance, enabling us to apply for that funding.
U-Turn by Reserve Bank well received
The U-turn by the Reserve Bank to allow funding above 80 per cent for full build houses (which I discussed in last month’s newsletter) has been welcome news for the building sector as well as my clients. If you are looking to do a land and build project or buy off-plan from a developer, do get in touch – we are thrilled that we can now obtain funding above 80 per cent!
Banks turn Christmas Grinches
The banks ended up seeming like Christmas Grinches by increasing interest rates just before Christmas - it seems the days of cheap funding are slowly but surely coming to an end. The good news is that we can still negotiate better rates than those that the banks advertise, especially if you have 20 per cent equity, so do get in touch.
*As always, terms and conditions apply for all mortgage applications
If you have any questions about what I've discussed this month, just let me know! I'd love to have a chat with you about how Loan Market can help you.
That’s it from me this month.
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