Unlocking your property opportunity: New 10 per cent deposit home loan
At Walshs, we’re always looking for lending options that help our clients achieve their goals sooner and with greater clarity. A recent offering from one of our lenders may create new opportunities for those planning to purchase a home or investment property.
Here’s what you need to know.
What’s on offer
One of our lenders has introduced a home loan product, launched on 30 October, that allows eligible borrowers to purchase with a 10 per cent deposit and no lenders mortgage insurance (LMI). This applies for loans up to $2 million at a 90 per cent loan to value ratio (LVR).
The loan is available for principal and interest repayments on both owner occupied and investment purchases. There are no professional membership requirements or occupation restrictions, making it accessible to a broad range of borrowers.
One of our lenders is also offering a loan term of up to 35 years for owner occupier purchases under 80 per cent LVR, which may help reduce monthly repayments.
Why this matters
Many lenders require a 20 per cent deposit to avoid LMI, which often means delaying a purchase or paying substantial insurance costs. This option may help you:
- Enter the market or purchase an investment sooner with a smaller deposit
- Avoid LMI, which can add significantly to the cost of purchasing
- Potentially improve cash flow through the extended 35-year term (for under-80 per cent LVR owner occupier purchases)
Who the offer is suited to
- Clients purchasing an owner occupied property and seeking principal and interest repayments
- Investors growing their property portfolio and seeking principal and interest repayments
- Borrowers who can meet standard credit and servicing requirements
- Anyone wanting a low-deposit option without needing to meet professional-only criteria
Key considerations
As with any loan product, it’s important to consider:
- The interest rate on this specific product and how it compares with other options
- Whether the property and your financial position meet the lenders’s lending criteria
- The long term implications of a 35-year term if using the under-80 per cent LVR option
- How the $2 million loan limit and maximum 90 per cent LVR apply to your intended purchase
How Walshs can support you
Our broking team can help you assess whether this loan suits your plans by:
- Modelling repayments, cash flow and long term outcomes
- Reviewing eligibility and servicing requirements
- Comparing this lenders product with other lenders
- Structuring your lending in line with your broader goals
Next steps
If this offering sounds like it may suit your circumstances, reach out to your financial adviser or contact the Walshs lending team by calling our offices on (07)3221 5677, or emailing lending@walshs.com.au. We can walk you through the details, assess your options and guide you through the next stage of your property journey.
