90 Per Cent Home Loan
How to be qualified for a 90 per cent home loan:
- Type of loan: you can borrow 90 per cent home loan to purchase your first home or to purchase an investment property.
- Credit history: If your financial situation is strong but you accidentally had defaults in the past, some lenders may take it into consideration as long as the defaults are under $1000 and paid. You must also make repayments on time on all current debts such as credit cards or rent.
- Stable employment: You must be working with your current employer for at least 6 months or being in the same industry for minimum 2 years.
- If you have a strong financial position and perfect credit history, some lenders may not require 5 per cent genuine savings.
- Most lenders require you to have minimum 5 per cent genuine savings that have been saved regularly in your account for minimum 3 months.
- However, some lenders are flexible enough to lend you 90 per cent without genuine savings. This means that even if you have gift from parents, you can still qualify for 90 per cent loan.