First select finance specialises in offering professional mortgage advice to our clients that are looking to purchase a property in Australia whether this is for first time buyers, main residence, second home or investment. We work with every major bank and credit unions as well as other alternative lenders in the marketplace that you will not find in the high street.
We will make the process of finding your home loan as simple and straightforward as possible. We will find the best mortgage and remortgage rates, assisting you in every step of the process, clearly explaining fees, cost and conditions.
Guarantor Home Loan
Guarantor home loans are a form of credit agreement in which the borrower provides security in the form of a guarantor, typically parents or family member. The guarantor undertakes to make payments under the credit agreement if the borrower cannot pay..
Do you need a deposit with a guarantor loan?
No, some of them are available with a loan to value (LVR) of 100%. This means the mortgage covers the entire purchase price of your home and you do not need a deposit.
When can your guarantor be taken off the mortgage?
Lenders decide when this can happen, and you cannot remortgage to a deal without a guarantor until they let you. Most people are able to remove the guarantee somewhere between 2 and 5 years after they initially set up the loan.
Who does this type of loan suit?
- Lenders may be able to accept your application if you have a guarantor even if:
- You have no deposit
- You have a small deposit
- You are a first home buyer
- You have a low income
- Your credit history means most lenders would refuse you
Low Deposit Home Loan
If you are buying your first home, you need to save up a 10% deposit to get a 90% LVR home loan which means the bank is lending you 90% of the value of the property (The most common type of home loan for first home buyers. However, few lenders still offer loans for 95% of the purchase price, also known as a 95% LVR loan for borrowers who can’t manage to save the minimum 10% deposit.
Who can borrow 95%? You should have:
- Clear credit history
- Stable employment
- A good income
- Reasonable asset position
- Genuine savings
- Minimal debts
Investment Property Loans
You can use an investment mortgage to purchase the property. This means you can buy property as an investment without needing to save up the full amount to buy it outright. You then rent out the property and act as the landlord for the people who rent it. You charge them rental payments to cover the mortgage and your other costs.
In First Select Finance you will find advice and resources, being explained all the options from start to finish.
Who does this type of loan suit?
- This loan is for anyone who wants to borrow to invest.
- Most investors tend to be individuals with high taxable incomes
- Be aware of the tax implications
- Higher fees or usually higher interest-only mortgage rates
- Stamp duties
We are Investment property Loans specialist – If you have a property portfolio contact with our specialised advisers
Low Doc Home Loan | Self-Employed Loans
The Low Doc Home Loan is designed for self-employed individuals and allows you to obtain a mortgage without the Payslips or tax returns usually required. However, you are required to provide supporting documents to verify the income that you have declared to the lender. Each lender has their own assessment criteria and will accept different document types to prove your income.
In First Select Finance you will find advice and resources, being explained all the options from start to finish.
What do I need for this type of loan?
The main documents that can be used to prove your income are:
- 12 months’ BAS statements showing a high revenue.
- An accountant’s letter verifying your income.
- Business bank statements showing a high revenue.
- Old tax returns (over 24 months).
- Interim financial statements
To see if you will qualify with a lender for a Low Doc Home Loan | Self-Employed Home Loan, contact with our specialised advisers
Refinance Home Loan (Remortgage)
If your fix rate is coming to an end and you are looking for a better deal, or you are looking to raise capital for a new investment, or you want to improve your lifestyle, we will provide you with the best advise and conditions in the marketplace to suit your needs
In First Select Finance you will find advice and resources, being explained all the options from start to finish.
Why remortgage?
You may need to remortgage in order to get:
- Better interest rates (you may reduce your LVR)
- More flexible deal (if you want to overpay)
- Consolidate some debt.
Call FSF to discuss your situation with an expert to land the right Refinance home loan for you
Bad Credit Home Loans
What is considered to be ‘bad credit’?
- Missed payments on your home loan, Credit cards, Personal Loans
- Bad credit history: defaults, bankruptcy, judgments, court writs or too many credit enquiries on your credit file
- Outstanding bills such as council rates tax bills or phone bills
- If you’re the director of a company that is in financial trouble
- If you have too many debts for your income or your total assets are less than your total liabilities
In First Select Finance you will find advice and resources, being explained all the options from start to finish.
How to get approved for a bad credit home loan?
Major Banks and lenders will most likely decline your application but there are non-conforming or specialist lenders that are more flexible with their lending guidelines. They will evaluate your home loan application on a case by case basis and pay attention to your story.