New home, new loan
Ready to buy your next home? You’ll want lending partners who can help you get the perfect loan so you can buy the home you want.
Options for second-home buyers
You’re unique and so are your finances. It might be best to completely refinance or roll your current mortgage into one. At Lendable, we help you navigate this transition.
Why Lendable?
Lendable is your first stop for home finance. And as an experienced finance broker, we know the best offers around right now (including cash back offers $$$). We’ll show you what’s possible.
Second home owner FAQs & resources:
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How long do I need to be Self-Employed to qualify for a home loan?
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For self employed applicants, most lenders require you to be self-employed for at least two years, however some can consider people who have been self-employed for only one year!
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What is LMI (Lenders Mortgage Insurance)?
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LMI covers the lender in the event of the borrower defaulting on their loan. If the property is subsequently sold and the amount from the sale is insufficient to pay the loan off in full, this insurance will cover the lender for the shortfall. The insurer may then exercise their legal right to recoup this shortfall from the borrower. The lender applies for LMI not the borrower and the insurance should nor be confused with Mortgage Protection Insurance. The fee for LMI is paid as a once only fee at loan settlement and varies depending on the amount of money being borrowed and the Loan to Value Ratio (LVR).
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What are Genuine Savings?
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Genuine savings are funds that you have accumulated over time (not including gifts). Most lenders require that at least 5% of your deposit come from genuine savings when your deposit is less than 10% of the property value. However, there are lenders that will consider rent paid in lieu of genuine savings, and even some that don’t require genuine savings at all!
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Can I afford to buy an investment home?
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Australians love property and property investment is a great way to build wealth (it may even have some tax advantages for some people). There are certain things that you need to consider when you are looking at an investment loan product – like interest only periods or loan structures when using your existing home as security. That’s why its important to seek advice from a qualified mortgage broker and an accountant.
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Happy Lendees
Incredibly friendly
I want to personally thank you for all your help, I wouldn’t have managed it without you. From our first meeting you made me feel comfortable working with you and your organization, at all times I felt I could trust you and you had my best interests at heart. Thanks for everything.
Over the moon
I’m emailing to let you know we received our keys today, and just wanted to say how grateful Monique and I are for all your help/advice you have given us. We can’t even describe how happy we are with the end result
Tireless Efforts
We can not thank you enough for your tireless efforts in helping to get this over the line and settled. What you did for us yesterday amazes us and we are so grateful.
Borrow sooner. Buy smarter. Build better.
Lendable puts first home buyers in control of their situation. We’ll work with whatever your financial situation is to get a better deal from your lender.
