Currently we have a few lenders offering this product with the most notable being Westpac. As they will also price against the other majors quite competitively with fully featured loans when requested by a broker. Obviously there are a few conditions to be met however none of these are much different from standard applications without lenders Mortgage Insurance (LMI). Interest rates with these loans will vary depending on lender and the size of the loan, with the larger loans receiving bigger discounts.
Larger loans also stand to save more on the LMI premium as mortgage size increases the premiums increase at a higher rate. I have been recently successful with a $400k mortgage receiving a very competitive rate in the low 4’s which I am unable to disclose! But once again this will be subject to your unique situation and requirements.
Where these loans are useful is when a valuation comes in a little low or you are looking to get access to additional equity to buy a car, renovate or invest. If this describes you or you would like to find out more get in contact and we wil be happy to have a no cost no obligation chat.
