Some exciting new news for first home buyers from home loan provider ING. If you want a higher loan to value ratio loan and don't want to pay lender's mortgage insurance, ING has decided to offer direct lender's mortgage insurance for only $1.
If you've been struggling to save the extra money for your deposit or down payment, no problem! You now only need a 10% deposit to get a great home loan with ING and get into the real estate market faster than you thought possible.
Effective for loan applications received from Wednesday 26 November 2014 and until further notice, ING DIRECT will offer Lenders Mortgage Insurance (LMI) for $1 where certain criteria are met.The good thing about this home loan offer from ING is it could save the first home buyer thousands of dollars. There's no good reason to be paying extra on top of your mortgage if you can't quite scrape together a deposit or down payment of more than 20%.
To be eligible for this promotion, loan applications must satisfy the following criteria:
- New loan application with new to ING DIRECT security property
- LVR (including the $1 LMI premium) must be greater than 80% and less than or equal to 90%
- Loan application must include Orange Advantage
- Loan purpose must be to purchase an Owner Occupied property
- Repayment type must be Principal & Interest (for the total loan amount)
- Meet Lender's Mortgage Insurance credit guidelines
So if you're a first home buyer with a house or unit in mind, but didn't have a large deposit and didn't want to pay lender's mortgage insurance, you may now be able to buy your dream home with this new loan from ING.
The potential savings here are great. On a home loan of $400,000, this cut in lenders mortgage insurance could lead to a saving of almost $9,000! Now wouldn't you like to have an extra $9,000 in your pocket, just to pay off your home loan faster, take a holiday or upgrade some furniture.
Remember ING are a respectable lender across the globe, they may be small in Australia, but this is an important step to counter the big banks and try and take away their market share in home loans.
Don't delay, contact ING or your mortgage broker today for this great opportunity and chance to get started in real estate sooner. It's everyone's dream to buy their first home and ING is offering a better chance for all first home buyers with this great new deal.