My partner and I are earning good money, 120k and 80k and pay $1,100 a week rent. We have found a property we like and want to ask if it is possible to borrow 100% of the property, about $820,00?

Hi Emily,
As a general rule there are not any banks that will lend 100% of the property value. Some banks will be looking for a minimum deposit of 5% plus the costs associated with the purchase (Lenders Mortgage Insurance, fees, charges, stamp duty etc).
If you are looking for a 100% loan, a security guarantor would help you achieve this.
A security guarantor offers some of the equity they hold in real estate as additional security for your loan allowing you to borrow at least 100% (in some cases you can borrow more to covers costs).
If you have any questions let me know.

Nathan

Hi Emily. Short answer is no. Longer answer is maybe, if there is a relative prepared to use their home/a property, as the collateral security. You don't mention if you have any savings? A lender would be curious to know why, if you have no savings, that is the case, i.e. what are you spending your money on? Appreciate that there is a cost to home ownership that you don't currently have as tenants. This includes council rates, water rates, home insurance, general maintenance. In addition to the home loan repayments, you need to budget around $100 per week for basic home bills.
The other questions that a lender will ask include "how long have you each been in your current jobs, what other debts or loans have you got and what are your basic living costs"? That is why it is best you speak with a professional broker who has assisted many couples in similar positions to the one you find yourself in.

Emily. As Nathan has mentioned, a 100% loan would only be available if a family member ( usually Parents) would be prepared to offer a security guarantee.
If this is a possibility for yourself, then please give me a call to discuss further.
I operate on a mobile basis and could meet with you to discuss.
Hope to hear from you soon.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

Hello Emily,

There are many factors that the banks/financial institutions are looking at in assessing loan to value (LVR) besides incomes,be it high incomes.E.g. a person/s on high income may make combined salary $200k but have living expenses of $150k (personal loans,car loans ,credit cards,rent etc ) add kids to that equation and loan applicants chances become even slimmer to obtain over 90% finance.Its getting tougher and tougher if almost impossible to get 100% finance on just salaries alone,especially living in Sydney.First step is a pre-application via a mortgage broker to determine your borrowing capacity.

Hey, while technically not possible if you are able to borrow some money, even a pretty modest amount to cover the fees and have a bit left over then there is some lenders who will look at this if everything else is solid (pay, no credit defaults, security is good etc)

Normally I'd say just go to unohomeloans.com.au and go from there but this is a pretty far edge case so best to reach out directly. Just jump on the site and ping us via chat I'll jump in and connect you with an adviser

Thanks

Vincent