4.1 Standard LMI
Target Market: Suited to First Home Buyers, investors and any borrower wishing to access residential mortgage finance.
Benefits: Allows borrowers to achieve their dream of home ownership sooner, and enables borrowers to purchase a property with only a small deposit.
| Maximum LVR & Loan Amounts |
| Property Type | LVR | Category 1 | Category 2 | Category 3 | All Other |
| House/Unit | 0 - 80% | $1,000,000 | $750,000 | $500,000 | On Application |
| 80.01 - 90% | $850,000 | $600,000 | $450,000 | On Application |
| 90.01 - 95% | $750,000 | $500,000 | $350,000 | On Application |
| Vacant Land | 0 - 90% | $600,000 | $400,000 | $200,000 | On Application |
| 90.01 – 95% | $550,000 | N/A | N/A | N/A |
Maximum Loan Amounts apply on a 'per security' basis.
Categories referred to above and in other Product Parameters, relate to the Genworth Security Location Guide - Refer to section 5.8.1 Security Location Guide for further details.
| Feature | Product Parameters (Summary) |
| Loan Purpose | - For owner-occupied and investment properties:
- Purchase of an existing residential dwelling
- Construction of a single or duplex residential dwelling
- Purchase vacant residential land
- Home Improvement
- Refinance existing mortgage
- Off-the-plan purchase
- Bridging Finance
- Debt Consolidation
- Equity Release/Cash Out.
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| Security | - Acceptable securities:
- Zoned for residential use
- A house, villa, home unit, duplex, or vacant land
- Free from adverse features
- Well presented
- Readily saleable.
- Restrictions apply to:
- Rural residential properties
- High Density Apartments
- New House & Land package
- Off-the-plan strata purchases
- 2nd mortgages
- 3rd party mortgages/guarantees
- Display homes
- Transportable Homes
- Relocated Homes.
- Refer to section 5.8 Security for the full list of security exceptions/exclusions.
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| Deposit/Equity | - Purchase or construction of owner-occupied property - 5% genuine savings required as a minimum deposit for loans with LVR in excess of 85%
- Purchase or construction of investment property - 10% geniune equity must be demonstrated for loans with LVR in excess of 85%.
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| Borrowers | - Acceptable borrowers:
- Natural person (over the age of 18)
- Company
- Trust
- Graduates. Refer to section 5.4.3 for specific policy requirements
- Trustee/s of a Self Managed Superannuation Fund. Refer to section 5.4.2 for specific policy requirements
- First Home Buyers – a discount in premium may apply.
- Restrictions apply to:
- Borrowers of convenience
- Non-residents.
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| Employment / Income | - The following employment types are acceptable:
- Permanent salary/wage employment (full-time or part-time)
- Contract employment
- Casual
- Self-Employed
- Standard loan application to be completed and signed
- Must include current income and financial position
- Employment, income and financial verification required
- Must have an NDI of at least 1.00:1 times total commitments.
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| Credit History | - Clear credit history for borrower/s and guarantor/s.
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| Loan Term | - Terms of up to 40 years available.
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| Repayment Type | - Principal & Interest (P&I)
- Interest-Only (IO) - (Maximum LVR 90%)
- IO converting to P&I within 10 years - (Maximum LVR 95%).
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| Maximum Borrowers | - $2,500,000 (total aggregate exposure).
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| Maximum Borrowers | - LMI premium may be capitalised
- When calculating premium payable, the Base Loan Amount (before adding the LMI premium) is used.
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| Loan Features | - Split Loans
- Redraw Facility
- Line of Credit
- Parenting Repayment Break.
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