4.2 Homebuyer Plus
Target Market: Suited to borrowers, including First Home Buyers, wishing to purchase or construct owner-occupied property with limited or no savings, or those wishing to use money not sourced from their own savings as a deposit.
Benefits: Borrowers do not have to contribute any of their own savings, allowing these funds to be used for stamp duty, renovations or setting up their own home. This also means a borrower does not need to wait to save up their own deposit before entering the property market.
| Maximum LVR & Loan Amounts |
| Property Type | LVR | Category 1 | Category 2 | Category 3 | All Other |
| House/Unit | 85.01 - 90% | $750,000 | $600,000 | $450,000 | N/A |
| 90.01 - 95% | $650,000 | $500,000 | $350,000 | N/A |
Maximum Loan Amounts apply on a 'per security' basis.
*Product Parameters as per Standard LMI section 4.1 to apply, in addition to product specific parameters listed below:
| Feature | Product Parameters (Summary) |
| *Loan Purpose | - Excludes:
- Purchase or Construction of investment property
- Purchase vacant residential land
- Home Improvement
- Refinance existing mortgage
- Debt Consolidation
- Equity Release/Cash Out.
|
| *Security | - Vacant land is unacceptable
- Size of property not to exceed 2.2ha (5 acres).
|
| *Deposit/Equity | - Source of deposit must be disclosed
- May include family gift, loan or FHOG
- If borrowed, repayment must be included in servicing calculations.
|
| *Borrowers | - Australian residents only.
|
| Employment / Income | - As per Standard LMI Product Parameters section 4.1.
|
| *Credit History | - As per Standard LMI Product Parameters section 4.1.
|
| Loan Term | - As per Standard LMI Product Parameters section 4.1.
|
| *Repayment Type | - Interest-Only not permitted
- Interest-Only converting to P&I within 10 years.
|
| Maximum Borrower Exposure | - As per Standard LMI Product Parameters section 4.1.
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| *Premium Capitalisation | - As per Standard LMI Product Parameters section 4.1.
|
| *Loan Features | - Excludes:
- Line of Credit (except where taken as part of a Combination Loan see 5.11.3).
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