Home Loans FAQs

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Where do I get the best home loan?

Sunil Prakash Financial Services Limited   - Not for publication

My home loan has recently been declined by a bank- Is it worth talking to a broker?

Yes, brokers have a wider choice of lenders and non-bank lenders who may be able to assist you getting into your home.

I wish to buy a home however I have less than 20% deposit. Can I get a home loan?

The Reserve Bank’s restrictions mean that banks need to lend only up to 80% of a property’s value for 90% of their new loans. That sounds daunting, but it means that 10% of any bank’s new loans can be over 80%.

Banks can, and do lend over 80% of the value of a house on some loans every month. This roughly means that for every nine home loans where the buyer has a 20% deposit, one loan can go to a buyer with a smaller deposit.

I am a property developer. What are my options?

Property development is seen by banks as a speculative venture and they generally don’t like the lending short term.

We have an alliance with several second tier lenders who provide funding for property development.

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