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Explainer: Prime, Near Prime and Specialist Home Loans
You may see these terms used in relation to Home Loans in a Non bank Lender rate chart. Some Lenders may use a series of other terms that are similar. Especially now Non Bank Lenders are offering Interest Rates as competitive as the Banks.
You may qualify for a prime home Loan when absolutely everything is in order. Credit report Good, No late Payments, No Card over limits, Substantial proof of Income, steady Job, only 1 or 2 other loans or cards from other Financial Institutions. You are in excellent Financial Health. The advertised rates will be applicable for you.
You may qualify for a Near Prime Loan when there may have been a minor Hiccup with your Finances. You may have a lot of Cards and Debts(That’s over 3). Maybe a little late once or twice (even if it's only due to forgetfulness). Credit report still reasonable, no defaults. Things generally on time. Generally a little bit more expensive than the advertised low rates, but not too bad.
Specialist is often Broken into further stages, depending on what level of credit impairment you may have. First level you may have defaults but have paid them. You may be running a little late with payments. The Levels will increase from just discharged from Bankruptcy or Part IX to into real financial difficulty. The important thing will be, is the proposed loan going to be able to fix the problem, do the numbers add up, are you showing a history of paying what you are proposing. Interest rates are going to be double or more than a prime rate. That is still a long way cheaper than most cards, Personal Loans and any Debts incurring late fees.
The Interest rate will vary with-in each of these categories. The best rate will be the Lowest LVR. (See LVR Explainer: Loan to value Ratio) Say the Loan is under 60% of the valuation of the property, it will be the best rate. It may increase slightly for 60 to 70% LVR, may increase again for 70 to 80%, 80to 90% and increase substantially or not be available at all for higher.
Mortgage Insurance and Risk fees kick in at about 80% LVR on Prime Loans and will probably apply to all the other category of Loans regardless. Once again Mortgage Insurance and risk fees increase if the LVR goes higher.
Generally the best Home Loan rate available is a Prime loan, under 60% LVR with no Mortgage Insurance and proven steady income. For any combination of circumstances after that, the Lenders vary quite a lot, so it pays to have Money Buckets Financial Solutions search for the best deal available.
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