The Truth about LVR rules…
The Truth about LVRs
Loan to value ratios are used by the Reserve Bank to limit the amount of funds available from Banks to lend to home buyers.
Home buyers come in many different categories the most common 3 are…
First Time home buyers - Getting out of the rent trap.
Up sizes - Selling and buying a larger home.
Investors - Investors renting out their homes who become landlords.
These categories have different LVR rules and to explain this carefully and may I say accurately as the media never ever gets this correct here goes…
First Time home buyers - Getting out of the rent trap. - 10% Deposit ONLY.
Up sizes - Selling and buying a larger home.- 20% deposit as you already have bought a home.
Investors - Investors renting out their homes who become landlords - 40% deposit.
So as you read this you will probably fit into one of these categories and now you know what the new LVR rules are….so YES FIRST TIME BUYERS JUST NEED 10% deposit, I hope this helps clear up LVR rules.
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