We are excited to announce that loans of up to 95% LVR are now available for the purchase of a National Rental Affordability Scheme ( NRAS ) Approved Property from Onyx.
This means that on a typical $300,000 NRAS property you would only need $15,000 plus stamp duty and other transaction costs. Many of our clients are financing these additional costs by increasing or refinancing a loan on an existing property they own.
So an NRAS property purchase can be 100% financed.
In most cases NRAS properties provide a positive cash flow so this means you can borrow all the funds for the purchase and have all the on-going costs (e.g. interest, rates) paid for by the tenant, NRAS and the tax deductions available on investment property.
These NRAS property loans have very low interest rates and are feature packed. The features include Lo Doc options, a 10 years interest only period, and generous loan affordability criteria which allow the inclusion of negative gearing tax deductions.
We are expecting a series of new NRAS property releases shortly. Our recent experience is that NRAS property is selling quickly so we suggest you prepare now. Contact as now to discuss your NRAS property finance strategy and even obtain a pre-approval so you are ready for the next release.
To see our list of available NRAS properties go to onyx.net.au/property-catalogue
To learn about NRAS to to www.nrasincentives.com.au
I’d like to know more about which lenders go to 95%. My Westpac branch says they will do 90% + cap lmi.
Jonathan
Hi Jonathan,
I would like to know what lenders go up tp 95%. I have some interest NRAS properties
Only ones with good capital growth.
Many Thanks,
Paul
Jonathan and Paul,
The lending market is constantly changing. In the early days of NRAS there were a limited number of lenders who would lend for NRAS properties. The number lending for NRAS has expanded greatly although they all have different policies. For example three of the big four fund NRAS properties. There are also several lenders for SMSFs buying NRAS properties. That’s the upside.
On the downside, the lender who was doing 95% LVRs has pulled back to 90% since the blog article was published in Feb 2011.
As the market is changing and as lender policies vary greatly it is important to work with a mortgage broker who has experience in NRAS lending. We’ve been doing it for over two years now, so feel free to call us on 1300 1400 15
Interested in some NRAS properties and will make a decision on which one after due dilligence. I would like some details on finance costs and repayment figures on a variable rate loan $310000. Sean Slade
Good evening
I’d like to know more about which lenders go do 95% and would also prefer cashflow positive properties.
Thank you
Regards
karl