Banks have started to relax credit criteria for home buyers that have comparatively high household income. The main driver is ongoing job stability and reasonably stable house prices in the major cities.
It is not a free-for-all. The banks are targeting those of you with household salaried incomes over $100,000 with good job stability, no outstanding debts, and a genuine 5% saved deposit. You also need to have a clean credit history.
The criteria vary significantly from lender to lender and low equity fees will apply. The low equity fees vary significantly from lender to lender. It’s our job to get you approved and make sure we get you the best possible deal.
At 95% these lenders are looking for strong ability to service your mortgage. Typically that means you can borrow up to four times your income.