First-time owners save $10k with special loan

A national lender has slashed its charges to first home buyers who wish to borrow up to 85 per cent of a property – potentially saving themselves up to $10,540.

Normally, when borrowers need more than 80 per cent of property value, banks require them to pay Lenders Mortgage Insurance (LMI). 

However, in this instance, the lender is effectively waiving LMI charges for owner-occupier first home loans on principal and interest repayments, with a maximum loan size of $850,000 on a $1 million property.

For qualifying loans, the lender will charge just $1 for instead of the usual LMI fee.

For more information on this scheme and to see if you qualify for the loan, please contact your Origin broker on 1300 30 67 67, or contact us here.