**Please also review Our Blog page which has many relevant articles explaining different mortgage features available.

Q. How can MAP organise a loan over 80% when no one else can? 

A. MAP specialises in non resident / temporary resident loans for those purchasing with an Australian Citizen/Permanent resident.  Most brokers do not specialise in non resident / temporary resident loans and therefore have not invested their time to investigate all possible lending options.  

Q. When borrowing over 80% does the lender/s vary their products, interest rates or fees?

A. There is no differentiation between products and rates when lending over 80%.  The only difference is that lenders mortgage insurance is charged when borrowing over 80% which is charged whether you are a non resident / temporary resident or not.  

Q. What is the Maximum loan to value ratios I can borrow?

A. Up to 95%. To calculate the loan to value ratio (LVR/ LTV) divide the required loan amount by the purchase price.

Q. Why is it difficult to borrow over 80% even though I am in stable employment etc?

A. Australian lenders have to comply with the policies and guidelines set by their lending mortgage insurers.  Most standard loans are insured when the loan to value ratio (LVR) is greater than 80%.  It is therefore  the mortgage insurers who have imposed the strict lending criteria when the LVR is greater than 80%.

Q. How often do I pay Lenders Mortgage Insurance (LMI)?

A. Once.  LMI is deducted at time of settlement and is, in most cases, added to the loan so you do not need to pay for it upfront.

Q. What are the main requirements for lending over 80%?

A. An applicant must be in stable employment; preferably in a profession; with a strong asset to liability position and 5% genuine savings. 

Q. What costs must I cover?

A. Costs can be divided into 3 main areas

i. Lender - application fee and lenders mortgage insurance

ii. Government - mortgage registration, land transfer, stamp duty on the purchase price and possibly the loan amount

iii. Miscellaneous - legal (solicitor / conveyancing), building and pest, home insurance etc.

Q. Can the lenders mortgage insurance be added on to the loan?

A. Yes, in the majority of cases.  

Q. Can I apply for the First Home Owners Grant?

A. Possibly.  At least one applicant needs to be a permanent resident of Australia or an Australian citizen .

Q. What does MAP charge for this service?

A. MAP does not charge clients for our service.  MAP receives a commission from the lender should your loan settle.  Please note that using our services does not impact the fees or rates charged by the lenders.