Sasama Finance

If you are like most people then just the thought of bank fees is enough to make you sick.  They are akin to fleas on a dog or sand flies at a barbecue, annoying to say the least.  The good news is now you can give them the flick with an ING Bank Mortgage Simplifier loan.  With no application fee, no monthly service fees and no loan redraw fees it really is a "no fee" loan.

If you don't have a large deposit and you are buying a house the 3 biggest outlays you will incur are stamp duty, your deposit and lenders mortgage insurance premium.  Recent changes to many banks credit policies have seen no deposit loans become more popular and far more affordable.  In fact most lenders have the same interest rate for their no deposit loans as for their standard loans.  Now St George has introduced a no deposit loan where you aren't required to pay a lenders insurance premium.  If you are a first home buyer or don't have a deposit saved up this allows you to stretch the little money you do have a lot further. 

If you're looking to purchase a new home but have been told by your bank or lender that you can't borrow enough to finance the purchase what do you do?  Look for a cheaper house? 

Virtually all banks and lenders use different formulas to work out your capacity to borrow and some are far more lenient than others.  As an example a single father earning $64,000 per year that has 2 children can borrow approximately $287,000 with St George Bank.  The same person can borrow approximately $335,000 through ING Bank.

St George Bank recently dropped their 3 and 5 year fixed rates from 7.35%pa to 7.15%pa (CR 7.86%).  So if you're considering fixing you'd better hurry as this is for a limited time only.