- Granite Home Loans' products are only accessible through accredited brokers, such as Eden Emerald Mortgages, who provide expert guidance.
- Granite Home Loans is a specialist lender offering innovative mortgage solutions, including LMI waivers for professionals and essential workers.
- Their LMI waiver makes homeownership more accessible for eligible borrowers, with deposits as low as 5%.
- Granite Home Loans stands out for their flexibility and niche offerings, though they have higher interest rates and may not be suitable for all borrowers.
- Granite Home Loans was established in 2018 and is a legitimate lender who works with over 13,500 brokers in Australia.
Granite Home Loans has carved out a reputation as a specialist lender offering innovative mortgage solutions tailored to specific borrower needs. Unlike traditional banks, Granite Home Loans provides unique options, including Lenders Mortgage Insurance (LMI) waivers for eligible professionals. This review delves into what they offer, focusing on how their home loans can benefit borrowers, especially those in professions such as teaching, nursing, and engineering.
Who Is Granite Home Loans?
Granite Home Loans is a specialist lender that takes a customer-focused approach to mortgage solutions. Unlike mainstream banks, they concentrate on serving borrowers who might otherwise face hurdles accessing traditional loans. They’re particularly well-regarded for their LMI waiver products, which cater to professionals in specific fields. By tailoring their loan products to meet the unique needs of their clientele, Granite Home Loans provides opportunities that aren’t widely available elsewhere.
Their innovative approach makes them an excellent choice for borrowers who need flexibility, whether due to their profession, deposit size, or financial circumstances. However, Granite Home Loans’ products are only accessible through accredited mortgage brokers, such as Eden Emerald Mortgages.
If you would like to secure a home loan with Granite Home Loans, or simply want to find out more info about the home loan process, fill out the form below. Our services are 100% FREE for you (we are paid a commission by the lender), so let us help you on your journey to purchasing your home.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
Why Choose Granite Home Loans?
Granite Home Loans stands out in the competitive lending market due to their focus on offering solutions that cater to a niche audience. One of their flagship offerings is the LMI waiver, a benefit that can save borrowers thousands of dollars. This waiver is available to specific professions, including IT professionals, medical professionals, teachers, police officers, nurses, engineers, and more.
Additionally, Granite Home Loans supports borrowers from any job industry by providing LMI Waivers for home loans up to 85% LVR. Whether you’re self-employed, have a small deposit, or require a tailored repayment structure, Granite’s flexibility sets them apart. Their specialised loan products provide a lifeline for those who may not meet the stringent criteria of major banks.
Is Granite Home Loans Legitimate?
Granite Home Loans, established in 2018 and based in Sydney's CBD, operates as a non-bank lender specialising in innovative mortgage products tailored to diverse borrower needs. Their parent company, ColCap Financial Limited, holds both an Australian Financial Services Licence and an Australian Credit Licence, ensuring compliance with national financial regulations. This licensing underscores their commitment to adhering to the highest standards of financial practice in Australia.
In addition to their licensing, Granite Home Loans is covered by comprehensive professional indemnity insurance, providing further assurance to their clients. The company prioritises security and transparency, with measures in place to protect customer data and ensure compliance with financial laws. While individual customer reviews vary on Google Reviews (they have an average of 4.1/5), Granite Home Loans has received positive feedback for its flexible mortgage solutions and customer-focused approach. These factors demonstrate that Granite Home Loans is a legitimate and credible option for borrowers seeking innovative lending products in Australia.
Granite Home Loans LMI Waiver
Lenders Mortgage Insurance (LMI) is typically required when borrowers have less than a 20% deposit. This insurance protects the lender, not the borrower, and can be a significant upfront cost of tens of thousands of dollars. Granite Home Loans’ LMI waiver removes this burden for eligible professionals, allowing them to enter the property market sooner with a smaller deposit, and no LMI.
Eligible borrowers include those in stable, high-demand professions (eg: doctors and lawyers) as well as essential workers (eg: nurses, police officers and teachers). Granite Home Loans has the widest range of eligible professions, including many that are not granted LMI waivers by other lenders, such as accountants, engineers, paramedics, firefighters, IT professionals, senior managers and executives.
See the table below for the eligible industries, and some examples of jobs that qualify. This list is not exhaustive, so if you want clarification, contact Eden Emerald Mortgages who can help you with your situation.
Industry | Maximum LVR | Examples of Eligible Professionals |
|---|---|---|
Doctors, Dentists, Optometrists, GPs, Specialists, Veterinarians | ||
Chiropractors, Physiotherapists, Pharmacists, Psychologists | ||
Solicitors, Barristers, Judges, Magistrates, Partners | ||
Accountants, Auditors | ||
Registered Nurses | ||
Primary School Teachers, Secondary School Teachers | ||
Civil Engineers, Electrical Engineers, Industrial Engineers | ||
State and Federal Police Officers, Firefighters, Paramedics | ||
Software Developers, Systems Administrators, Cloud Engineers | ||
Management | Senior Managers, Executives | |
All Industries | No job requirements |
Granite No LMI Home Loan Products
95% LVR Owner-Occupied
- Maximum loan amount $1 million
- No minimum income requirements
- No genuine savings required
- Maximum loan term of 28 years (Principal & Interest)
- Owner-occupied residential property (can be established or new property)
- Offset account available
- Must be an Australian citizen or permanent resident
- Must be a university-degree qualified professional in one of the following industries: Medical & Allied Health, Legal, Accounting & Audit, Engineering, Information Technology, Senior Management & Executives.
90% LVR Owner-Occupied
- Maximum loan amount $1.5 million
- No minimum income requirements
- $5,000 genuine savings required for essential workers, and zero genuine savings required for other professions
- Maximum loan term of 28 years (Principal & Interest)
- Owner-occupied residential property (can be established or new property)
- Offset account available
- Must be an Australian citizen or permanent resident
- Must be an essential worker (Registered Nurse, Police Officer, Firefighter or Paramedic) or a university-degree qualified professional in one of the following industries: Medical & Allied Health, Legal, Accounting & Audit, Engineering, Information Technology, Senior Management & Executives.
85% LVR Owner-Occupied or Investment
- Maximum loan amount $2 million
- Maximum loan term of 28 years (Principal & Interest)
- Owner-occupied or investment residential property (can be established or new property)
- Available for purchasing or refinancing a property
- Offset account available
- Must be an Australian citizen or permanent resident
- No requirements for specific industry or profession - available to everyone
Granite Home Loans Interest Rates
Granite Home Loans offers interest rates that are slightly higher than those of traditional lenders, reflecting their focus on providing specialised lending solutions. However, they stand out by offering LMI waivers to a broader range of professionals, including accountants, engineers, IT professionals and essential workers, making homeownership more accessible for those in these fields.
While the higher rates might deter some borrowers, the savings from avoiding Lenders Mortgage Insurance often outweigh the difference. Partnering with an experienced broker like EE Mortgages ensures you can make the most of Granite's unique offerings while securing terms that align with your financial objectives. EE Mortgages can also help you compare other lenders and find you lower interest rates, so get in touch via the form here for free advice.
Granite Home Loans Fees
Granite Home Loans has zero application fees or annual fees, and the LMI is waived, saving you tens of thousands of dollars. You will need to pay for the lender's legals ($550 plus disbursements) and a property valuation (cost price).
In order to secure a mortgage with Granite Home Loans you need to work with a broker, who may charge their own fees. If you would like a zero-fee mortgage broker, speak to Eden Emerald Mortgages, who does not charge clients any fees (we are paid a commission by the lender instead).
Granite Home Loans Pros & Cons
Pros:
- Borrow up to 95% LVR with no LMI, tailored for a wide range of professionals typically ineligible with most other lenders.
- Borrow up to 85% LVR with No LMI, available to individuals across all industries.
- No application fees or annual fees.
- No minimum annual salary requirements when applying for No LMI home loans.
- No genuine savings required for eligible professionals, and only $5,000 savings needed for essential workers.
Cons:
- Interest rates are slightly higher than other lenders.
- You cannot secure a home loan directly with Granite, you must enlist the services of a mortgage broker.
Overall Thoughts on Granite Home Loans
Granite Home Loans offers exceptional value for eligible professionals looking to buy a property with only 5% deposit. Their unique approach to lending sets them apart from traditional banks, making them an excellent option for those in professions that are usually ineligible for LMI waivers, such as engineering, IT, senior management and paramedics. However, their interest rates are usually higher than other lenders, and they have a maximum loan amount of $1 million for 95% LVR, $1.5 million for 90% LVR and $2 million for 85% LVR. These are considerations you need to take into account before deciding to secure a home loan with Granite.
If you decide to go ahead with Granite Home Loans, or if you would like to explore further options with more competitive interest rates, contact Eden Emerald Mortgages today. Let us help you navigate the home loan process and secure the best possible mortgage for your needs.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.