General Finance Limited
Press Release 20 February 2003
General Finance Releases 100% Mortgage Finance
General Finance Limited announced today the release of a 100% Home Loan. It is made available through a combination of
a 90% first mortgage and a 10% second mortgage.
The first mortgage is at standard General Finance prime rates and the second mortgage is competitively priced with no
penalty for early repayment.
The 100% Home Loan is available for refinancing or for the purchase of a home. Both owner occupied and investment
properties are catered for.
As expected borrowers will be required to have clean credit histories, two full-time incomes and little or no other
financial obligations.
The 100% Home Loan will initially be restricted to major cities, although will be available on properties up to 5 acres.
"This is the first time that we have been able to offer a prime product, where the borrower does not have to show
genuine savings", Mr Lockie said, "We expect this product to appeal to a whole range of borrowers for whom owning a home
has only been a dream"
Last year General Finance started writing 100% loans using the Liberty Fresh Start product. Demand for these loans has
been such that it has been necessary to develop a second mortgage source, so that General Finance can offer the total
100% package rather than the balance of the purchase price coming from family loan or gift.
General Finance Limited is a home loan company specialising in residential and residential investment lending.
-ENDS-