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How we picked theseHere are the key features and details you need to know about Skip's mortgage products.
| Feature | Details |
|---|---|
| No LMI | Borrow between 80% and 98% of the property's value without taking out LMI. |
| Loan structure | In order to not pay LMI, Skip's loans are structured differently. You'll take out 1 primary loan covering 80% of the property value, then a second "accelerator" loan for the rest of the value you'd like to borrow. |
| Low fees | Skip doesn't charge an application fee or any ongoing fees. It does charge a $795 exit fee. |
| Extra repayments | Make unlimited extra repayments towards your home loan. |
| Redraw for free | Redraw from your additional funds online for free. |
| Property locations | Skip only services loans in metro Australian capital cities. |
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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