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General Finance Releases 100% Mortgage Finance


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-

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