No Deposit Loans
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Although the days of borrowing 100% of the purchase price without any proof of savings are gone, there are still some ways to get a No Deposit home loan!
4 Options if You Don’t Have the Required Deposit4 Options if You Don’t Have the Required Deposit
4 Options if You Don’t Have the Required Deposit
1. 105% Guarantor Loan
This type of loan is ideal for first home buyers who don’t have the required deposit. Parents or family members go guarantor and use the equity in their existing property. So in the scenario where mum and dad own their own home and have no debt, they could offer their home as security for the kids to borrow 100% (or sometimes more) to purchase their first home.
- No Lender’s Mortgage Insurance if the Loan To Value Ratio is 80% or less.
- Discounted interest rates available from some lenders.
- You can consolidate some minor debts such as credit cards when you buy your home.
- Once you have paid off part of your loan or your property has increased in value then you can apply to remove the guarantee.
- Avoid potential higher costs by getting into the property market sooner.
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