No Deposit Home Loans
Good income, No Savings?
If you have the income to support a loan but no deposit,
you may wish to consider this loan to help you into your
own home sooner.
Typically, the lender will want to see good credit history,
a strong and a stable income source. You will need to demonstrate
strong savings history over a short period of time. There
is an upfront fee which replaces the cost of mortgage insurance.
The interest rate you will pay may be higher than a normal
loan and you may be able to switch to another product once
you have reduced your Loan
To Value Ratio (LVR) and have built up some equity in
your property within the guidelines of standard loans.
Costs are the upfront fee which is 2.5% to 3% of the purchase
price and you will still need to fund the upfront costs
such as property stamp duty, conveyancing, etc