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. A requirement is to
show 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 is 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
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