No Deposit Home Loans

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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