No Deposit Home Loans
SPECIAL NOTE, we are no longer offering no deposit or 100% home loans please contact us for other options.
Are you thinking about buying a home but haven’t saved a deposit? Even if you have no deposit at all, you could still apply for deposit home loans which allow you to buy your home sooner.
There are several Australian banks and lenders willing to offer no deposit home loans to clients with stable incomes but no savings. They will allow you to borrow up to 100% of the purchase price, giving you the option to get into the real estate market sooner rather than later. the catch? have some one offer other security for you.
Did you know that you don’t have to be a first home buyer to get a 100% home loan? It’s already commonly known that first home buyers can use the First Home Owner Grant payment to assist with a no deposit home loan application, but if you’ve owned a home in the past you can still qualify to buy a home with no deposit.
This is especially helpful if you’re coming out of a divorce and want to start again or if you’ve suffered from a failed business. It means you have options to buy a home now without having to save a deposit first.
There are also banks willing to extend 100% home loans to purchase your investment property. Not everyone wants to risk their own family home in order to begin investing. Some banks will insist you use the equity available in your family home to secure your investment property.
If you’d prefer to keep your investment property separate from your home, then a no deposit home loan could be the ideal solution to start building your future investment portfolio.
Another great benefit with 100% home loans is that you don’t necessarily have to buy an established home. You could opt to build your dream home without having a deposit saved.
No deposit construction loans are a little different in that you’ll be required to make sure your land purchase settles at the same time as your construction. This means that you’ll need to shop around for your builder and sign off all your construction requirements before you reach your land settlement date.
This can be a great bonus for many people as it means you can delay your repayments until your land settles and your builder is ready to start construction.
This sounds a bit awkward and a little confusing, but it’s easy when you have a professional Australian mortgage broker to guide you through the process.
Although no deposit home loans will allow you to borrow the entire purchase price of your new home, it’s important to remember that you may still incur fees and charges on top of the price.
These charges include stamp duty and sometimes lender’s mortgage insurance or loan extension fees. These costs are added on top of the amount you paid for your home.
Even though you’re borrowing 100% of the house price, you may still need options to help you cover the cost of fees and charges. Although these options aren’t as common, it may still be possible to access home loan lenders willing to extend a loan to help cover these extra costs too.
The easiest way to determine how to proceed with your no deposit home loan is to call one of our professional mortgage brokers today and discuss your options. You’ll be surprised by how soon you could be moving into your new home!
Origin Finance does not offer no deposit home loans. Please take some time to contact an Origin Finance Broker to see what home loan options we can find for you.