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No Deposit Home Loan
No deposit home loans are now more
accessible than ever and first home buyers, re-purchasers and even
investors are all able to access these types of loans.
So what is available
97% Lend with Mortgage Insurance
capitalised to 100%
100% Lend plus Mortgage Insurance or fees
100% Lend without Mortgage Insurance
105% Lend with Mortgage Insurance additional
105% Lend without Mortgage Insurance
106% Lend with fees additional
First home buyers with little or no
savings may be eligible for a no deposit home loan if certain criteria
is met and no actual deposit will be required. Many first home buyers
could also be eligible for the First Home Buyers Grant and in NSW this
means that in addition to the $7,000 first home buyers grant, the
purchase and mortgage stamp duty is waived which can save over $10,000
on a $300,000 house purchase for example. Some lenders will take into
account rent that has been paid in the past or monetary gifts that have
been provided to help you to purchase a property. Certain lenders will
allow family or even friends to provide a limited guarantee, similar in
some ways to a guarantor, which provides extra loan security and can
help purchasers with little or no deposit borrow for a home loan. These
limited guarantee loans reduce the amount the amount of exposure a
guarantor is required to provide while still providing a means of
assisting the recipient to purchase a home sooner.
A 100% or higher lend investment property
loan is also an attractive alternative for many property investors.
Existing security may be used to achieve this or a loan can be obtained
that almost covers the actual purchase cost and the ancillary costs such
as taxes and legal's.
Where do you get a No Deposit Home Loan?
Talk to Ability Finance today to
determine which products may be available that could meet your needs.
No Deposit Home Loan and Low Deposit
home loan options are available from an ever increasing range of banks
and other lenders such as ANZ, Carrington Home Loans, Citibank, Collins
Securities, Commonwealth, FirstMac, First Permanent Establishment Home
Loan, Heritage Building Society, Homeloans Ltd, IMB Building Society,
ING Bank, Macquarie Bank, Pepper, RAMS, St George Bank, Suncorp Metway,
Violet Home Loans and Westpac Bank.
View a typical
no deposit home loan comparison on this page.
Ability Finance are able to maximise your
affordable loan requirements and can even offer up to a 106% LVR home
loan option which often covers not only the purchase price but
capitalises associated costs such as legal fees etc incurred in
purchasing your new home into the actual loan amount. Ability Finance
can in certain instances offer an alternative to locking parents or
guarantors incomes and/or assets into joint borrowings or family pledge
type products and eliminate the risk of third parties assets being left
vulnerable to a forced a sale scenario.
Ability Finance are committed to assisting younger qualifying home
buyers who may not yet enjoy any substantial net asset backing to obtain
a home loan earlier than is generally possible.
Our
Residential Property Buying Guide may be a useful reference point
for no deposit home loan and low deposit home loan first home loan
buyers. Ability Finance can provide you with a broker fee free
consultation to determine your borrowing capacity, discuss your options,
and if you choose, Ability Finance will assist you in applying for a
home loan completely free of any additional brokerage fees.
A No Deposit First Home Buyer example
H & D recently moved into their new
home with the help of Ability Finance consultant Wes Smith and a 100%
LVR No Deposit Home Loan. When the pair initially contacted Wes they
were both rather despondent and a little pessimistic about their chances
of actually getting any type of home loan within the near future. They
banked with a local building society and also had a term deposit of
$7000 with a major bank. They had approached the major bank first and
were told that their maximum borrowing capacity was approximately
$140,000.
There are not a lot of properties available for sale in NSW for
$140,000, especially in a major NSW city. They visited the Building
Society next where their transaction accounts were established and also
a current personal loan for a car. They were advised the maximum figure
they could borrow was even less than the amount the bank had suggested
and that the personal loan may need to be repaid first.
Wes met with the pair and discussed their options, collected their
financial details, calculated their maximum borrowing capacity and
checked which lenders would actually consider lending them the amount
the required to purchase a home. There were more than a few lenders that
would consider lending up to the amounts the pair needed and of these
options three lenders offered 100% LVR No Deposit Home Loans.
The First Home Owners Grant covered the majority of the costs that
exceeded the 100% loan to property purchase value ratio and through
contributing only a few thousand dollars of their own cash up front they
are now living in their own home which was recently purchased for
$320,000! They have found the loan repayments are at a level where they
are able to make extra repayments which will reduce the overall cost and
term of the loan considerably.
The same lender supplied them with a low interest rate credit card that
was used to consolidate some other small pre-existing debts saving them
even more money!
We are sure that after careful analysis of your individual situation and
through comparing the available options with the help of Ability
Finance, that there will be a home loan offer that meets your needs
better than almost any of the others that we currently have available!
Starting the process is easy! Phone Ability Finance and we can take your
initial information over the phone prior to an initial appointment.
Additional Offer from Ability Finance
Ability Finance not only provide customers with access and comparisons
to more than fifty lenders. All Ability Finance customers now have no
cost access to property valuation reports from one of the most extensive
databases in Australia for the greater Sydney metropolitan area and New
South Wales. Don't make a final offer until you have seen your report!
Contact us now for further information.
Contact Ability Finance today to find out more about 95% 97% 100% 105%
or 106% no deposit or low deposit home loan and what your options are.
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