Re: How do I qualify for a no deposit home loan?
Posted: Mon Jan 21, 2019 4:30 pm
Hello Angus. Welcome to the forums.
Regarding your first question, there are a few ways you can qualify for a no deposit home loan:
Call 1300 889 743 or complete our online enquiry form today.
As for your last question, generally speaking, home loans with no deposit enjoy the same competitive interest rates as other types of home loans.
Cheers,
Regarding your first question, there are a few ways you can qualify for a no deposit home loan:
- A guarantor home loan is a guarantee from your parents that use their house as collateral for your home loan. You can borrow up to 110% of the property value including the costs of completing the purchase and consolidating some small debts.
- If your parents can provide a gifted deposit of 5–15% of the property value, you can use that towards the deposit on your house. Providing a gift letter signed from your parents to the bank is required and, above all, the gift must be non-refundable.
- Using equity from another property: If you already own a property, you can use the equity from that property as a deposit. In case of default or for whatever reason you can’t make mortgage repayments, the lender can sell that property.
Call 1300 889 743 or complete our online enquiry form today.
As for your last question, generally speaking, home loans with no deposit enjoy the same competitive interest rates as other types of home loans.
Cheers,