Re: Applying for a no deposit home loan
Posted: Tue Feb 12, 2019 4:16 pm
Hi Randy,
Welcome to the forums.
You actually have quite a few options to get a no deposit home loan. Here are a few that you can take:
Guarantor home loan: With a guarantor home loan, you can borrow up to 105% of the purchase price if your parents act as your guarantors who secure the loan on their property.
A gifted deposit home loan: Some lenders will allow you to borrow up to 95% of the property value with no genuine savings if your parents or someone else can gift you a deposit.
Personal loan as a deposit: Although not recommended, it is possible to use a personal loan as part of your deposit to buy a home. This option is only available if you are in a strong financial position.
Call us on 1300 889 743 or fill in our free assessment form and one our mortgage brokers will help you find the best option for you.
Cheers,
Otto
Welcome to the forums.
You actually have quite a few options to get a no deposit home loan. Here are a few that you can take:
Guarantor home loan: With a guarantor home loan, you can borrow up to 105% of the purchase price if your parents act as your guarantors who secure the loan on their property.
A gifted deposit home loan: Some lenders will allow you to borrow up to 95% of the property value with no genuine savings if your parents or someone else can gift you a deposit.
Personal loan as a deposit: Although not recommended, it is possible to use a personal loan as part of your deposit to buy a home. This option is only available if you are in a strong financial position.
Call us on 1300 889 743 or fill in our free assessment form and one our mortgage brokers will help you find the best option for you.
Cheers,
Otto