To be eligible to use a personal loan as a deposit, you have to be earning a high income and have some savings and be less than $10,000 in debt.
You will have to meet the stringent criteria for getting a home loan and personal loan.
- You'll need a high income to afford repayments on both your personal loan and home loan
- There is little or no existing debt like credit card and car loans.
- A clear credit history
- Some minimal savings
- Some lenders even look into rental history.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for low deposit home loan.
Cheers,