Re: What are the options for a first home buyer intending to borrow 100%?
Posted: Wed Oct 23, 2019 6:50 pm
Hello Chanda. Welcome to the forums.
If your parents own their property, then the best option might be to go for a guarantor home loan. Using a guarantor, you can borrow up to 105% of the property value and even cover the costs of purchasing a property.
If a guarantor is not a viable option, then there are 95% home loans available, but the servicing criteria for these types of loan are quite strict. Lenders require a minimum deposit of at least 5% of the property value. You might even be eligible for a First Home Owners Grant (FHOG) which can be a part of your deposit. You can even opt for a gifted deposit from your parents as well.
We have a lender on our panel that allows you to borrow 100% without having a guarantor and needing to pay LMI if you’re an eligible industry professional, however, the interest rates are higher and the lending criteria are more strict.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a first home buyer loan.
Cheers,
If your parents own their property, then the best option might be to go for a guarantor home loan. Using a guarantor, you can borrow up to 105% of the property value and even cover the costs of purchasing a property.
If a guarantor is not a viable option, then there are 95% home loans available, but the servicing criteria for these types of loan are quite strict. Lenders require a minimum deposit of at least 5% of the property value. You might even be eligible for a First Home Owners Grant (FHOG) which can be a part of your deposit. You can even opt for a gifted deposit from your parents as well.
We have a lender on our panel that allows you to borrow 100% without having a guarantor and needing to pay LMI if you’re an eligible industry professional, however, the interest rates are higher and the lending criteria are more strict.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a first home buyer loan.
Cheers,