Guarantor home loans: You can borrow up to 90-105% of the property value if your parents act as guarantor by securing the loan on their property.
Gifted deposit: You could even use a gift from your parents as the deposit. You will have to provide a signed gift letter from your parents.
Personal loan: This option is only available to borrowers in a strong financial position so it may not be applicable to your situation. You also still need some funds of your own to cover stamp duty and other expenses.
Use your superannuation: If you have over $150,000 in your superannuation fund, you can set up a self-managed superannuation fund (SMSF) to buy a property.
To find the best no deposit home loan option for your situation, speak with one of our specialist mortgage brokers by calling on 1300 889 743 or fill in our free assessment form.
When going with a no deposit home loan, consider the following drawbacks:
You have to meet stricter lending criteria than if you had a deposit
Some lenders charge a higher interest rate for no deposit loans, although this is not the case with all lenders.
Since you’ll be borrowing a higher amount, your regular mortgage repayments will also be higher.
You’re not exempt from all bank fees and may still need extra funds to cover application fees, lender fees, legal fees and valuation fees.
We’re specialists in no deposit and guarantor home loans.
Speak with one of our experienced mortgage brokers today by calling us on 1300 889 743 or fill in our free assessment form.