Having nightmares with home loan deposits? Then a no deposit home loan is what you must seek for. With housing prices getting stabilized, there is no better time to purchase a home but now. However, escalating renting and property prices makes it hard to even save up for a deposit. This is the reason why there are some online lenders who permit loans for up to 100 per cent of the property value.
Before no deposit home loans were allowed, home buyers are required to have a minimum of 5 per cent of the home price and its purchase costs. But since a number of loaners are having difficulties with this set-up, no deposit home loans are now allowed and sooner of later, 95% home loans might be a thing of the past.
No Deposit Home Loan
Also, no deposit home loans might make you eligible for the $7,000 one-off, tax-free First Home Owners Grant. You may use this amount to fund your deposit or additional expenses. Better yet, pay a visit to your state’s revenue office to know more about their other home buyer grants.
Yet even though you are totally decided to avail a no deposit home loan, its approval might take longer. For this case, you need to have a loan simulation to determine how much money you can borrow and how much you can afford.
Also, a no deposit home loan entails other purchase costs such as stamp duty and conveyancing. But if you are totally sure of engaging in a no deposit home loan, better contact a reliable home loan consultant as soon as possible. This step will not only save you money and effort but it will also guarantee the best home loan for you.
