Get onto the property ladder fast by avoiding the time required to save for a deposit. We can navigate you to several Zero or No Deposit, Low Deposit Options available and help you become a property owner a lot sooner. Some options are explained below:
No deposit home loans or guarantor home loan is one in which a guarantor provides a guarantee for your home loan, which is secured against their home or property. These types of home loans can enable you to borrow up to 105% of your total home purchase price. Most frequently it is the parents that act as guarantors, but other family relationships may qualify as guarantors too.
If you own another property which has plenty of equity, you can potentially borrow 100% on a new property you want to purchase either for investment or for you to live in.
This is known as an 'equity guarantee'. The guarantors will provide information about themselves and the property they wish to use as security. Their income is not tested as the loan is taken up by the applicants who are purchasing the property, but lenders will ask questions to confirm that they are legally comfortable in providing the guarantee.
Home Guarantee Scheme - The Home Guarantee Scheme (formerly known as First Home Loan Deposit Scheme) is a nation-wide program to help first home buyers with a little deposit to purchase a property without having to pay Lenders Mortgage Insurance.
Shared-Equity Option - A shared-equity is an arrangement when an equity partner acts as both the lender and investor in a property. The partner contributes a portion of the purchase price of the property in exchange for an equitable interest in the property. Some of these programs are available to Permanent Residents, Australian Citizens. You do not have a requirement of 5% Genuine Savings and could buy a property with Zero Deposit/no savings.
As your specialist ZERO deposit broker, we are here to help!
Contact us on 0434 993 699 or 1300 346 562 and we will assess your situation to see if you can qualify for one of the No/Low Deposit Loan.