No Deposit? No worries!

In the market for a first home, an upgrade or investment property but don't have enough money for a deposit? Then this great loan could be just what you've been looking for.

The "No Deposit Home Loan" has been designed for people who receive a steady income but have little equity or savings. This innovative product allows customers to borrow up to 100% of the purchase price or valuation of their new home.

Launched by one of the major Banks, this style of home loan provides a great opportunity for our clients who do not have the minimum 5% deposit required for other home loan products.

Following is an example of how your initial contribution of $1,600 only can get you into your very own home!

This calculation based on the purchase of an established home in Victoria by a first home buyer, is a good example:

 

FUNDS REQUIRED	AMOUNT	FUNDS AVAILABLE	AMOUNT
House purchase price	250,000	Loan amount	250,000
Stamp Duty	9,310	First Home Owner's Grant	7,000
Title Registration fee	728	Vic State Govt Grant	3,000
Mortgage Registration fee	77
Bank fees	850
Your Conveyancing costs	635	Your contribution	1,600
TOTAL REQUIRED	$261,600	TOTAL AVAILABLE	$261,600

 

In the case of a House & Land package you wouldn't require any upfront contribution as the Government Stamp Duties would be a lot less.

A fully featured home loan that meets the market need for customers who have good cash flow but low equity.

Target market
Borrower profiles show good income but little equity / savings. They will include:

• First home buyers
• People who have been divorced and wish to re-establish themselves, and
• Investors wishing to maximise tax deductions,
• New Australian residents with strong incomes

Key benefits
Provides customers with an option to buy a new or established property with NO Deposit.

No Lender's Mortgage Insurance required

Choice of fixed or variable rates, or a combination of both.

Redraw facility (on principal and interest variable rate loans)

Interest Only or Principal and Interest repayments types available

Borrow Up To
Maximum 100% of property value

Loan amount
Minimum: $50,000
Maximum: $750,000

Repayment Type Loan Term
Principal and Interest: 1-30 years
Interest Only: 1-15 years

At the end of the Interest Only repayment period the repayments automatically change to Principal and Interest for the remainder of the contract term.

Repayments
Weekly, fortnightly and monthly frequencies allowed on Principal and Interest loans.
Monthly frequency only for Interest Only repayments.

Available for
Both new and established housing

Owner Occupied and Investor

House and Land packages

Construction

Strata Units and Townhouses

Vacant land (restrictions apply)

Genuine savings
Not required

FOR MORE INFORMATION PLEASE CALL 1300 732 630