No Deposit Home Loans – Mortgages: How To Borrow 100% #unsecured #personal #loan

#home loans australia

No Deposit Home Loans

The days of borrowing 100% of the purchase price without any proof of savings are gone. Unfortunately, due to the global financial crisis, there are no lenders able to fund these types of loans.

However, you can still get approved for a 100% loan, subject to suitability, if you get a little creative or if you have help from your parents!

Option 2: A gift

  • Approximately 60% of first home buyers receive help from their parents
  • Can your parents gift you 5% to 15% of the purchase price?
  • Some lenders can consider your loan even if you didn t save the deposit yourself

You can read more about this option on our no genuine savings page.

Option 3: Personal loan as a deposit

  • Do you have a small 3% to 5% deposit?
  • Do you have a very high income?
  • You must have no debt or at least a small amount of debt such as car loans or credit cards to qualify.
  • You must have a clear credit history.
  • You can borrow up to 95% of the purchase price plus a personal loan.

This isn t suitable for all people. We recommend that you talk to your parents about a guarantor loan before you consider this option.

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