No Deposit Home Loans
With house prices rising, it is getting harder and harder to save the standard 20% deposit required by most banks. Fortunately there are other lenders in the market who are willing to help you with no deposit home loans.
To qualify for a no deposit home loan, a family member needs to go guarantor on your behalf.
Your guarantor must have equity in another property and be willing to allow the property to be used as additional security for the no deposit home loan.
By having a guarantor, you also avoid paying Lenders Mortgage Insurance which can save you thousands of dollars.
Once you have achieved 20% equity in your property, you can apply to your lender to release the guarantor. You build up equity in your property by reducing the balance of your loan, and by the property increasing in value over time.
You may also be interested in House and Land Packages in Perth
How do I get a no deposit home loan?
