Genuine No Deposit Home Loans - Borrow up to 100% of the Purchase Price of a Residential Property
Most people are surprised to learn that they can borrow 100% of the purchase price (subject to valuation) of a residential property. For years their parents and friends have been urging them to save for a deposit, but it's hard to save for a deposit and pay rent as well. The good news is that genuine no deposit loans are now available Australia wide and in most cases there is no interest rate penalty! (Beware; some lenders are advertising 100% loans but in fact, require 3% genuine savings, or charge an extra 4.5% in mortgage insurance). So now it's much easier to get out of the rent rut and start paying off your own home instead of the landlord's.
The great advantage of a No Deposit home loan is that you can get into your own home NOW!. If the market is moving ahead at 10%p.a, a $300,000 prpoerty will cost you at least $360000 in 2 years time. If it takes you 2 years to save a $20000 deposit you will be behind by $60000, plus two years rent ($25000).
For Investors, the advantage of borrowing ALL of the purchase price plus fees is that you dont have to cross colateralize your properties and you get bigger tax deductions.
Compare 100% lenders (see table below)
- No genuine savings required.
- NEW 100% loans for First Home Buyers now available in any post code in Australia.
- Owner occupied or investment
- PAYG or self employed
- No interest rate loading for 100% no deposit home loans
Available in all metro areas and most larger regional centres across Australia.
- Good credit history essential (One lender will consider up to $1000 in paid defaults)
Compare No Deposit Lenders (We only list genuine no deposit lenders)
|
Lender
|
Max LVR %
|
Mortgage Insurance %
|
App Fee
|
Investment
|
Construction
|
Land Purchase
|
Refinance
|
|
A
|
100
|
2.4 - 3.4
|
$600
|
no
|
yes
|
no
|
no
|
|
B
|
100
|
2.1 - 3.2
|
$850
|
yes
|
yes
|
yes
|
no
|
|
C
|
100
|
from 2.02
|
$499
|
no
|
no
|
no
|
no
|
|
D
|
100
|
from 2.4
|
$0-$600
|
no
|
yes
|
no
|
no
|
Please contact us for interest rates for each of the above lenders.
ABC Mortgages is one of the top NO DEPOSIT Mortgage brokers in Australia and have probably written more Genuine No Deposit Home Loans than any other brokerage in Australia. We take great delight in ruining a landlords day by relocating their tenants into their own homes. Why pay someone else's mortgage when it is now so easy to get into your own home without any savings.
For a FREE phone quote to find out your No Deposit borrowing power just fill in the contact form above or call us on 1300 TACKLE to find out just how easy it is.
To find out how you can gain a HUGE advantage in negotiating power and save thousands when purchasing a home in Australia with our no deposit home loans go to our The Power of Pre-Approvals page.