What are no deposit home loans?
As the name no deposit home loan suggests it simply means that you do not require a deposit when you are purchasing a property.
In addition to this product you can also apply for a deposit gap loan which can provide up to 5% of the purchase price, what this does is effectively provide you up to 105% of the purchase price.
In turn this may in some cases completely cover the associated costs of purchase such as stamp duty, legal fees and so on.
You can now obtain no deposit home loans for owner occupied or investment purposes so there is a great deal of flexibility available to you.
So whether you're a first home buyer, an investor or buying your next home there is a solution which will suit you, to help highlight the products available we have listed below a variety of no deposit home loans and other relevant information surrounding this type of product:
Key Fetures and Benefits of No Deposit Home Loans
The most important benefit of this type of home loan is that of not requiring a deposit, by not having to save a deposit you are able to purchase your home a lot sooner.
Let's take a look at some other benefits which this type of product can offer:
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No savings needed to obtain a no deposit home loan |
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Choice of a fixed or variable no deposit home loan interest rate |
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Very competitive interest rates for no deposit home loans |
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Redraw facility available on some no deposit home loans |
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Purchase your home sooner with a no deposit home loan |
A variety of no deposit home loans are available from a variety of lending institutions and with such a range on offer we invite you to contact one of our consultants who will be happy to help guide you through the options available.
Standard Variable No Deposit Home Loans
Each of the no deposit home loan providers offers standard variable interest rates.
A standard variable interest rate simply means that the rate can change depending on market conditions and this is predominantly determined by the RBA.
People who choose no deposit home loans generally opt for a fixed interest rate although the option of a variable interest rate is available for those who prefer a variable rate and the ability to make additional home loan repayments at any time and with no limit or potential penalty.
Just contact us and have a chat with one of our consultants to find out more about variable interest rate products.
Fixed Rate No Deposit Home Loans
The most commonly chosen no deposit home loan is a fixed interest rate options as it affords you the security of knowing what your home loan repayments will be for a specified timeframe.
A fixed product simply provides certainty from a repayment point of view as compared to a variable interest product.
Fixed interest periods generally range from 1 to 5 years and some lenders even provide the option to have longer fixed interest period.
To find out more about which fixed rate no deposit home loan suits your needs simply contact one of our consultants who can guide you through the options we have on offer.
100% No Deposit Home Loans
In todays market there a variety of no deposit home loan providers who offer this type of product.
What this means is that all lenders who offer this product are now fighting for your business and the winner in the end is you given the many choices you have.
No deposit home loans which offer 100% lending are a common choice for people who are entitled to the first home buyers grant but are also becoming popular with people who are purchasing their second home.
Whatever the purpose, there is a product which suits your needs so why not contact us and have one of our consultants help you decide which option is right for you.
97/3% No Deposit Home Loans
This is a no deposit home loan with a difference! In essence it is a no deposit home loan although the lender will fund 97% of the purchase price, where the 100% comes in is with regard to mortgage insurance.
How this works is that the lender will fund 97% of the purchase price and is then able to capitalise the mortgage insurance on top of the 97% up to a maximum of 100%.
The benefit to be had here is that the rate charged for mortgage insurance is lower than a pure 100% no deposit home loan as the LVR is lower, mortgage insurance is linked to the LVR so the lower the LVR the lower the premium and this is all based on risk factors as determined by the lender.
To find out more about the no deposit home loan with a difference simply contact us and one of our consultants will assist.
No Deposit Home Loans for Investors
No deposit home loan providers have expanded their product range to include options for investors.
Rather than use your cash and tie it up in the form of a deposit you can choose a this type of product and fund the associated costs though cash or equity in another property if that options is available to you.
No deposit home loans for investors allow you to increase your property portfolio in a shorter timeframe or enter the investment market if you're a first time investor. To find out more about the home loan options for investors simply contact us and one of our consultants will assist.
Which No Deposit Home Loan is right for me?
The number of options available are many and varied so choosing the right one will depend on your needs at the time and this is why we have highlighted a variety of no deposit home loans for you.
The type of home loan or the addition of a deposit gap loan will depend on your financial position and needs; if you're a first home buyer you may be able to cover the associated costs of purchase by way of the grant.
If it's a second home you may have enough funds after the sale to only require a 97% loan.
Whatever the option we invite you to chat to one of our consultants to see which one may suit you best.
How do I get my No Deposit Home Loan?
Simply contact one of our consultants who can help you determine which no deposit home loan suits you best.
AussieWise Finance Group are able to offer you a broad range of no deposit home loan options and have specialist consultants who have assisted hundreds of clients obtain the right product so let us help you by simply contacting us.
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