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When it comes to no deposit mortgages there are a great number of mortgage providers who offer this product and AussieWise Finance Group has access to all of them.
A no deposit mortgage allows you to purchase a property without the need for a deposit as compared to traditional products which require approximately 5% deposit.
What this allows you to do is lower your out of pocket expenses and get into your own home sooner.
This type of mortgage is popular with first home buyers and when combined with the grant is sometimes enough to cover all of the associated costs so you have no out of pocket expense.
No deposit mortgages can be used for owner occupied or investment purposes, so you are not limited to buying your own home.
It should be noted that with the Credit Issues being experienced Globally, Lenders know require applicants to show 5% genuine savings for any loans that are above 85% Loan to Value. Although Lending institutions will still consider applicants under a no deposit scenario, it is of utmost importance that you can demonstrate a 5% savings pattern over a 6 month period.
For further information we recommend, prior to any purchase that you obtain a pre-approval, ensuring that the Lender of choice is comfortable in providing you with the finance to purchase your First Home.
You can contact us for more clarification.
Our consultants can certainly help you find the right product for your needs, to help you understand no deposit mortgages even more we have highlighted the various types available below:
100% No Deposit Mortgage
Most mortgage providers offer the 100% no deposit mortgage and it is the most widely chosen product.
As there are a number of lending institutions who offer this product there are also a number of options you can choose from.
Each lending institution offers different features and benefits such as fixed interest rates, a redraw facility, different mortgage limits, and no monthly fees and so on.
AussieWise Finance Group specialise in no deposit mortgages and have helped hundreds of people get into their home or buy an investment property so why not contact us and a consultant can help guide you towards the most suitable option for your needs.
90/3% No Deposit Mortgages
This no deposit mortgage is a one with a twist. How this works is that the lending institution provides up to 90% of the purchase price of the property with the ability to capitalise mortgage insurance.
Here is an example to help explain this product further, to keep it simple lets say you purchase a property for 100k, the lending institution would fund 97k and absorb mortgage insurance up to 100k therefore providing you with a fully funded loan.
The difference between the 90/3% product and a traditional 100% product is that the no deposit mortgage would fund the entire purchase price but you would then have to fund the mortgage insurance component out of pocket.
The benefit of the 90/3% product is that because the LVR is lower the mortgage insurance premium is lower as well.
For example a 90/3% mortgage insurance premiums may be 2.70% versus a 95% product being on average 3.25%.
To find out more about this particular product with just contact us and our consultants will help you understand how this option may benefit you.
Fixed No Deposit Mortgage
Fixing the interest rate on your no deposit mortgage is becoming more common with the interest rate fluctuations over the last few years and most lending institutions offer you the choice of fixing the interest rate.
Primarily the reason that people fix their interest rate is to have certainty in their repayments over a period of time.
This allows them to budget around their mortgage and also takes away the stress of interest rate increases which would impact their repayments and potentially their lifestyle.
We have a number of fixed products on offer and one of our consultants can help you find the right product for your needs. Simply contact us to find out more.
Standard Variable No Deposit Mortgage
A no deposit mortgage can come with a standard variable interest rate, this means that the interest rate is subject to change depending on market conditions and this could be positive or negative.
Although the features and benefits of a no deposit mortgage are still available within a standard variable product there is another key feature as compared to a fixed interest rate, and that is that you are able to make additional repayments at any time without penalty and the amount you pay is not limited.
To find out more about standard variable products just contact us and a consultant will be able to answer your questions.
No Deposit Mortgages for Investors
When it comes to investing a common goal is to minimise out of pocket expenses and a great way to achieve this is to use a no deposit mortgage for investors.
This way you can choose to use this product and only pay for the associated costs of purchase. AussieWise Finance Group specialises in no deposit mortgages and have assisted many investors achieve their goals.
If you're an investor and are interested in a no deposit mortgage simply contact us and our consutlants will help you choose the most suitable product for your needs.
No Deposit Mortgages Key Benefits
How can a no deposit mortgage benefit me? Well instead of just asking yourself the question why not have a read below of just some of the benefits that a no deposit mortgage may provide you:
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A no deposit mortgage can lessen or even eliminate your out of pocket expenses |
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First Home Buyers who choose a no deposit mortgage may even have some or all of their grant back in their pocket on settlement |
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No deposit mortgages allow you to enter the property market sooner instead of saving for years to muster up a deposit |
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Investors can even use no deposit mortgages |
There are a number of benefits that this product can offer you and also a greater variety of lending institutions so when you choose a no deposit mortgage from AussieWise Finance Group rest assured that you will be provided with the most suitable product based on your needs.
Contact us and a consultant will be able to assist.
Which No Deposit Mortgage is right for me?
As you can see there are a number of no deposit mortgages you can choose from and our consultants are happy to help. Below are some of the things to consider:
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What is your timeframe to get into your own home or invest? |
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Do you have some cash resources to help cover associated costs or would a 100% no deposit mortgage be the choice? |
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What are you comfortable in repaying per month so you can still maintain a no deposit mortgage and a lifestyle? |
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Are you more comfortable with a fixed rate no deposit mortgage so have certainty in your repayments? |
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Would a 97/3% no deposit mortgage be more cost effective from a mortgage insurance point of view? |
These are just of the questions you should ask and if you're unsure then just contact us and our no consultants will help answer these questions and more.
Whats my next step to get my No Deposit Mortgage?
The next step is to contact AussieWise Finance Group and have a chat to one of our consultants who can help you choose the most suitable product from a wide range of lenders with an even wider range of products.
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