No Deposit Home Loans - Questions and Answers

News & Views - No Deposit Home Loans On Line

100% No Deposit Home Loans - Q&A
When it come to the 100% No Deposit Home Loans, our clients have many questions that need answering, whether they are First home Owners, Investors or entering the Property Market.

In this section of the site we address a number of question and conserns.
More on No Deposit Home Loans

Main benefit of this type of loan
The main benefit of this type of loan is that you don't need genuine savings as long as you have funds to complete the transaction at settlement.

The additional funds to complete the settlement can be made up of the Deposit Gap Loan, a gift or tapping into the equity of current property.

You can also consider fixing your loan at competitive rates.
It is worth considering a No Deposit Home Loan

 

 

 

 

 

 

 

 

 

 

 

No Deposit Home Loans - Questions and Answers

To help answer some of the questions you may already have about no deposit home loans and other information within this section we have compiled a Q & A section. This will help in providing some useful information about no deposit home loans and will help you understand how the products work and what they can be used for.

As always we invite you to contact us if there are any other questions you have or you'd simply prefer to speak to one of our home loan consultants.

Can first home buyers use the 100% no deposit home loan Can I use a no deposit home loan even if I'm a first home buyer?
Yes, first home owners can Yes, no deposit home loans were originally introduce to assist first home buyers
I'm an existing home owner, can I use a no deposit home loan for my next purchase? I'm an existing home owner, can I use a no deposit home loan for my next purchase?
Yes you can, no deposit home loan can help existing home owners and first home buyers Yes you can, no deposit home loan can help existing home owners and first home buyers
I want to invest in property but don't quite have the funds for the deposit and costs, can I use a no deposit home loan to buy an investment property? I want to invest in property but don't quite have the funds for the deposit and costs, can I use a no deposit home loan to buy an investment property?
Yes you can use this home loan for investment purposes Yes you can use this home loan for investment purposes
My family is willing to give me a gift to cover the associated costs of purchase but I don't have a deposit. Can I use a no deposit home loan when a gift is involved? My family is willing to give me a gift to cover the associated costs of purchase but I don't have a deposit. Can I use a no deposit home loan when a gift is involved?
Yes, a non refundable gift can be used in conjunction with a no deposit home loan Yes, a non refundable gift can be used in conjunction with a no deposit home loan
Can I use a deposit gap loan as well as a no deposit home loan to get up to 105% of the purchase price? Can I use a deposit gap loan as well as a no deposit home loan to get up to 100% of the purchase price?
Yes you can, this is exactly what the deposit gap loan is designed for Yes you can, this is exactly what the deposit gap loan is designed for
I'm entitled to the first home owner grant and won't use all of the grant, what happens to the balance of the grant? I'm entitled to the first home owner grant and won't use all of the grant, what happens to the balance of the grant?
If you're in a position where you don't require the full grant to be used, the balance of the grant will be deposited into a nominated bank account upon settlement If you're in a position where you don't require the full grant to be used, the balance of the grant will be deposited into a nominated bank account upon settlement
I'm self employed and want to get a no deposit home loan, can I do this? I'm self employed and want to get a no deposit home loan, can I do this?
Yes you can although the home loan provider requires a full set of financials, such as tax returns and ATO notices to verify your income Yes you can although the home loan provider requires a full set of financials, such as tax returns and ATO notices to verify your income
Can I choose to have a fixed interest rate home loan? Can I choose to have a fixed interest rate home loan?
Yes you can opt for a fixed interest rate with a no deposit home loan Yes you can opt for a fixed interest rate with a no deposit home loan
I want to purchase a property worth 700k, is there a no deposit home loan which will help me do this? I want to purchase a property worth 700k, is there a no deposit home loan which will help me do this?
Yes, there is a no deposit home loan which can extend up to 750k depending on the postcode Yes, there is a no deposit home loan which can extend up to 750k depending on the postcode
Do I have to pay mortgage insurance on a no deposit home loan? Do I have to pay mortgage insurance on a no deposit home loan?
Yes you do, although lenders may name it differently there is generally a charge involved with providing this type of home loan. Yes you do, although lenders may name it differently there is generally a charge involved with providing this type of home loan. A deposit gap loan is ideal for funding this out of pocket expense
I want to buy a unit or a townhouse, will I be allowed to use a no deposit home loan for this? I want to buy a unit or a townhouse, will I be allowed to use a no deposit home loan for this?
Yes, there is flexibility in choosing the type of property you want. Yes, there is flexibility in choosing the type of property you want. The type of property you can purchase is generally governed by its location or in the case of a unit it comes down to the size of the unit as well
I've been in my current job for only 10 months full time, will this be ok when applying for a no deposit home loan? I've been in my current job for only 10 months full time, will this be ok when applying for a no deposit home loan?
There are many factors that a home loan provider takes into account, generally they are looking for stable employment for 2 years but will consider applicants who have moved employers but have been in the same industry for a lengthy period of time There are many factors that a home loan provider takes into account, generally they are looking for stable employment for 2 years but will consider applicants who have moved employers but have been in the same industry for a lengthy period of time
I have a small default on my credit file for a few hundred dollars, can I still apply for a no deposit home loan? I have a small default on my credit file for a few hundred dollars, can I still apply for a no deposit home loan?
Yes you can apply although the lenders providing no deposit home loans will review this on a case by case basis as their preference is for the applicant to have a clean credit history. Yes you can apply although the lenders providing no deposit home loans will review this on a case by case basis as their preference is for the applicant to have a clean credit history.

These are just some of the most common questions our customers have asked, and we hope that these have helped answer some of your questions. In saying that though we are sure there are some questions you have which are not listed here so we invite you to contact us and speak to one of our home loan consultants, alternatively you can contact us to arrange an appointment.

Whatever the purpose of the no deposit home loan our consultants can help so Contact Us via this site to find out more.

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