Are you looking to buy your first house and are struggling to save enough for a deposit? Previously certain lenders offered no deposit home loans which provided borrowers with the ability to obtain a loan for 100% of the purchase price of a new home. However the tightening of borrowing criteria by all major bank and non bank lenders has seen this type of loan product being no longer available in Australia.
In today's market most lenders now require a minimum 5% deposit to be provided to purchase a property and will normally provide a loan of up to 95% of the valuation of the property subject to Lenders Mortgage Insurance being available.
If you have family members who have equity in their property a Family Equity Loan may represent another option that can assist you purchase a house with a low deposit.
At Professional Finance Brokers our home loan specialists have access to a comprehensive panel of lenders and can compare many different low deposit option home loans to find the right loan to reflect your individual circumstances.
So if you are looking for a low deposit home loan or require more information regarding this product just call us on (o7) 3349 9044 or contact us now.