Don’t Wait – a Mortgage Broker is able to offer lending options for those with a small deposit.
No Deposit Shared Equity loans are coming – currently there are 2.2% deposit loans for First Home Owners – 110% loans via Family Guarantee or SMSF – 99% loans needing 5% deposit – No Stamp Duty and No LMI schemes from the state and federal governments.
Do You Qualify to buy a home under any of these policies:-
1. 100% No Deposit – Family Guarantee – Family member secures 20% of the purchase so no LMI and you get started with no deposit needed.
2. 98% Home loans – some lenders offer 95% loans + capitalise the LMI – so only need 5% for loans that don’t qualify for LMI waivers
3. 95% Home Loans – lower interest rate than 98% for those with higher deposit.
4. 2.2% fee and 100% home loan finance. Low deposit high income ? Split 80% 30 year and 20% 15 year loans to get your started.
5. $0 No Stamp Duty – Nil to $650k and sliding scale to $800k for FHO (NSW) – other states support new homes only
6. 5% Deposit FHLD No LMI – service loan 95% – https://www.nhfic.gov.au/support-buy-home – limited places – available for pre-approval and purchase
7. NSW FHO Equity Share – 30-40% equity via the NSW Government to $1M – you pay off as income increases — Income needed is less to get started. Conditions like single parent – older than 50 – income and purchase $ restrictions etc https://www.nsw.gov.au/housing-and-construction/shared-equity
8. Rentvesting – start by buying an investment property using negative gearing and rental income to afford and borrower more. Borrow P&I or IO to conserve cashflow.
Have a read and see if any of these apply and lets chat.
#GLOSSARY – Finance Dictionary
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