Wondering if you need savings for a home loan without a deposit? Here are some alternatives to consider:
Family Guarantee – 100% Loan: This is the ultimate zero-deposit home loan option in Australia. A guarantor (usually your parents) can secure the loan with their property, allowing you to borrow 105% of the purchase price with no need for personal savings.
Use Equity As A Deposit: If you have enough equity in your current property, you can skip the savings requirement altogether.
2% Deposit – Get started sooner with 2% of the purchase price + $10k buffer is what you need. Loan is setup as 1st mortgage for 80% and 2nd mortgage for 18% + stamp duty if applicable.
First Home Guarantee: 2% to 5% || A nationwide program enabling first-time buyers to purchase a property with a deposit as low as 5%, without the burden of Lenders Mortgage Insurance.Family Home Guarantee: Designed to support eligible single parents or legal guardians with at least one dependent in their quest to own a home sooner.Shared-Equity Schemes: Consider partnering with an equity provider, which can be a lender or even the government, to invest in the property. They contribute a portion of the purchase price in exchange for a stake in the property.
🏡 Whether you’re buying a home or an investment, it’s advisable to consult an experienced mortgage broker. They can guide you through these options and determine if you qualify for anyof these exciting opportunities. 💼📈
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