You need to buy a home but do not have a deposit at the bank or you do not have the savings. Do you find it hard to own a new home without money? No, in Australia there are many financial companies, credit unions provide no deposit home loans. Let’s see the characteristics of these loans right below.
Info Credit Free has provided detailed information on the various types of loans in Australia in previous writings such as short-term loans in Australia, unsecured personal loan in Australia payday loans in Australia… If you are interested in one of these loans to solve your financial problems, you can read the full article link Payday loans in Australia, Unsecured personal loan in Australia, Short-term loans in Australia. Today, let see about the no deposit home loans.
NO DEPOSIT HOME LOANS
This article includes four parts about the home loans without deposit in Australia, which are: “What are the no deposit home loans?”, “How to get the no deposit home loans?”, “The interest of the no deposit home loans” and “The advantages and disadvantages of the no deposit home loans”.
1. What are the no deposit home loans?
People who don’t have access to a significant amount of money, or haven’t had the time to save for a deposit, may benefit from the no deposit home loans. The no deposit home loans may be suitable for:
- Young couples
- First time home buyers
- Newly divorced or separated individuals
- Individuals with limited income
- Individuals with their money tied up in investments
A wide variety of bank and non-bank lenders offer no deposit finance helping people who want to get a home:
- Homeside Lending
- St. George Bank
2. How to get the no deposit home loans?
Customers who need to borrow money to buy a home when no deposit can get a loan in two ways: directly to banks, lenders or access to the online loan application.
2.1. Directly to banks, lenders
With this traditional way of borrowing, customers only need to visit banks, credit institutions and follow the advice of loan counselors. The customer will fill in the loan statement provided by the lender and then follow the procedure that they provide. This way you will know more about loan information, from fees, interest rates or late payments.
2.2. Access to the online loan application
- Step 1: Chose the purpose use the loans.
- Step 2: Provide your contact details and a broker will get back to you shortly: Full name, Contact number, Email Address.
- Step 3: How much are you planning to buy a property for?
- Step 4: How much do you need to borrow?
- Step 5: Are you an existing Home Loan Experts customer? Yes or No?
- Step 6: Can you afford to make repayments of $272 – $307 per month?
- Step 7: Do you have funds for the deposit? No?
3. The interest of the no deposit home loans
No deposit home loans with the help of a guarantor are available with almost all loan features including:
- Professional package discounts
- Waived application, valuation and monthly fees
- Fixed rates (1 year, 3 years, 5 years, 10 years and 15 years)
- 100% offset accounts
- Unlimited extra repayments (variable rate loans only)
- Redraw facilities
- Interest only repayments (up to 15 years)
- Weekly, fortnightly or monthly repayments
- Vacant land, building or construction loans
4. The advantages and disadvantages of the no deposit home loans
4.1. The advantages of the no deposit home loans
- People can borrow up to 100% of the home’s value
- Available to customers who are limited in finance options with other lenders
- Also available to first-time customers who take advantage of the no deposit home loans
- In some states, taxes and duties may be waived when they complete the application
- Eliminate a portion of the upfront expenses so buyers can get into their new homes faster.
4.2. The disadvantages of the no deposit home loans
- The higher interest rate for the loan.
- Lender’s insurance is costly
- Not exempt from many traditional loan application fees
- Higher repayment installments
Now, with the development of the economy in Australia, financial services are developing, lenders offering a wide variety of loans include Home loan rates in Australia, Aussie home loans, Fast cash loans… If you are looking for a loan in order to get a new home in Australia, you can click to links Home loan rate at Australia or Aussie home loans.
Hillary (Team Content) – Info Credit Free