While the option to purchase a home without having to deposit any savings is still strongly demanded – the no-deposit home loan has long been consigned to the mortgage museum. Generally, lenders won’t lend more than 95% of a property purchase.
The reality is that even when the loan existed , it always came with additional conditions and costs including expensive Lenders Mortgage Insurance (LMI).
Often, consumers don’t realize the long term benefits of putting down an upfront deposit.
Typically a borrower can save thousands in both interest rates and insurance premiums by putting down a deposit on their home loan.
Another typical myth regarding no-deposit loans was that they didn’t require additional funds to complete the settlement.. Additional home loan purchase costs such as legal fees, property inspection and stamp duty still had to be met.
Today there are a number of low deposit options in the market but they come with different costs and conditions.
A Loan Market mortgage broker can talk to you about a variety of low deposit home loan options and explain the features they carry.
For more information, please contact:
Lindy Kelly
Sunshine Coast Loan Market Mortgage Broker
Ph: 0421 054 432
Ray White Maroochydore’s inaugural auction event held at The Altitude Nine Function Centre marked a significant achievement in the local real estate market, drawing an impressive gathering of more than 150 people plus almost 400 online market watchers. Demonstrating the strength of the property market, the event booked an outstanding … Read more
Today marks a momentous day for Ray White Buderim, as owner of 25 years, Brett Graham, hands the baton to new leaders Dan Sowden and Jake Loiero. Established in 1999, Ray White Buderim has grown to be a well respected brand within the Sunshine Coast real estate industry. Fast forward … Read more