No Deposit Home Loan

No deposit home loans are now more accessible than ever and first home buyers, re-purchasers and even investors are all able to access these types of loans.

So what is available

• 97% Lend with Mortgage Insurance capitalised to 100%
• 100% Lend with Mortgage Insurance or fees additional
• 100% Lend without Mortgage Insurance
• 105% Lend with Mortgage Insurance additional
• 105% Lend without Mortgage Insurance
• 106% Lend with fees additional

First home buyers with little or no savings may be eligible for a no deposit home loan if certain criteria is met and no actual deposit will be required. Many first home buyers could also be eligible for the First Home Buyers Grant and in NSW this means that in addition to the $7,000 first home buyers grant, the purchase and mortgage stamp duty is waived which can save over $10,000 on a $300,000 house purchase for example. Some lenders will take into account rent that has been paid in the past or monetary gifts that have been provided to help you to purchase a property. Certain lenders will allow family or even friends to provide a limited guarantee, similar in some ways to a guarantor, which provides extra loan security and can help purchasers with little or no deposit borrow for a home loan. These limited guarantee loans reduce the amount the amount of exposure a guarantor is required to provide while still providing a means of assisting the recipient to purchase a home sooner.

A 100% or higher lend investment property loan is also an attractive alternative for many property investors. Existing security may be used to achieve this or a loan can be obtained that almost covers the actual purchase cost and the ancillary costs such as taxes and legal's.

Where do you get one

Talk to Ability Finance today to determine which products may be available that could meet your needs.
No Deposit Home Loan and Low Deposit home loan options are available from an ever increasing range of banks and other lenders such as ANZ, Carrington Home Loans, Citibank, Collins Securities, Commonwealth, FirstMac, First Permanent Establishment Home Loan, Heritage Building Society, Homeloans Ltd, IMB Building Society, ING Bank, Macquarie Bank, Pepper, RAMS, St George Bank, Suncorp Metway, Violet Home Loans and Westpac Bank.

View a typical no deposit home loan comparison on this page.

Ability Finance are able to maximise your affordable loan requirements and can even offer up to a 106% LVR home loan option which often covers not only the purchase price but capitalises associated costs such as legal fees etc incurred in purchasing your new home into the actual loan amount. Ability Finance can in certain instances offer an alternative to locking parents or guarantors incomes and/or assets into joint borrowings or family pledge type products and eliminate the risk of third parties assets being left vulnerable to a forced a sale scenario.
Ability Finance are committed to assisting younger qualifying home buyers who may not yet enjoy any substantial net asset backing to obtain a home loan earlier than is generally possible.

Our Residential Property Buying Guide may be a useful reference point for no deposit home loan and low deposit home loan first home loan buyers. Ability Finance can provide you with a broker fee free consultation to determine your borrowing capacity, discuss your options, and if you choose, Ability Finance will assist you in applying for a home loan completely free of any additional brokerage fees.

A No Deposit First Home Buyer example

H & D recently moved into their new home with the help of Ability Finance consultant Wes Smith and a 100% LVR No Deposit Home Loan. When the pair initially contacted Wes they were both rather despondent and a little pessimistic about their chances of actually getting any type of home loan within the near future. They banked with a local building society and also had a term deposit of $7000 with a major bank. They had approached the major bank first and were told that their maximum borrowing capacity was approximately $140,000.
There are not a lot of properties available for sale in NSW for $140,000, especially in a major NSW city. They visited the Building Society next where their transaction accounts were established and also a current personal loan for a car. They were advised the maximum figure they could borrow was even less than the amount the bank had suggested and that the personal loan may need to be repaid first.
Wes met with the pair and discussed their options, collected their financial details, calculated their maximum borrowing capacity and checked which lenders would actually consider lending them the amount the required to purchase a home. There were more than a few lenders that would consider lending up to the amounts the pair needed and of these options three lenders offered 100% LVR No Deposit Home Loans.
The First Home Owners Grant covered the majority of the costs that exceeded the 100% loan to property purchase value ratio and through contributing only a few thousand dollars of their own cash up front they are now living in their own home which was recently purchased for $320,000! They have found the loan repayments are at a level where they are able to make extra repayments which will reduce the overall cost and term of the loan considerably.
The same lender supplied them with a low interest rate credit card that was used to consolidate some other small pre-existing debts saving them even more money!
We are sure that after careful analysis of your individual situation and through comparing the available options with the help of Ability Finance, that there will be a home loan offer that meets your needs better than almost any of the others that we currently have available!
Starting the process is easy! Phone Ability Finance and we can take your initial information over the phone prior to an initial appointment.

Additional Offer from Ability Finance

Ability Finance not only provide customers with access and comparisons to more than fifty lenders. All Ability Finance customers now have no cost access to property valuation reports from one of the most extensive databases in Australia for the greater Sydney metropolitan area and New South Wales. Don't make a final offer until you have seen your report! Contact us now for further information.