RateCity
No Deposit Home Loans
No deposit home loans are available from a handful of banks and institutions and allow you to borrow 100% of a property's purchase price. They are handy if you haven't been saving for a home loan deposit, but come with several strings attached, such as:
Having genuine savings in your account is the key to securing home loan approval. Not only will it take the pressure off adjusting to making your mortgage repayments, but it will drastically help you save on interest costs.
NOTE: In 2009's economic climate and in the interests of both consumers and lenders, lending criteria has tightened meaning 100% no deposit home loans are no longer available.
The table below displays low rate variable home loans. To compare more options and features go to our variable mortgages comparison
- Higher interest rates
- You will need to pay lenders mortgage insurance (LMI) between 2-3% because you are borrowing more than 80% of the purchase price
- Lower borrowing amount approved
Having genuine savings in your account is the key to securing home loan approval. Not only will it take the pressure off adjusting to making your mortgage repayments, but it will drastically help you save on interest costs.
NOTE: In 2009's economic climate and in the interests of both consumers and lenders, lending criteria has tightened meaning 100% no deposit home loans are no longer available.
The table below displays low rate variable home loans. To compare more options and features go to our variable mortgages comparison
