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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 propertya??s purchase price. They are handy if you havena??t been saving for a home loandeposit, but come with several strings attached, such as:

  • 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 2009a??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.

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Related search: Low rate variable mortgages

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This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about home loans from multiple financial institutions. We will try to show you a range of products in response to your request for information. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a home loan , you will deal directly with a financial institution, and not with RateCity.