Good Information Articles

No Deposit Home Loan

A no deposit home loan is now available in Australia to assist new home buyers priced out of the market through the difficulty of saving an adequate deposit. The old standard was that you had to save at least 5per cent of the purchase price, plus have more to pay for the other costs like legal fees, Bank, and Government charges.

Not any more. Banks and lenders have come to the aid of these struggling borrowers with a raft of new products including a no deposit home loan.

The no deposit home loan needs to be explained in a little more detail however, before you get too excited. The fact remains that you will probably still have to have some savings, but with the assistance of the First Home Owners Grant, it all becomes much easier.

Let?s take some examples. Say you are looking to buy a home valued at $400,000 or $300000. Now, for borrowers wanting to borrow the maximum 100%, the costs would be as follows. Please bear in mind that Stamp Duties vary from State to State and the following applies to Queensland first home buyers only. All figures are approximate and have been rounded, and not to be interpreted as a binding quote or advice:

Purchase Price $400000 Purchase Stamp Duty $ 2800 Legals (approx) $ 1500 Mortgage Stamp Duty $ 1271 Lenders Mortgage Insurance $ 10545 Govt Transfers $ 634 Registration fees $ 112 TOTAL $416862

OR

Purchase Price $300000 Purchase Stamp Duty $ NIL Legals (approx) $ 1500 Mortgage Stamp Duty $ 860 Lenders Mortgage Insurance $ 6126 Govt Transfers $ 396 Registration fees $ 112 TOTAL $308994

So, the ?real? price you pay for your new $400000 home is actually closer to $416900. So where will your money come from?

The no deposit home loan means the bank will advance you $400,000. The First Home Owners Grant will give you $7000 which means you will have to find about $10,000 of your own money. Some people choose to borrow this from parents, family or as a personal bank loan.

In the case of a $300000 purchase, the figures are different. In this scenario, the ?real? cost is $309000. With a no deposit home loan of $300000 and the First Home Owners Grant of $7000, you will only have to save $2000.

After you have taken care of the cash side all that?s left is to satisfy the bank that you can repay the loan and away you go!

Remember that each bank has their own special criteria for assessing loans and you can expect to find wide variance in how much they will lend you. You need access to special software to get the comparisons right, and to make sure you get the loan options you require to suit your personal circumstances.

Michael Haydon owns No Deposit Home Loans Australia He also offers free information and latest tips on how to reduce application fees, negotiate a better rate, and how to pay off your loan sooner.

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