No deposit home loans or low deposit home loans
While true no deposit home loans or 100% home loans are now unavailable due to changes in the banks lending criteria, there are some lenders who will recognise 12 months continuous rental repayments as part of the genuine savings requirement.
Low deposit home loans
Lenders have recognised the difficulty that many aspiring home owners experience when searching for now extinct no deposit home loans. Many lenders are now offering low deposit home loans that allow borrowers up to 95 per cent of the purchase price.
The key to finding the right home loan for you, based on your current deposit situation, really comes down to knowing which bank or secure lender provides a home loan solution that can cater to your particular situation.
What do I need to apply for a low/no deposit loan?
The banks assessment criteria on low deposit loans will be stringent as they will be looking closely at your capacity to repay the loan, given the high loan to property value ratio.
- You will need to demonstrate a strong stable income
- Show at least some genuine savings
To work out what assessment criteria apply to you, talk to your local Loan Market mortgage adviser.