Low Deposit Home Loan
If the primary applicant has been in the same job for 6 months, and you have saved 3% over at least 3 months then you should be able to achieve competitive interest rates.
No Deposit Home Loan
If the primary applicant has been in the same job for 12 months then we have lenders who require no genuine savings at all. Generally with No Deposit Home Loans there is a mortgage insurance cost of between 2.5 - 3.2% This could have come from savings, other borrowings or you may have received it as a gift from another source such as friends or parents.
No Genuine savings, but with a 10% Gift
If the primary applicant has been in relatively stable employment and can get a 10% deposit from another source such as a gift from parents or friends, we may be able to help you borrow up to $650,000 dependant on the location. We can help clients to do this by using their parents home to raise the necessary 10% gift required.
106% Home Loans
For borrowers who need to borrower 100% plus mortgage insurance and all associated purchase costs there is an option of 106% home loan. These products tend to be at a higher interest rate but do allow you to get into the property market.