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6 ways to borrow with no deposit

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You usually need 5-10% of the purchase price before a bank will approve your mortgage but did you know there are 6 ways to borrow with no deposit?

Published in: Economy & Finance
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6 ways to borrow with no deposit

  1. 1. WaysToBorrow WithNoDeposit 66
  2. 2. Tip: There are lenders who can consolidate your credit card debts. With your parents acting as the guarantor for your home loan, you can borrow up to 110% of the property price. 1. Guarantor loan
  3. 3. Did you know? Around 60% of first home buyers receive help from their parents when buying their first home. Some lenders accept gifts from your parents or close relatives as a deposit. 2. A gifted deposit
  4. 4. Tip: You can calculate your equity by deducting your loan amount from the estimated value of your home. This is where you sign an agreement to sell your current property in case you can’t make your mortgage repayments. 3. Equity from another property
  5. 5. Tip: You usually need to have a good income to get approved. You can take out a personal loan to use as a deposit for your home loan. 4. Personal loan as a deposit
  6. 6. Tip: The property that you're buying must be for investment purposes. You can borrow up to 80% of property value if you have over $100,000 in superannuation. 5. Your SMSF
  7. 7. Tip: You must have at least 2% of the property price as a deposit. You can ask the seller of the property or an independent private investor to help you finance your deposit. 6. Vendor finance
  8. 8. In case you can’t use these options, you can: Save your cash: By cutting expenses and saving at least 5% of the purchase price as a deposit, you’ll be in a strong position to qualify for a home loan. Don’t change jobs: Lenders usually want borrowers to be in a stable employment position and have at least two years work history in the same line of work. Pay your debts: Reducing your debts can help improve your borrowing power and can increase your chances of getting approved.
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