What is the TRUTH about no deposit home loans, are there catches? are their specific restrictions? What financial outlays are there with start up costs, etc? Do you still need to pay stamp duty, etc?
Look forward to your “honest” and indepth replies!!!No deposit finance,
Higher interest rates apply, you are required to contribute the cost of LMI, LEF or Mortgage Risk fees including closing costs, stamp duty etc,
106% finance is also available to help cover closing costs; higher rates and higher deferred establishment fees apply.95% finance is available and certain lenders will capitalize the LMI up to 97% LVR
90% non-genuine savings products are also available if you have a borrowed or gift deposit. Cheers.
Steven Crane
Interest Free Home Loan Agent
[email protected]
Phone: 0402 483 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
A lot of no deposit home loan packages (e.g, Devine) are also located in lower SES areas.
St George offers no deposit home loans at fixed rates. You can get a 3 year fixed at 6.95%. You pay a 2.5% Loan Extension Fee (2.5% of the purchase price) it equates to be around what you’d pay in mortgage insurance anyway. High payout penalties to discharge within 3 years. It’s a good product if you can qualify for it.
Stamp duty charges are completely irrelevant to what sort of home loan you get. For exemptions see the Office of State Revenue website or state your purchase price, State of purchase and whether you are a first home buyer or not.
Liz
Mortgage Lender
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