All Topics / Help Needed! / 1st loan no deposit is it possible

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  • Profile photo of mickyb08mickyb08
    Member
    @mickyb08
    Join Date: 2009
    Post Count: 1

    Hi,

    My wife and I are both 27 years old and we are about to buy our first property. Recently we have been in a lot of debt from our wedding and a poor business decision. We decided to get a job working in remote indigenous communities to help us pay off our debt. We have paid off about $30,000 in about 6 months and will have the other $10,000 paid off in 6-8 weeks.
    I've been reading and researching property for a long time and the sooner we can get our first IP the better. We are going on holidays down south to where we will buy after christmas, I would love to buy or at least be in a position to buy or make an offer if I find something good. The only problem is we will not have a 20% deposit for around a year, but if their was a way we could get the 20% deposit or get a 100% loan we could start sooner.

    My parents own around 15 properties and I could probably ask them to use the equity in one of their properties and release it as soon as possible. But if their was something I could do to avoid that it would be great.

    So basically my question is, Does anyone know if you can get 100% loans or does anyone have any other ideas how I could still be able to buy a property asap.

    Thank you

    Michael

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Michael

    Firstly welcome to the forum and I hope you enjoy your time with us.

    Regretfully on a standalone basis you wont find any lender offer a 100% loan these days and the odd lender that offers 95% will want to see a minimum of 3% genuine savings. There is the odd exception but you will end up paying for that.

    Unless a parental gift or a family pledge can be used i think you will struggle to get the deal over the line.

    Richard Taylor | Australia's leading private lender

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