WHAT ARE THE DIFFERENT WAYS TO GET INTO MY OWN HOME WITH NO DEPOSIT??
Option 1: Equity in another property
If you already own property with substantial equity, you could use that instead of a deposit!
Option 2: 110% Guarantor loan
This option enables you to borrow up to 110% of the purchase price. No savings needed but your parents must provide a guarantee, secured by a property they own.
Option 3: A Gift
Approximately 60% of First Home Buyers receive help from their parents. If they gift you between 5-20% of the purchase price, some lenders can consider that instead of a genuinely saved deposit, even if you didn’t save it yourself.
Option 4: Personal loan
A lot of lenders don’t like borrowed money (eg. Personal loans) as deposits, but there are a few lenders who will consider this.
But… what if these options don’t work for me?
Give Fiona at M Finance a call on (08) 9523 8414 or 0412411823 so we can give you the best advice for your unique circumstance!
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.
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