Browse Forums Home Finance 1 Jan 29, 2013 3:27 pm Hi, I have just been promoted to a new position and the salary package is 200k+. I have low personal debt and no savings as I only became Permanent Resident in WA in December 2012. I am looking for a No Deposit home loan. Are there any products on the market which cater for my situation. The ideal would be to save over the next six-eight months the required deposit however, I am a little impatient and with developers offering incentives of $7,000 plus the FHOG of $7,000, I was hoping to use this as part of the deposit requirement. Any advice would be appreciated. Re: No Deposit Home Loans 2Jan 29, 2013 10:46 pm Sorry, there isn't anything such as a no deposit home loan for individuals unless a family guarantor is involved. If the above doesn't apply to you, then your best bet is to start saving your deposit. Lenders like to see a minimum of 3 months of what they term genuine savings that amounts up to 5% of the purchase price when applying for a 95% loan. On your salary (assuming you don't go crazy with expenses), it shouldn't take you long to save up. Cheers Tom Re: No Deposit Home Loans 3Jan 29, 2013 10:49 pm Thanks Tom. I was expecting that type of answer however, wanted to see if there was anyway of accelerating the process. It will take us approx 6 months to get the 5% together. I guess we shall start saving then ! Thanks again Re: No Deposit Home Loans 4Mar 08, 2013 9:15 pm Hi there! I am currently going through Homebuyers Centre in VIC. They service WA and VIC only. They have an option called Deposit Assist. You come up with $3000 ($1500 for land deposit and $1500 for house) and they organise a deposit for the rest (subject to meeting eligibility). When you decide to secure land you will have to pay $5000 or so but the developer I am with is fine to accept smaller payments over 3 months. It is worth checking in to. Good luck! Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: No Deposit Home Loans 5Mar 16, 2013 4:45 pm If you have low personal debt & high income then you could go borrow $20k. put it in the bank & add to it as much as you can over next 3 months - this shows 3 months genuine savings - then use this as deposit to apply for finance - later down the track you can add the loan to your mortgage. Not the ideal situation but if you dont want to wait 6-12 months its a good way around it. (Work out what you can afford to borrow - work out repayments on this & then work out diff between what you pay in rent & what your mortgage repayments would be - you need to show the lender you can afford to service the mortgage - so save that difference at least every month). Building with 101 Residential in Falcon. In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4813 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16088 From what I know about water tanks (I've been working with a client on them for a few years now) is this - The concrete can last a lifetime if they don't crack for some… 2 10619 |