NO DEPOSIT HOME LOANS for 1st Home Buyers.
Some lenders will now allow you to borrow up to 100% of the purchase price of some properties in certain postcodes. This means that in some instances you will not need any deposit at all when purchasing a Home or Unit, if you are a 1st Home Buyer.
The lenders usually require that you have had a stable work history & have been employed in the same role for the past 2 years for this type of loan. This does not mean that you have to have been with the same employer for 2yrs. It means that you have to have been in the same "Role" for 2yrs (i.e Administration role 2yrs. or Carpentry Role for 2yrs. etc.) The lenders also requires that you have a clean credit history. (No defaults on your past loans)
If you are a First Home Buyer and you are purchasing an established property, up to a value of $200 000. Then the $7000 "First Home Owners Grant" (F.H.O.G) will cover all of the set up costs including the deposit.
If you intend on purchasing a property valued over $200000. Then you may need to inject some of your own funds on top of the $7000 First Home Owners Grant from your own pocket. (There are some examples shown below of the extra funds that are required by you on top of the F.H.O.G for purchases over $230000. The examples also show the refunds you would receive if you purchase property under $200000).
The extra funds needed for the set up costs for purchases above $200000 can come from a number of non genuinely saved sources such as a gift from a family member or from a Tax return etc. And in some instances some banks will even allow you to borrow the extra funds needed for the set up costs as long as your income will service all of your commitments.
The purposes for which you can borrow up to 100% of the purchase price of a property can be for Investment or for Owner Occupancy.( Note : No Deposit Home loans are usually restricted to certain postcodes within a 20 Klm radius of the Cairns C.B.D or of most other large cities or Metropolitan areas.)
If you are interested in finding out whether you qualify for a No Deposit Home Loan. Then you can either phone or email your details to Cairns Loan Brokers by clicking on the tab to the left of this screen entitled "Enquiry Form". A Consultant from Cairns Loan Brokers will be able to give you a verbal qualification or Pre-Approval based on the banks lending assessment criteria from your details within 10 mins.
The examples below show the funds that you will require or you will be rebated after the First Home Owner Grant has been taken into consideration for the purchase of residential owner occupied property. These figures only apply if you are a 1st home buyer.
Purchase Price Extra Funds Required Approx. Weekly Payments
On top of the $7000 (F.H.O.G)
$140000 Approx $1300 refund at settlement $225 p/w
$150000 $1355 refund $240 p/w
$160000 $1155 refund $256 p/w
$170000 $955 refund $272 p/w
$180000 $755 refund $288 p/w
$190000 $530 refund $304 p/w
$200000 $210 refund $320 p/w
$210000 $ 20 Needed by You $336 p/w
$220000 $ 240 " " $352 p/w
$230000 $ 470 " " $368 p/w
$240000 $ 690 " " $384 p/w
$250000 $ 910 " " $399 p/w
$260000 $1280 " " $415 p/w
$270000 $1450 " " $432 p/w
$280000 $1900 " " $448 p/w
$290000 $2400 " " $464 p/w
$300000 $2830 " " $480 p/w
* Payments are based on a 30yr Loan Term @ 7.4 % Variable Rate.
The examples above take into consideration the stamp duty rebates for 1st home buyer. Effective 17 / 11 / 2006.
The figures shown above take into account the costs for the following services:
- Your Solicitors fees of approx - $400
- Property Searches - $350
- Application fees of approx $600 which includes a valuation Fee.
- 1 x Valuation
- Registration Fees and Transfer of Title Fees
- Mortgage Insurance (Which is needed by all borrowers that do not have at least 20% deposit)
- Building & Pest Inspection*
- Council Water Rates Adjustment - $750
*A Building & Pest inspection is not required by the bank, but will give you peace of mind knowing that you have purchased a sound building.
If you would like to know whether you are eligible to purchase a property with No Deposit, and you would also like to know what the maximum amount of money that the banks will lend you based on your current income & employment history.Please complete our Enquiry Form for a Fast, Free Assessment by a Fully Qualified MIAA Mortgage Consultant.
Disclaimer: The Figures above are only estimations and should not be relied upon before signing a contract. Please talk to your preferred Mortgage Broker or solicitor to find out the exact Fees & Charges at the time of purchase. Terms & Conditions apply. Interest rates, fees & charges can change at any time.
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