Mortgage Broker Perth
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No Deposit Home Loan

WITH interest rates falling rapidly, and more cuts predicted to be on their way, many people are looking to buy a property soon, while rates are low and property prices are steady.

What if you do not have any savings?  No-deposit home loans offer borrowers a chance to purchase a property without the need to put down a deposit.  Instead, you borrow the full amount of the property price.  Because you are borrowing 100% of the purchase value your repayments will be higher.  Plus, the interest rate on your mortgage will be higher than a standard home loan, so you do need to consider whether you can afford the higher repayments.

You will likely be charged Lenders Mortgage Insurance (LMI) when you borrow more than 80% of the property price, which can be as much as $2,000, so these extra costs need to be factored into your budget.

There are also 110% mortgages available, which covers you for the extra costs involved, such as legal fees, moving costs and LMI, but obviously borrowing this amount comes with higher interest rates and added risks.

A no-deposit home loan is an attractive option especially to first home buyers, who may not have savings, or to people buying a second home or investment property.  It is a good idea to talk to your mortgage broker about the best type of no-deposit home loans in the market so you can be sure that you are getting a competitive deal.

Call us today on to talk to a mortgage advisor in your local area.
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Low Interest Rate Home Loans

Simple, hassle-free home loans with the lowest interest rates available.

Debt Consolidation

Reduce monthly commitments and get on top of your finances with debt consolidation strategies.

Refinancing

Don't get stuck paying too much. Help on how to refinance your home loan.

Low Doc Home Loans

Full featured home loans now available as low documentation loans.

Line of Credit - Equity Release

Take some money out of your mortgage for renovations, starting a business, buying a car or that dream holiday.

What makes your Perth Broker different.

Exactly why you should talk to a Perth mortgage broker before visiting your bank.