Once upon a time you used to be able to borrow 100% of the home loan without any proof of savings! These days, lenders no longer offer no deposit home loans.
There are ways you can get the capital together for the deposit for a home loan though. You just have to get creative and/or get help!
1. Guarantor Loan
A guarantor is a trusted party (usually parents) that provides security to cover any repayments that you fall short on. This provides a guarantee that the lender will recoup their investment. This is one of the easiest ways you can move out of renting and into the housing market. Learn more
2. A Gift
If you have wealthy parents or a rich friend, you can ask for a loan for the full amount. You can also have someone go guarantor to get this loan. Learn more
3. Use A Personal Loan as the Deposit
This is not ideal as it creates a stacking effect where you have many monthly liabilities. It can be viable though if you have a good income but no savings. Learn more
You can use the value of a current property to provide security on the next. This option is for investors that already have property. Learn more
If you have a decent amount in Super you can move it to a self-managed-superfund and then gain access to that money. Learn more
First Home Owners Grant
Of course there’s always the Queensland First Home Owners Grant. You can check your eligibility here.
Get in touch with us today and find out how you can implement these strategies to get into your own home sooner.
DISCLAIMER – The advice provided on this website is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. The information on this website is no substitute for financial advice.