No Deposit Home Loan

Submitted by Anonymous (not verified) on Wed, 08/26/2009 - 16:22

No Deposit home loans have become unavailable in Australia in 2009

Home purchasers and investors alike are now able to choose from a wide range of no deposit home loan options available from most banks and lenders.

NSW First Home Buyer 100% No Deposit Example

Property purchase price

= $300,000

Costs for this purchase = $2,700
Maximum loan size = $300,000
Loan to Value Ratio =100 percent
Mortgage Insurance =$7,800
First Home Owners Grant =$7,000
Total Required =$310,500
Total Available =$307,000
Extra cash required =$3,500

Please note: All figures are approximate only

Another option for a no deposit purchase is shown in theĀ equity guarantor table

NSW Buyer 105% No Deposit Example

Property purchase price

= $300,000

Costs for this purchase = $1,500
Maximum loan size = $315,000
Loan to Value Ratio =105 percent
Mortgage Insurance =$9,500
NSW Stamp Duty =$10,191
Total Required =$321191
Total Available =$315000
Extra cash required =$6,191

Please note: All figures are approximate only

105% no deposit home loans are unavailable at present.

NSW Buyer 106% No Deposit Example*

Property purchase price

= $300,000

Costs for this purchase = $1,500
Maximum loan size = $318,000
Loan to Value Ratio =106 percent
Mortgage Insurance =$8,200
NSW Stamp Duty =$10,211
Total Required =$319911
Total Available =$318000
Extra cash required =$1,911

Please note: All figures are approximate only

106% no deposit home loans are unavailable at present.