Home Loans, Gordon, ACT 2906
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Open until 5:00pm
Financing Your Dream Is What We Do Best
7 Iredale Pl, Gordon, ACT, 2906
Legal ID: Darryl Woodward-Credit Representative No.398907; Home Loans Canberra-Credit Representative No.490522
Mortgage Brokers, Calwell, ACT 2905
Open by appt
Access To Many Lending Institutes Including Major Banks
Legal ID: Australian Credit Licence Number 368172
Banks & Financial Institutions, Calwell, ACT 2905
For many, saving up for a deposit can be enormously daunting. As housing prices continue to climb year after year, many potential homeowners look at low deposit home loans to access the real estate market. Here’s what you need to know about low deposit loans.
Low deposit home loans are offered by some banks and lenders, offering loans with only a 5-15% deposit. For example, with a $500,000 home, a 90% loan to value ratio means the buyer pays $50,000 and the bank pays $450,000. This means fewer savings needed to purchase a house (negating future interest repayments).
Of course, with this accessibility comes a few negatives. These home mortgage loans are considered high risk by the lender, so they will scrutinise your financials carefully. They also come with higher monthly repayments and higher interest rates. Many lenders also slap on Lender’s Mortgage Insurance, which is insurance you pay on behalf of the bank should you fail to meet mortgage payments.
Ultimately, the ball is in your court. Keep the above in mind as you search for easy home loans near you.