Home Loans, Elwood, VIC 3184
Home Loans, Melbourne St Kilda Road, VIC 3004
Open until 5:00pm
Getting The Right Loan For Over 20 Years!
Home Loans, Elwood, VIC 3184
Mortgage Brokers, Elsternwick, VIC 3185
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.
Mortgage Brokers, Elsternwick, VIC 3185
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Mortgage Brokers, St Kilda, VIC 3182
Mortgage Brokers, St Kilda, VIC 3182
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Open until 5:00pm
Legal ID: ACL: 382869
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