Banks & Financial Institutions, Yarra Glen, VIC 3775
Financial Planning, Eltham, VIC 3095
Open until 5:00pm
Financial planning business, servicing our clients for over 90 years
Banks & Financial Institutions, Broadford, VIC 3658
Banks & Financial Institutions, Ringwood, VIC 3134
Banks & Financial Institutions, Kilmore, VIC 3764
Banks & Financial Institutions, Woori Yallock, VIC 3139
Banks & Financial Institutions, Mt Evelyn, VIC 3796
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.
Banks & Financial Institutions, Ringwood East, VIC 3135
Finance Brokers, Croydon, VIC 3136
Financial Planning, Lower Plenty, VIC 3093
Car Loans & Motor Vehicle Finance, Croydon, VIC 3136
Financial Planning, Croydon, VIC 3136
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