Banks & Financial Institutions, Ouyen, VIC 3490
Home Loans, Mildura, VIC 3500
Open until 5:00pm
Mortgage Brokers, Mildura, VIC 3500
Open until 5:00pm
Home Loans, Mildura, VIC 3500
Open 24 hours
Legal ID: 477797
Home Loans, Mildura, VIC 3500
Mortgage Brokers, Mildura, VIC 3500
Open until 5:00pm
128 Lime Ave, Mildura, VIC, 3500
Legal ID: Sunraysia Home Loans ABN 71137820251 Credit Representative Number 483331
Mortgage Brokers, Mildura, VIC 3500
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.
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