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Michael

3 years ago

Hi Duncan, I will require more information, but there are a number of ways that we can help you with your request. It is best to give us a call to gather some basic information. Following the call, we will send you a comparison of our 3 preferred options for your scenario. You make the choice and then we can prepare the lender application. We are based in Adelaide and regularly travel to assist our clients.

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Kenneth

3 years ago

Duncan, good afternoon. As some of the replies suggest, if you have a family member who is willing to put up some additional security, then this can allow you to borrow at the 100% level. One question that the Banks will be interested in is, if you do not have any savings, what have you been spending your money on ?. Perhaps you do have savings to cover the stamp duty and legal fees and have been paying out rent. The rental payments that you are currently making could be considered toward your "genuine savings" requirement in some cases, although if you can provide at least 20% equity from a guarantor, then genuine savings is less of a factor. The Lender simply needs to be confident that you can afford the payments without significant lifestyle changes or hardship.Please give me a call if you would like more informationRegardsKen1300 ASK KEN

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Vicki

3 years ago

Hi Duncan, we've used a strategy before for our clients where you obtain an unsecured personal loan for the deposit + costs, and a mortgage to complete the purchase. As long as your household income is high enough to service both debts there are options available to you.-Vicki

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Umit

3 years ago

Hi Duncan, As already mentioned above, if there is additional security, whether your own or a parent's with enough equity then yes, it is possible. However, if not you will need a minimum of 5% deposit and enough funds to cover additional costs like stamp duty, solicitors fees etc.Most bank requires the minimum 5% deposit to be genuine savings, however there are lenders who will accept non-genuine savings ie. inheritance, gift from parents, sales proceeds etcHope this helps.

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Pamela

3 years ago

Also, if you have a good income with few liabilities you can use borrowed funds to complete the purchase with a "non-conforming" lender assuming that you can service both debts comfortably. The guarantor option is by far the best option for a 100% loan.

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James

3 years ago

Hi Duncan - as per the answers above. We have quite a few clients that do this at the moment.

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Simon

3 years ago

If you have equity in another property or a family member that is willing to put up their house as security (guarantor) then it's possible. Hope that help.Simon

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Matt

3 years ago

Hi Duncan - Generally speaking yes - providing you have a parent that can go guarantor.

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