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LEZLI

1 year ago

Maybe able to - depending if you are a First Home Buyer - could get the grant, if you are a Permanent resident. so there's a possibility. please feel free to contact me via my Profile page. I'd love to help you. I enjoy doing the most challenging deals. Thank you

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kelvin

2 years ago

100% loans, as previously mentioned, are available via a family guarantee, when a family member has security that secures the 20% + costs part of the loan. Maximum loan for owner occupied loans is 95% - so you need approximately 10% deposit. Thats the first part of lending - the 2nd is servicing via your net income. A broker can assist you to determine your servicable income which includes : Living expenses (lenders use a minimum $) & current liabilities (credit card limits - personal or car loans).

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Joel

2 years ago

Hi Sandy, Whilst both Scott and Kenneth are correct in that the FHOG is sometimes enough to cover the deposit, and that if your parents are willing and capable guarantors then you can potentially borrow 100% + costs, it is important to remember that the FHOG is only payable at settlement, and the loan proceeds are only payable at settlement. When you sign the contract, you will be required to pay a deposit at the same time. In Victoria and NSW this is usually 10% of the price. In QLD it's usually $1,000. So whilst you may be able to borrow it back through the use of a guarantor OR through the payment of the FHOG, you still actually need it FIRST for when you sign the contract. Since you are in NSW, you do have the option of a "deposit bond", however these are often known to be refused by vendors and real estate agents alike. Feel free to click through my profile and submit your details and I'd be more than happy to provide further advice over the phone. Joel

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Scott

2 years ago

Although there is no deposit home loans as such, you can in some cases use just the first home owners grant (FHOG) to cover your 5% deposit plus costs - especially if you have 6 if not 12 months rental history with no late payments and the like. Just check your eligibility in your state (for the FHOG) and if you would like to run any figures to see if this would work for you, please let me know if I can help In Qld for example, the $20k FHOG is enough to cover the 5% and costs in a lot of cases Scott

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Kenneth

2 years ago

Sandy, Good morning. Thank you for your question. No deposit loans are not available unless you would have your Parents (who already own a home) act in a Guarantor capacity. What this means is that the Lender would take a mortgage over both the home that you purchase plus your Parents home. This will mean that your parents will have to have sufficient equity in their home and in some cases may need to refinance their own loan to bring everything to the most suitable Lender. There would be a few other things that we would need to discuss, however if this is a possibility for your self, then please give me a call and I can discuss further. Regards Ken Olds

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