No Deposit Home Loans for First Time Home BuyersNo deposit home loan refers to a loan where the first home buyer gets approved for 100% of the property’s worth, which means first-time home buyers don’t need to pay a deposit. A guarantor home loan is the most common type of zero-deposit home loan in Australia.
What Option to Choose for the First Home Buyers Loan with No Deposit or Low Deposit?Usually, a 20% deposit is required to buy a home, but many eligible buyers have options to buy brand-new homes with zero to no deposit.
Option 1: 105% Guarantor Loan
- You can borrow 105% of the purchase cost.
- No need for savings.
- Your guarantor must give a guarantee, secured on their property.
Option 2: First Home Owners Grant
Options 3: Using Superannuation
Option 4: First Home Loan Deposit Scheme
Option 5: Family Home Guarantee Scheme
Choosing a Broker for No Deposit Home Loans for First-Time BuyersIf you have no savings, little savings, or you have less than 20% savings of the purchase cost of the property you want to purchase, you can opt for no deposit home loan. Various zero-deposit loans for first home buyers are available from a range of lenders, each with its own features, eligibility criteria, and benefits. However, you can contact a reliable broker rather than meet a lender directly. If you are eligible for a no-deposit scheme, you can secure a property you want to buy. You need to compare different options to choose the right one that best suits your requirements. You can talk to Star Homeloans to compare zero-deposit home loans from various lenders and get the right option.
ConclusionYou can buy your dream home with a low or zero deposit, but you need to be eligible for a particular scheme. You can speak to one of our experts from Home Star Home Loans to know what government scheme or grant you can access to save thousands of dollars on your first home purchase.