Can you buy a home with no deposit ?
Sometimes, it can feel unattainable to purchase your first house especially with the need to provide a substantial down payment. You might think you need a large deposit of around 10%, but this percentage may actually change according to your personal situations.
Because there are a number of elements involved, it can get a bit complex to know just how much of a deposit you really need to have. For instance, a single person might simply need a 5% deposit as they have an excellent credit rating and have been in their present employment for many years. You may still need to pay for home mortgage insurance in this particular circumstance. A different individual may need to provide a 20% deposit as they're self-employed and have a couple of defaults on their credit report.
Nonetheless, there are some occasions where you will not require an up front deposit and you could be eligible for a home loan without having one. These types of "no deposit" house loans can be exactly what a new property owner needs to get on their feet and buy a house. There are also "low deposit" house loans where you can have a smaller deposit requirement to help you purchase your house. These kinds of low deposit loans are perfect if you have some savings ready for your investment but not quite the 20% to eliminate the mortgage insurance costs.
According to your circumstances, you may be eligible for a no deposit, or low deposit, house loan. As mentioned, it really depends upon your circumstances, your work and any previous issues with credit that you might have experienced. To more effectively learn about these loan types and to see if you would be eligible, give Go Mortgage a call today on 1300 855 244.
