Having a solid deposit is the first step to buying, however with the cost of property continuing to rise in Australia, it’s becoming harder and harder to save. Low deposit loans give you the opportunity to invest sooner, rather than later. Often referred to as Loan to Value Ratio or LVR, there are a number of deposit options below 20% that you may be eligible for.
To help you qualify for a low deposit loan the criteria usually falls under the following qualities:
- Your income
- Loan purchase
- Reliable job
- Low level of debt
Usually having a low deposit means that you will be approved for a 10% deposit however strong evidence is required, to show that you will be able to fulfill the payment requirements. Only a small amount of lenders provide 5% deposit plus LMI opportunities and not all lenders offer low deposit home loans – and more specifically, only a small portion of major banks do. Hunter Galloway opts for a private approach over big banks when it comes to low deposit loans due to the more flexibility and better interest rates.
Speak to us today about how we can help you apply for a low deposit home loans in Brisbane so that you can start putting your money towards an investment, because rent money is dead money.
Call Hunter Galloway about low deposit loans now on 1300 088 065.