Buying a house with no deposit sounds like a pipe dream to many renters. But thanks to Darren Walters and No1 Property Guide, it’s closer than you think. Darren developed his unique no or low deposit new home system to help renters get into the property market sooner. And he has helped thousands of renters escape the rental nightmare and become home buyers!
To help you understand just how it’s possible to buy a house with no deposit, Darren put together this guide explaining the process and everything you need to know to escape the rental nightmare forever.
The First Step is Understanding Your Borrowing Capacity
Whether you’ve saved a 20% deposit, or you want to know how to get a home loan with no deposit, your first step is to find out your borrowing capacity. Understanding your borrowing capacity gives you a good idea of what you’ll be able to afford. This will make it easier to understand what kind of home you can buy, and where.
Darren’s unique pre-qualification process takes your personal situation into account and allows us to get an accurate estimate of what you can borrow. Knowing your borrowing capacity allows us to find the right no deposit home for you.
Once You Know Your Borrowing Capacity, It’s Time to Find a No Deposit Home
The next step to buying a house with no deposit is by finding the right home! At No1 Property Guide, we specialise in building affordable house and land packages across Australia. Our relationship with developers enables us to get early access to registered land, at a great price. This means we’re able to build house and land packages that are fully turnkey and affordable.
By assessing your situation using Darren’s unique pre-qualification process, we’re able to find the right house and land package to suit your budget. We’ll then work with you to make any necessary changes to the floorplan or add extras if your budget allows.
Not having the large 20% deposit most lenders demand shouldn’t stop you from owning your own home. The combination of Darren’s unique system, and his 20+ years of experience, makes buying a house with no deposit possible.
How to Get a Home Loan With No Deposit
Getting a home loan with no deposit is essentially the same as getting one with a deposit. You’ll just need to find a lender that is willing to offer no deposit loans. The general process and paperwork are the the same. Though they can vary from lender to lender of course.
Or you can trust in the New Home Specialists at No1 Property Guide to handle your no deposit needs. Our expert team specialises in no or low deposit loans, so we understand what it takes for you to get finance approval.
Aside from finding a lender, you’ll also want to do some research on any additional costs you might need to pay, like LMI. These will vary between lenders and can change depending on your personal situation.
If you’re going through No1 Property Guide, this is where our Mortgage Managers will take over and find a lender that suits. We’ll coordinate everything between you and the lender, including applying for a home loan, and ensure you understand every step of the process.
Can I Get a No Deposit Loan From Any Lender?
You’ll generally find that lenders won’t service true no deposit home loans in Australia. That’s why Darren’s system is so unique. Using his knowledge of bank and lending policies, he can help you meet lending criteria and get finance approval so you can buy your own home. Even if you have no deposit.
There are added difficulties when applying for a home loan through traditional banks and lenders. Most lenders will do a full credit history check on every applicant for a home loan. They’ll check for issues with your credit cards, any unpaid bills, and your general credit history. This can have an impact on your credit score if you get denied and then reapply somewhere else.
This is another benefit of Daren’s system. His unique pre-qualification process means we don’t need to do hard credit checks before calculating your borrowing capacity and understanding your new home options. Because your enquiry isn’t an application, there’s virtually no impact on your credit score.
How Do I Get Started?
The best way to get started is to fill in our pre-qualification form and find out your borrowing capacity. Then we’ll be able to go through all of your factual new home options with you.
At No1 Property Guide, we believe everyone should be able to own their own home. Darren’s system is designed to give renters the best shot possible of entering the property market. Whether you have a deposit or not.