Struggling and failing to save a deposit is the harsh reality facing many renters across Australia. Between bills, kids, rent, and unexpected expenses, it can be impossible to save the huge 20% deposit most lenders require. That’s where a no savings home loan can help!
At No1 Property Guide, we specialise in helping renters escape the rental nightmare. We do this using Darren Walters’ unique no or low deposit house and land packages. Using his specialised system, we can create new home options that allow you to get into the market with little to no savings.
Our first step is ensuring you understand your factual new home options. By assessing some basic details with our pre-qualification form, we can accurately calculate your borrowing capacity and show you exactly what you can and can’t do. From there, you can make an educated decision around whether you want to stay renting or become a homeowner.
How Do I Get a Home Loan With No Savings?
There are a number of different options when you’re looking at no savings home loans, but it can be difficult to know how they all work. Some of the most common no savings options offered by traditional lenders include.
90% Home Loan
Generally, the most common option offered by lenders. A 90% home loan is where you borrow 90% of the cost of the home while providing 10% yourself. Of course, this will require some savings, however, you can use grants like the First Home Owners Grant (FHOG) to cover the 10%.
95% Home Loan
As the name suggests, this is a mortgage where you borrow 95% of the cost of the home. Depending on where you are looking to buy, the FHOG might be enough to cover the difference here, or you may need some small savings as well. Generally, with these kinds of loans, you will also need to show good rental conduct.
100% Home Loan (No Deposit)
No deposit home loans aren’t offered by traditional banks and lenders anymore—unless you have a guarantor. No1 Property Guide on the other hand can offer no deposit home loans thanks to Darren’s specialised no or low deposit new home system.
Understanding your options is the best way to go about buying a home with a no savings home loan. At No1 Property Guide, we work with all the major lenders. This gives us access to a range of home loans and mortgages. It also allows us to utilise Darren’s system to offer renters the opportunity to get into the market without needing to save the huge 20% deposit most lenders demand.
Finding out your factual options is as easy as filling in our simple pre-qualification form. From there, our New Home Consultants will assess your situation and show you exactly what you can or can’t do using Darren’s system.
How Can I Increase My Odds of Being Approved?
If you’re looking at a no or low deposit loan, there are a couple of ways you can increase your approval chances. The best part is that these can also help increase your borrowing capacity even if you’re already approved.
A Guarantor
One of the best ways to increase your approval chances, while also reducing your interest rate is having a guarantor. Generally a parent or close family member, guarantors can cover the whole mortgage or just a portion of it. However, not everyone has access to a guarantor so it’s not always an option.
Government Grants
Another great option, particularly for first home buyers, is accessing government grants to boost your deposit and increase your approval chances. The First Home Owners Grant, First Home Loan Deposit Scheme, and Family Home Guarantee all provide great opportunities if you’re looking to get into the market without a deposit.
You can find out more about these grants here:
First Home Loan Deposit Scheme
Adding Another Applicant
Adding another applicant is a fantastic way to increase your home buying options. With an increase in the total income on the application, your options for where to build your new home will almost always increase.
“At first I thought this was too good to be true, but straight after submitting my interest I received feedback. During the entire application process Clay kept me well informed and always made time to answer my never ending questions. Thanks to Darren and his team my dream is now reality. “
Michele Stone
“I am so greatful for Darren, Clay and the team they have been so supportive throughout this journey they understand that the process of buying our first home is super stressful and they have taken care of us every step of the way. Very greatful to be approved and super excited to start the building process! Thankyou, Thankyou Thankyou”
Monique Smith
Securing a No Savings Home Loan with No1 Property Guide
If a no savings home loan sounds like the right choice to help you get into your new home, then reach out to our team today. Our New Home Consultants will help guide you through the process and show you exactly what no or low deposit new home options you have available.
Fill in our pre-qualification form today to get started.
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