No Deposit or 100% Loans are designed to cover the full purchase price of a property. They are very useful loans for First Home Buyers, Divorcees or people with a limited deposit. First Home Owners Grant can be credited to costs to purchase.

The name of this product is a little incorrect, as it represents that there is no need for the client to contribute any money to the purchase. This is not the case. The 100% loan is for the purchase price, but all other costs must be covered by the purchaser. Other costs to consider (eg. $250 purchase in Victoria)

Example:

• Purchase Price: $250k (100% loan)
• Application Fee: $600
• Legals: $220
• Stamp Duty: $10,660
• Lenders Mortgage Insurance: $6,250

Total Monies required to settle on the property is: $17,710

Things to consider:

• Be sure you have enough deposit.
• Deposit Bond may need to be used to secure purchase with Real Estate Agent.
• Very tight Lender Guidelines for no Deposit Loans including Postcode restrictions.