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No Deposit and Guarantor Loans At Jet Lending we have a number of different options to get you finance for your home or investment properties with little or no savings required. It all depends on your individual circumstances. We have specially skilled no deposit & no savings consultants who can help you find a great way to get yourself into your home. We understand your frustration in trying to satisfy the banks strict credit policies. Our fully accredited mortgage consultants are on your side. We work for you to you find the right solution for your situation. If you are eligible for the first home owners’ grant ($11,000 in SA) it may be possible for you to buy a home up to $300,000 with absolutely no money down. Firstly, most lenders require you to be employed. Income is calculated differently by all lenders and casual, part time, and full time income is also calculated differently. Also length of employment can make a difference also. Most lenders require the primary applicant to be full time employed for at least 6 months with the same employer or part time/casual for more than 12 months in the same industry. If you are part time/casual for less than 12 months then your income will be assessed at 50%. If you are not employed you may need to consider a guarantor home loan or if you are on a permanent pension then you could be a secondary applicant, or if you have 20% of the purchase price you may be eligible for a low doc loan. From 100% loans for established homes & construction loans where you may or may not still require the funds for govt and lender fees and charges, which we could assist you to get from savings, a personal loan, (see table inc) credit card, gifts or funds secured against a car or property, to guarantor type loans where a family member or friend could assist you to borrow the entire purchase price plus other costs and even consolidate some other debts. The guarantor would not even have to make any repayments unless you need them to help. Guarantor loans are effectively giving you the ability to borrow more than 107% of the purchase price. This arrangement means you could also save thousands of dollars on lenders mortgage insurance and also save thousands of dollars on your repayments by getting into a discounted home loan rate right now with one of Australia’s largest Banks. Guarantor loans also mean that the normal rules for 3 - 6 months of genuine savings with a 3% - 5% deposit is not necessary. You also don't even need to be full time employed and you can even have minor credit impairment issues. In fact, even if your income is not big enough to allow you to buy your dream home, you could use your guarantor’s income on the loan application to help you buy the house you desire. The guarantor assists by using the equity they have in a property they own combined with the property you are buying to bring the over all loan to value ratio below 80%. This enables you to avoid the costly lenders mortgage insurance which is applicable when you borrow more than 80% of the properties value. This could be a significant saving of up to 3% of the loan amount. Imagine saving up to $9,000 upfront on a $300,000 loan. That money deserves to be yours and can greatly assist you in upgrading your home or raising a family. After the value of your property goes up and your loan to value ratio goes down, the guarantor can be removed from the loan altogether. This is an excellent way for a parent or family member to assist another family member to get a great start in life. Options include:
Call Jet Lending to find out if you qualify for a 97%, 100% home loan or a Guarantor loan with no deposit or any funds required apart from the guarantors property. Guarantor Loans Info:
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