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No Deposit Homes in Brisbane

No deposit home loans have provided a welcome alternative to those buyers who did not have a deposit saved.  Instead of putting down a deposit of 10% to 20% buyers can now borrow the full value of the property. If you have good cash flow (i.e. a good income) and are sure you can afford the repayments, but simply no savings or assets, then looking at a no deposit home loan is a good idea.  No deposit home loans

Obviously this type of loan attracts a slightly higher interest rate than other loan products, because the higher the loan amount the higher the risk for the lender.  However, as the mortgage market becomes more competitive, rates for no-deposit loans are actually not too far off the rate for standard home loans.

Recently however, due to the global financial crisis many lenders are now reviewing their no-deposit home loans, and assessing the risk.  Lenders may be wary of no-deposit home loans and getting one will become harder.  They are still out there, many lenders have simply revised their terms. 

Talk to a mortgage broker about your options, and ask which lenders are still offering no-deposit home loans.  Check the interest rate, the length of the loan and ask whether your interest rate is fixed or variable. 

You will still have to pay Lenders Mortgage Insurance in most cases, and all the legal fees such as settlement and survey fees will be charged, so while you may not need a deposit, you will still need some funds to pay for these charges. 
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