February 15, 2016
I want to buy a house but I don't have any money for the deposit!
When you are purchasing a property, a bank will usually only lend you money up to 80% of the purchase price of your house without charging LMI (Lenders Mortgage Insurance). This means you need to have 20% of your purchase price available + your buying costs (such as stamp duty, conveyancing & any other fees incurred), before you get started. Before you start throwing in the towel and imagine the rest of your life living in your parents basement...you have some options.
Lenders mortgage Insurance (LMI) - Could help
If you don't have 20% of the purchase price set aside for the despost. Then the bank will charge you a one time insurance fee to protect themselves. (cost varies depending on your property/equity). Email us now we can tell you what yours is.
Family Pledge Loan - if you want to avoid LMI altogether, or literally have NO MONEY for a deposit!
Rather avoid paying LMI ? There are creative products available that could work for you. If you have family (mother, father, brother or sister) who own a house they can use the equity in their house as a garantee against the shortfall you need for your deposit. Without paying anything. unless you default, but i'm guessing you don't want to feel the wrath of your family!
Lets figure out which option is best for you, email us now with your situation.
Or let's kick it old school and call us now:
Hugh on 0429 010 146 OR Robert on 0411 555 315