Want to buy a home but don’t have a deposit?
Don’t give up on your dream home just yet. Here are some loan options that might work for you.
105% Guarantor Loan
You can borrow up to 105% of the purchase price, so no savings are needed. However, you do need a parent to be a guarantor using their property to secure your loan.
Equity In Another Property
If you already own a property, you can use the equity you have built up to secure another mortgage with no deposit through refinancing.
You may not be able to save up a deposit yourself, and your parents may not be in a position to act as a guarantor. However, they may be able to give you a gifted deposit worth 5-15% of the purchase price.
Personal Loan Deposit
In some instances, you can borrow 95% of the purchase price as a mortgage and then the additional 5% deposit as a personal loan. Banks will only consider this option if you have a high income, low debt, and good credit history.
first time home buyer no money down