Low Deposit Home Loan – At a glance
Direct Credit’s own Low deposit home loan can cater to borrowers who have little in the way of a deposit
Your would need a minimum 5% deposit saved up as genuine savings to contribute toward your purchase. If you do not have 5% genuine savings to contribute, your equity contribution may be by way of a gift from a family member, sale of an asset like a vehicle or First Home Owners Grant. The lenders mortgage insurance premium can be capitalised up to a maximum of 98% loan to value ratio.
Most lenders in the current market will lend you a maximum of 95% of the property value, plus you also have to find the 3+% lenders mortgage insurance premium as well. Direct Credit will capitalise most of the LMI fee up to 98%, which means you need less deposit to get in to the market today!
Features & Criteria – Low Deposit Home Loan
Loan Product Features –
- Dynamic Repayments
- Redraw
- 100% Offset
- Split Loan Facility
- Internal Portion Transfer (if a split loan)
- Loan Access System
- Loan Access Card
- Inward BPAY
- BPAY
- Outward Third Party Debits
- Internet account access
Criteria –
- PAYG Full doc loan – 12 months in current position
- Self Employed – 2 years full taxation returns and ATO notice of assesments
- Clear credit history
- Established residential securities only (No vacant land or construction)
- Owner Occupied Only with Principle and interest repayments (No interest only option)
- 5% deposit held by way of gift or evidenced in bank account
- Lenders mortgage insurance can be capitalised above 95% to a maximum of 98%
- Metro and Major regional areas only – Inner city high density units may be considered case by case.
- Loan Amounts $50,000 – $1,150,000
- No credit scoring and real people are here to make decisions!