Low Deposit Home Loans
Low Deposit – Prime home loans for borrowers with a good credit history.
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
You 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 Principal 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!
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Options For First Home Buyers & Families.
At Direct Credit, we have dedicated mortgage brokers to help you secure a loan with a Bank, utilising the Home Guarantee Schemes.
Buying your first home is an exciting experience, but we understand that it can also be overwhelming and stressful. We will manage the process for you and make it a memorable experience. With our experience and expertise, we can help you understand the important things you need to know when entering the property market for the first time.
We can also assist you with State and Federal government grants to help you get into your first home sooner. The following grants are available – Click to find out more.
To qualify with a participating Bank / Non Bank you would need to meet the following criteria –
- Employed Full Time Minimum 3 Months
- Self employed < 2 years with Tax returns and financials
- Income limits apply for the Grants
- Clear Credit History – No defaults or late payments
- Have 5% Genuine Savings in your account for 3 months
- Have 2% Deposit saved for Family Home Guarantee
- Have minimal unsecured debt / credit cards etc
- Purchase price & Stamp duty caps apply state to state.
Steps to your Low Deposit Home Loans
1. Am I eligible for a loan?
If you are a PAYG earner or self-employed, have a tax debt and equity in existing property – you may qualify.
2. Know your loan capacity
See how much you can borrow using our simple borrowing power calculator, or call one of our friendly team to get a detailed borrowing capacity over the phone today.
3. Book a consultation or apply online
Call us on Freecall 1800 000 800 for a no obligation chat or, if you’re ready to apply get started now.