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

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 –

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!

Applicable loans

DIRECT PRIME 98% LOAN

Interest rate

from 7.84%

Comparison rate

7.87%

Loan type

Variable

Max LVR

98%

Application fee

$800

7.84% Interest rate displayed : 98% LVR on principle & interest repayments with loan amount over $300,000 with $0 Annual fee
Maximum Loan to Value Ratio is 98%
Purchases only
Full doc loans only
Owner Occupied loan only
Must have clear credit history
Availiable only on residential secuity
Metro and Major regional areas only (Call Direct Credit to verify your postcode)
98% LVR includes mortgage Insurance capitalised up to 98% above base loan
No Vacant land or construction availiable
Interest only not availiable
Minimum loan size is $100,000
Maximum loan size $1,150,000 (Postcode restrictions may apply

*The Comparison Rate is calculated on the basis of a loan of $300,000 over a term of thirty years, including application, valuation and lenders legal fees, excluding searches, registration and government charges. Valuation fees based on metro home valued at or under $500,000 at $285.00 per valuation. Securities valued at over $500,000 and excluding metro areas POA.

Warning: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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.

Start your application

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