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Experts’ Finance Tips - Quick Approval and Low Rate Loans for your Financial Needs - RSS feed - Add to Google

Fri, Mar 27th - 4:28AM

Need Information on No Deposit (Low Deposit) Home Loans

Since the global financial crisis mainstream lenders/credit providers have made numerous changes to their lending criteria, and it is now not easy to get a 100 per cent-plus home loan deal. However, there are some specialised lenders/credit providers who have recognised the difficulty that many aspiring home owners experience when searching for home loans and so, have introduced no deposit (also called low deposit) home loans, said Mr Singh of Singh Finance.

Mortgage/Home Loan Products available

Here is a list of no deposit (low deposit) mortgage home loan products for you to consider that will:

• Allow you to borrow up to 96% of the purchase price

• Allow you to capitalise the Lenders Mortgage Insurance (LMI) on top of your loan amount, which can bring the total (LVR) to 97 per cent or 98 per cent

• Allow you to borrow a maximum (LVR) of 100 per cent including LMI costs

• Allow a maximum (LVR) of 120 per cent with LMI capitalised. But a "guarantor" is required, and

• Even recognise 12 months continuous rental payments made by you as part of your genuine savings requirements

It is important to remember that the risk to the specialised lender/credit provider is greater for no deposit (low deposit) home loans. And so, you will pay a "premium" interest rate for the privilege, usually about 2% higher than the current market rate.

Application Assessment Process

When assessing your eligibility for a zero savings home finance or low deposit home loan, the specialised lender/credit providers will adopt a stringent assessment process. They will be looking closely at your capacity to repay the home loan. To work out what assessment criteria applies to you; speak to an expert finance broker. Here, are a few tips to help you:

• Ensure you can demonstrate a strong stable income

• Try to show at least some genuine savings or show your 12 months continuous rental payment statements, and

• Ensure your personal debts (credit cards and personal debts) are under control before committing to a no deposit (low deposit) home loan

Seek Expert Advice

As with any aspiring home owner, buying your first home at any stage of life can be an overwhelming process. Not to mention knowing which specialised lender/credit provider is willing and able to assist you can be daunting. So, having an expert finance broker on your side will save you lots of time and heartache.

So, before you think it is too difficult to get a home loan, don’t despair. The key to finding the right home loan lies in employing the services of an expert and professionally qualified finance broker, who specialises in all home loan products and finance solutions, said Mr Singh.

He said, you need to sit down with the best finance broker who will be able to explain that there are a number of specialised lenders/credit providers offering high "Loan-to-Value Ratio" (LVR) home loans that will allow you with no savings behind you to take on a mortgage home loan debt.

So, don’t worry if you want to obtain a no deposit (low deposit) home loan. Contact a professionally qualified finance broker to help you.

Singh Finance is a reputed finance brokerage firm in Australia that employs a team of expert and professionally qualified finance brokers. The team will leave no stone unturned in obtaining a no deposit home loan for you. It will even help you find quick bad credit commercial loans for your business. Call on 0424 190 908 today.


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Fri, Mar 27th - 4:27AM

Know everything about Owner Occupied Home Loans before buying your Primary Residence

Owner occupied home loan is a type of mortgage that is offered by lenders and credit providers to those people who desire to buy a house and use it as their primary residence. Such loans are offered to those people who want to use the property for dwelling and not for investment purposes. Most lenders offer favourable rates to borrowers who apply for owner occupied home loans because they assume that the owners will take better care of the house than the tenants.

Owner occupied property finance is available for those people who are:

• Searching for their first home to live in and want to use it as primary residence, or

• Looking to sell their current home and buy another home to live in and use it as primary residence

Now if you are looking for an owner occupied home loan, you must know the list of homes that lenders and credit providers consider as acceptable owner occupied real estate security:

• Free-Standing Residential Detached Homes

• Semi-Detached Homes

• Terraced Housing

• Townhouses

• Duplex Homes (also called Duplexes), and

• Flats (also called "Home Units")

Now that you know about the acceptable properties, you can start managing your personal finances and begin the process of obtaining owner occupied home loan. You can take help of a professionally qualified and expert finance broker who has a thorough knowledge of the finance industry and also knows what the standard requirements are for getting an owner occupied home loan.

The finance broker will prepare a "Home Loan Checklist," to help you understand your financial limitations and he/she will help you to get a pre-approved home loan. Here is a list of what the finance broker will do. He/she will:

• Look at your overall financial position and prepare a budget for you

• Use a "Borrowing Power Calculator" to work out - how much you can borrow and how much your repayments might be

• Work out how much of a deposit you will need to get owner occupied property finance

• Advise you if you should fix your home loan for a fixed period (e.g. one, two or three years) or if you should take a variable product, or if you should take a combination of fixed and variable

• Advise you what documents you have to provide to get a home loan

• Advise you if Lenders' Mortgage Insurance (LMI) is payable

• Advise you what stamp duty and other related fees will incur

• Confirm if you are a first-time home buyer as you may be eligible for a one-off payment through the governments' First Home Owner Grant (FHOG) scheme (see www.firsthome.gov.au), and

• Obtain pre-approval for you, which will put you in a stronger negotiating position with the vendor or real estate agent

An expert finance broker will do all the work for you and make sure that you obtain quick pre-approval. So, it is ideal to employ the services of a reputed finance broker because it will save you from all the trouble of finding the best finance package for you primary residence.

Singh Finance is the answer for all your finance needs. The expert finance brokers of the firm will help you in obtaining quick owner occupied home loans as well guide you in obtaining home renovation loan for making smaller changes in your home. Call on 0424 190 908 for expert assistance.


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