No Savings No Worries!
Trying to get out of the rent trap and into your own home can be really tough when you need to save a deposit just to qualify for a home loan. Most banks will require a minimum 5% “genuine savings” deposit before they will approve your home loan. Genuine savings is a term used by banks to define the money that you have saved over a minimum period of 3 months.
Are there any NO SAVINGS options available?
Yes, there are! Some banks will accept the rent you are paying in lieu of genuine savings because your ability to pay rent is reflective of your ability to meet your mortgage repayments.
Also, depending on your total annual income, your debts and how much you want to spend on your new home, you may qualify for a no savings loan through the West Australian governments housing initiative. This is a wonderful initiative and has helped tens of thousands of West Australians to get into their own home.
To see whether you qualify for any of these NO SAVINGS loans, my finance brokers will look at your situation and do a FREE finance assessment.