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.

SinghFinance.com.au 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 pre-approved low deposit home loan for you. It will even help you find suitable building and contents insurance for you. Call on 0424 190 908 today.

Solve your Cash Crisis with Caveat Loans

The Meaning of a Caveat Loan

A caveat loan is a short-term asset based loan product. In contrast to conventional forms of finance, a caveat loan needs to be established quickly (i.e. within 24 hours from the time the loan application is first lodged). The loan is secured on the value of concrete assets, such as:

• A house

• A unit

• A block of land, or

• A commercial property

The Purpose of a Caveat Loan

If you are a business owner, a property developer or even an investor, it is inevitable that you may experience cash flow crisis and you may find yourself needing money quickly. So, a caveat loan is the right loan for you as it will enable you to:

• Commit to any potential business growth by providing you with the required increased working capital

• Secure the required funds for construction or development projects

• Get the cash-on-hand you need for urgent bills and expenses

• Prevent foreclosure or repossession of your property

• Enhance your day-to-day business cash flow

• Get your investment property up-to-date for a sale

NOTE: - It is important to note that caveat loans are not offered to consumers who seek to use the funds for purposes to which the National Consumer Credit Protection (NCCP) Act may apply. The loan facility is only to be used for business or investment purposes (i.e. for investments other than investments in residential property).

Features of a Caveat Loan

There are a number of features for you to consider when you are looking at applying for a caveat loan, such as:

• Funds usage and loan purpose must be strictly for business purposes

• Fast approvals to meet your immediate needs and quick settlements

• Loan terms up to 36 months

• Low set-up costs and low interest rates

• Security to be in the form of real estate

• Loan repaid at the end of the agreed term

Approval Requirements for a Caveat Loan

To get approval for a caveat loan, the lender/credit provider will require you to have:

• Accessible equity in owned property (e.g. your residence or your business)

• A reasonable exit strategy in place. You must be able to show the lender/credit provider how you plan to pay back your caveat loan (e.g. you may decide to sell your home or use the profit from the sale of a business)

Do not worry if you have Bad Credit History

If you are in a situation where you have a bad credit history, do not worry. Because, credit checks are not required to be performed on caveat loans, even if you have:

• A Discharged Bankruptcy

• A Bad Credit Rating

• A Court Judgement, or

• A Part-9 Debt Agreement

Find an Expert Finance Broker to help you

Contact a reputed brokerage firm with access to numerous lenders/credit providers. The firm’s professionally qualified and expert finance brokers will:

• Structure your caveat loan to suit your individual needs and budget

• Help you get the best caveat loan you want and in the quickest possible time and, without the hassle of running around trying to find your own finance

• Liaise with the numerous lenders/credit providers to arrange the best possible caveat loan solution for you, and at the right price

So, now that you know everything about caveat loans, don’t waste any more time. Contact an expert finance broker and get ready to end your cash crisis.

If you are currently considering applying for a caveat loan, or any short term business loan, contact Singh Finance. The firm’s commercial finance experts will find you the best finance deal. Book an appointment today.