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No Deposit Home Loans
A few years ago, many of us would have had a light chuckle to
ourselves if someone mentioned that you could borrow money to buy
a house with only the promise of solid future earnings. But today
this is a regular occurrence. Many of the industry's
non-conforming lenders are selling these financial products to
many happy consumers, with most of the major banks avoiding this
riskier route.
Ideally, the individuals set to gain from this product have
high incomes in industries with high job security. With this loan
you are presuming that the benefits of immediate ownership and
debt outweigh the costs of renting. This may not always be the
case however. The risk to the lender is greater and so you will
pay a premium interest rate for the privilege, usually about 2%
higher than the current market rate.
With this is mind, it may be time to clean the dust of the old
mortgage calculator and assess the long term financial gain or
speak to a financial consultant to establish whether this is a
sound option for you, and for many people it can be.
Of course, there is no such thing as a free lunch and strictly
speaking, no deposit means "with enough money to cover initial
expenses" such as stamp duty, loan fees and mortgage insurance.
If you are lucky enough to be eligible for a government first
home buyers' grant, you may have most of these expenses paid for
you.
The main point with this type of loan is that to really win
you are betting that your salary will be increasing steadily over
the term of the loan. This income will then be able to be
ploughed back into the loan to build some equity.
In many countries, such as Australia, no deposit home loans
are becoming less attractive due to the state of the market.
Lenders are becoming more stringent with their loan acceptance
policies, indicating a potential interest rate rise and thus much
greater risk to those with no deposit home loans. The lender may
also have harsh exit fees, running into thousands of dollars so
read carefully before you sign on the dotted line.
Many lenders also will only lend for specific types of
property, leaving well alone riskier properties in regional areas
and places with no established resale value.
Here are a few tips to help you manage your financial
position.
- Allow for higher interest rates when budgeting for
repayments over the next 2-3 years,
- Ensure personal debts like credit cards and car loans are
under control before committing to a property loan, and
- Make extra repayments where possible to reduce your exposure
to higher rates and falling prices.
About The Author
Brad Slade
More information available at http://members.ozemail.com.au/~lnart/
 MORE RESOURCES updated Thu. February / 09 / 2012
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