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First Home Buyer No Deposit Home Loan

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No Deposit Home Buyers

Both first home buyers and repeat home buyers may be eligible to apply for a no deposit home loan. A table with first home buyer buying a home cost examples that are typically involved when purchasing a home in New South Wales is available on the first home buyers page of this no deposit home loan web site. Non first home buyer cost examples for purchasing a home in New South Wales is shown below.

No Deposit Home Loan Costs

As many of the costs involved in purchasing a home are percentage based the funds required to complete the property purchase calculation need to be recalculated each time there is a change to the actual purchase price, the loan amount, the actual bank or lender, the available deposit or the loan type for example.

The most common costs that will change are the government stamp duties and taxes and the mortgage insurance.. Each time these costs change it is important that the borrowers serviceability calculations are checked to ensure they are still in a position to repay the proposed loan repayments.

Low and No Deposit Home Loan cost example
This table illustrates the differences in costs and required deposit amounts for low deposit and no deposit home loans. Each time any one of the home loan purchase cost factors as shown in the table changes, it is essential that the entire calculation is recalculated. The actual figures used below are for illustrative purposes and should not be relied upon in actual use. Contact a professional finance broker who will calculate the costs for you at no extra cost and always seek independent professional advice if at anytime you are not sure if any financial product is suitable for your needs.

  Low Deposit 97% No Deposit 100% No Deposit 105% No Deposit 106%
Purchase Price $300,000 $300,000 $300,000 $300,000
Mortgage Stamp Duty $1,141 $1,141 $1,141 $1,141
Purchase Stamp Duty $8,990 $8,990 $8,990 $8,990
Transfer Fees $64 $64 $64 $64
Registration Fee $79 $79 $79 $79
Lender Setup Fees $700 $700 $700 $700
Client Legal Fees $750 $750 $750 $750
Purchase Costs Sub Total $311,645 $311,645 $311,645 $311,645
No Deposit Home Loan size $291,000 $300,000 $315,000 $318,000
Approximate Mortgage Insurance $8,000 $8,500 $8,500 $7,800
Total Funds Required $319,645 $320,145 $320,145 $319,445
First Home Owners Grant $0 $0 $0 $0
Extra Borrower Funds Required $28,645 $20,145 $5,145 $1,445

 


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Important!

Important Information!

All information and loan option scenarios contained within this no deposit home loan site can only be general in nature and may not suit your specific individual requirements! Always seek independent professional advice before selecting or applying for any type of finance. Information, products and services are subject to change or alteration or withdrawal without notice. Always check before acting and always seek independant professional advice.