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 |