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    Default No Deposit Home Loans

    Has anyone recently got a no deposit home loan without using a guarantor?
    We weren't planning on buying for the next 2 years but a really good cheap house has come on the market. My father-in-law was going to guarantor for us but I found out today that because he is with Bendigo Bank they do not allow their customers to go guarantor.
    Also has anyone used their rental history as genuine savings? If so who with?
    Thanks.

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    Default Re: No Deposit Home Loans

    It's getting harder and harder to get a loan these days, thanks to the gfc.

    We got a loan 7 years ago and have never even come close to having a problem paying for it, but I don't think they'll give us another one now

    My sister wants to buy a house my parents own - which they bought 5 years ago and have renovated, they're basically just going to pay what's still owing on it, but can't get a loan because for some reason the house won't meet valuation...

    Perhaps see if you can get a finance broker to do all the leg work for you, they should know who would be more likely to give you the money :thumbup:

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    lilrussell  (19-11-2012)

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    Default No Deposit Home Loans

    Thanks Disbride. I've got an appointment with a local broker tomorrow. Fingers crossed he might be able to help. It sucks as FIL was going to guarantor but Bendigo Bank don't allow this. Was so depressed when we heard this.

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    go to a mortgage broker - but I wouldnt be all that hopeful, as banks are VERY cautious these days about no deposit home loans.

    Mostly the ones that advertise are pretty much scams - they have a non-refundable "application fee" and then you dont get approved because you have no savings.

    I dont really understand why your FIL cant go guarantor though. Its not up to his bank to determine whether or not he can guarantee someone elses loan. They can say no to a second mortgage or using his property as collateral ... but not to him guaranteeing another persons loan

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    Default No Deposit Home Loans

    FIL's bank told me that they don't offer guarantor home loans anymore and won't let whoever we go with take a second mortgage on his property.

    I will find out tomorrow from the mortgage broker what he thinks.

    I'm not holding my breath on it though, I think we just need to suck it up and save more money.

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    Default No Deposit Home Loans

    Quote Originally Posted by lilrussell View Post
    Thanks Disbride. I've got an appointment with a local broker tomorrow. Fingers crossed he might be able to help. It sucks as FIL was going to guarantor but Bendigo Bank don't allow this. Was so depressed when we heard this.
    How did you go?

    We didnt succeed even with a gifted 10k deposit! We have to wait til next April due to my DP's car loan of 8k we are paying out!

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    Default No Deposit Home Loans

    If you get gifted a lump sum it needs to sit in your bank account for 3 months to be considered genuine savings

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    Default No Deposit Home Loans

    Some banks offer no deposit home loans, a broker should help

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    Quote Originally Posted by newmummy2010 View Post
    If you get gifted a lump sum it needs to sit in your bank account for 3 months to be considered genuine savings
    it doesn't actually have to matter as long as they fill out the paper work and say it was gifted and not a loan my broker has already said this.

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    Actually monnie24, I am sorry but I also agree with newmummy2010. We were gifted some money and it didnt at all help as even though the correct paper work was done saying it was gifted and not loaned it wasnt good enough for the banks.

    They do like 3 months of it sitting in your bank account at least to show you have a history of 1 saving money or 2 not spending the gifted money iykwim.

    Because of this we lost out on a house that we loved. However 9 months later we were able to purchase because even though we were then gifted the money at the time of purchase again we had strong signs of savings of our own for that entire 9 months, plus we had 20% meaning we didnt need to take out mortgage insurance which obvioulsy satisfied the banks greatly as the risk became low.

    Banks wont lend if there is any doubt of risk involved. You need a long time job (permanent) and good savings history for them to generally even consider it.

    Larger banks are easier to go through to get a loan then the smaller banks who can't afford the risks. However your smaller banks are cheaper loans meaning lower interest rates, less fees etc (generally) and can be much better banks to loan through.

    All the best OP
    Last edited by 1CrazyMoose; 13-12-2012 at 22:02.


 

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