Mortgages

5% deposit home loans

Currently we have quite a few competive options availble to clients with a 5% deposit. There are some requirements, but it can be worthwhile for most. After the last financial crisis most of the banks restricted lending to only those people with a 20% deposit. This has since loosened up a bit and low deposit home loans are avialble with terms up to 30 years.

Some additional requirements:

• The 5% has to be genuine savings or from the sale of an asset, proof must be provided.
• You must be able to meet the home loan repayments comfortably after factoring in certain increases in the interest rate
• You may pay more in either interest rates or lender mortgage insurance
• Valuation will be required at some stage and certain properties are excluded

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