Phone 1300 66 12 11
 
 100% home loan eligibility checklist
As of midnight 9th April 2009 no deposit home loans were withdrawn from the market. There are now no lenders on our panel that offer 100% home loans. To borrow 100% of a property price a guarantor is required. The guarantor needs to own a property and have sufficient equity in it. If you don't have a guarantor the maximum you may now be able to borrow, as at 16th April 2009, is 97% of the purchase price. Please note though that in order to borrow 97% of the purchase price you will be required to have 'genuine savings' of at least 3% of the purchase price if you are a first home buyer or 5% if you are not a first home buyer. This page is in the process of being updated. In the meantime if you have a guarantor or you are interested in a 97% home loan please contact us on 1300 66 12 11 or visit our contact us page.

 
No Deposit Home Loan eligibility checklist

 

At least one applicant must be an Australian citizen or permanent resident (income from 2nd applicant who is a non-resident will not be considered)
You must have no defaults, judgements or bankruptcy history on your credit file. Your credit report must be perfect. There are no exceptions to this rule. You can obtain a copy of your credit file at www.mycreditfile.com.au
You are not a discharged bankrupt
If you have current loans or credit cards your repayment history must be good over the past 3-6 months
You must be employed in your current job full time or part time for at least 12 months. A minimum of 6 months full time or part time in your current job may be acceptable if you worked in a similar role for 2 years prior to starting your current job and you are not in a probation period
If you are casually employed your must have been in your current job for at least 12 months otherwise your income will not be considered.
If you are self employed your business must be at least 2 years old and you must have proof of income in the form of personal tax returns and company tax returns (if applicable) for the past 2 years
You need to have funds available to pay for the purchase costs such as stamp duty (if applicable), mortgage insurance, loan application fees, your conveyancing costs etc. The First Home Owners Grant and gifts can assist. If you have a guarantor you may be able to borrow more than 100% of the purchase price and incorporate the purchase costs into the loan.
You are purchasing a house or a 1 bedroom unit it must greater than 45 square metres in size not including the balcony. Finance may also be available for studio apartments greater than 25sqm in size.
You are purchasing you home in a location acceptable to our lenders (generally capital cities and major regional centres only). See our acceptable location list for details on areas which are acceptable to no deposit lenders.

 

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3 If you meet the criteria above please move on to step 3 of the no deposit qualification process, the maximum borrowing power calculator. If you do not satisfy the criteria stated above you will most likely require a saved deposit of at least 3-5% of the purchase price to obtain a home loan. If you don't satisfy the criteria please call us on 1300 66 12 11 to discuss your options.
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