Important information

Please be aware of the following;

Effective Immediately Tuesday 6th March 2012 Credit License Cancellation Lodged By Us With ASIC

Ability Finance have elected to cease all credit activities covered by ASIC credit licensing for various reasons including but not limited to;

  1. Lender commission cuts over the past few years.
  2. Additional liability, workload and costs arising from National Credit Licensing
  3. Lender minimum volume restrictions which result in smaller brokers not being able to offer all options to customers.
  4. Regularly encountered inexperienced lender staff who are unaware of their own employers policies whose advice wastes both broker and customers time and resources.
  • As a blog style website there is only historical content contained within this website that is out of date and no longer applicable. This content must only be used for historical reference purposes.
  • Ability Finance, through choice, no longer represent any lenders who may be historically referred to within this website.
  • No information or content contained on this site should be relied on as being current.
  • No content contained within this site should be taken as advice in any way at all.

Should you feel there is any content that should be removed from this site please contact the webmaster.
By any chance you feel specific content is interpreted as offering any credit activities by us it is to be ignored, please report to the webmaster for removal or modification.
If you are legally entitled to engage in credit activities and would like to advertise on this site please contact the webmaster.
If you would like a website developed or even to purchase this site modified to your requirements please contact the webmaster.
Meanwhile we are working hard at creating a one stop shop for purchasing high quality spray painting equipment online including an extensive range of the best spray gun models we are able to offer at discounted prices everyday right across the complete range of available spray gun models. Online spray gun prices with old fashioned personal service levels.

No Deposit Home Loan

No Deposit Home Loan

No deposit home loans are still available and first home buyers, re-purchasers and even investors may be able to access these types of home loans.

Ability Finance can help you compare, choose and apply for a no deposit home loan.

So what is still available?

Maximum of 95% at present and in most cases 90% or less.

Presently up to 100% of the purchase price or up to 110 percent with a security guarantor.

Additional costs must be met by the borrowers at present as anything in excess of 100 percent of the purchase price is currently not available.

First home buyers with little or no savings may be eligible for a no deposit home loan if certain criteria is met and no, or minimal additional purchase deposit may be required.

Many first home buyers could also be eligible for the First Home Buyers Grant and in NSW this means that in addition to the $7,000 first home buyers grant, the purchase and mortgage stamp duty is waived which can save over $10,000 on a $300,000 house purchase as an example.

Some lenders will take into account rent that has been paid in the past or monetary gifts that have been provided to help you to purchase a property.

Certain lenders will allow family or even friends to provide a limited guarantee, similar in some ways to a guarantor, which provides extra loan security and can help purchasers with little or no deposit borrow for a home loan.

These limited guarantee loans reduce the amount the amount of exposure a guarantor is required to provide while still providing a means of assisting the recipient to purchase a home sooner.

A 100% lend investment property loan is also an attractive alternative for many property investors. Existing security may be used to achieve this or a loan can be obtained that almost covers the actual purchase cost and the ancillary costs such as taxes and legal's.

A No Deposit First Home Buyer example H & D recently moved into their new home.

When the pair initially contacted a broker they were both rather despondent and a little pessimistic about their chances of actually getting any type of home loan within the near future.

They banked with a local building society and also had a term deposit of $7000 with a major bank.

They had approached the major bank first and were told that their maximum borrowing capacity was approximately $140,000.

There are not a lot of properties available for sale in NSW for $140,000, especially in a major NSW city.

They visited the Building Society next where their transaction accounts were established and also a current personal loan for a car.

They were advised the maximum figure they could borrow was even less than the amount the bank had suggested and that the personal loan may need to be repaid first.

A broker met with the pair and discussed their options, collected their financial details, calculated their maximum borrowing capacity and checked which lenders would actually consider lending them the amount the required to purchase a home.

There were more than a few lenders at the time who would consider lending up to the amounts the pair needed and of these options three lenders offered 100 percent loan to value ratio No Deposit Home Loans.

The First Home Owners Grant covered the majority of the costs that exceeded the 100% loan to property purchase value ratio and through contributing only a few thousand dollars of their own cash up front they are now living in their own home which was recently purchased for $320,000!

They have found the loan repayments are at a level where they are able to make extra repayments which will reduce the overall cost and term of the loan considerably.

The same lender supplied them with a low interest rate credit card that was used to consolidate some other small pre-existing debts saving them even more money!


finance