Which are the financing criteria for no deposit loan?
Loan providers use really strict credit tips whenever evaluating no deposit mortgage loan applications.
- Credit rating: you really must have a perfect credit score with Equifax. No Australian loan providers will make an exclusion for this policy if LMI approval is needed.
- Payment history: you really must be spending all your debts that are current as charge cards, unsecured loans and lease on time.
- Location limitations: you really must be purchasing in an important town, capital city or local centre. Certainly one of our loan providers is prepared to think about any place in Australia but the majority lenders are particularly strict in regards to the location you are purchasing in.
- Property kind: you need to be purchasing a regular style of home such as for instance a home, townhouse, device or vacant land. Being a rule that is general unusual or unique properties are not appropriate. We’ve been able to provide for duplexes, inner-city flats, studios, bedsitters and even company title units in past times for clients of ours that have a great earnings. Continue reading “No Deposit Mortgage Loans. Simply how much can I borrow?”