HOME LOANS with a Difference!

Home Loans for those with Great Income but have NO-DEPOSIT or Little Saved DEPOSIT!

Home Deposit Personal Loans

NO GENUINELY SAVED DEPOSIT HOME LOANS

RedCap Finance Brokers has a strategy that allows you to (subject to lender's criteria and approval) combine borrowing a deposit (or shortfall in a deposit), finishing costs, and a conventional home loan - allowing you the opportunity to purchase a property NOW - without the long and difficult task of saving a deposit while watching home prices increase faster than you can save.  This strategy is perfectly suited to borrowers that have no or little deposit that is genuinely saved, and who are ready to get in to the property market now. People who require assistance now!

How does it work?
Firstly and most importantly, this strategy is ONLY suited for borrowers that can demonstrate strong and stable payg employment or self-employment income with clear capacity to service the loans without any hardship; and an overall strong profile including clear credit, demonstrated ability to meet all your commitments, and an strong intention to purchase a suitable and acceptable property NOW.

Our Credit Consultants give responsible credit advice and adhere to strict lending practices and guidelines and can only assist borrowers who meet the relevant criteria and when we determine that the no-saved deposit strategy is ultimately not unsuitable for you.

Providing you meet the acceptance criteria, RedCap Finance Brokers will structure a package that may look like this;

Home Deposit Loan – 10% (an unsecured/secured loan facility, funded prior to house purchase)
Traditional Home Loans – 95% (a standard home loan from one of our panel of providers)
TOTAL – 105% (sufficiently covering purchase price and costs)

Example

  • Owner Occupied Home Purchase Price - $500,000
  • Est. Stamp Duty and Purchase Costs - $12,000
  • Est Bank Fees and Loan Mortgage Insurance - $17,000
  • EST. TOTAL COST OF PURCHASE - $529,000

Strategy

1st Step: Get a 10% Home Deposit Personal Loan of $50,000 and put into your savings account (with your other saved funds)

2nd Step: Apply For A Pre-Approval of a Home Loan (95% of $500,000) - $475,000

3rd Step: We Assist You to find a suitable property within your price range and go to contract subject to Finance Approval.

4th Step: Get Formal Unconditional Finance Approval and settle the purchase of your new home

TOTAL FUNDS BORROWED - $550,000

5% Deposit: $25,000 + Funds Required To Complete: $29,000 = Total Funds Required - $54,000

Therefore, a $4,000 contribution would required from you in this example. 


NOTE WELL - this is an example only and each individual's circumstances will be different!



REDCAP FINANCE BROKERS can assist borrowers who ...

✔ Are stably employed and purchasing a property
✔ Are stably self-employed and purchasing a property
✔ Are NOT credit Impaired (clear credit history)
✔ Are stable in their residence
✔ Earn sufficient income to service the debt/s and have a sufficient surplus

​If you meet the above criteria there is a strong possibility you are eligible for a no (low) deposit strategy Home Purchase

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