Home Loans for those with Great Income but have NO-DEPOSIT or Little Saved DEPOSIT!
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)
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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EZFinance Pty Ltd (ACN: 140178383 - ACL: 392611) and it's authorized Advisors are fully qualified to give advice and assist with all/any consumer lending. EZFinance Pty Ltd is a member of AFCA
EZFinance Commercial Pty Ltd (ACN: 639833604) and it's authorized advisors are fully qualified to give advice and assist with all/any Commercial / Business lending. EZFinance Commercial Pty Ltd only advise and assist with "Non-Coded" finance (as described in the NCCP act 2009*) and are not a member of AFCA.
*National Consumer Credit Protection Act (NCCP)
Allan Pearson is a proud member (M-330095) of the (FBAA) Finance Brokers Association of Australia Limited.
Redcap Finance Brokers
1. In the First Instance - Please Contact RedCap Finance Brokers direct on 07 3102 4772 to discuss your matter, then...
2. If you feel the issue has not been resolved to your satisfaction within 5 business days, then please contact our Licensee's internal dispute resolution manager:
Attention: EZFinance Complaints Dept
Level 3, 169 Fullarton Road,
Dulwich SA 5065
Phone: 1300 727 909
NCCP Act CODED LOANS ONLY*
We aim to reach a satisfactory outcome for any complaints.
If you are still unsatisfied after dealing with EZFinance's Internal Dispute Resolution Process and their decision, you can then contact the Australian Financial Complaints Authority (AFCA) using the details below:
Please Note: - There is NO applicable AFCA membership held by us in relation to NCCP Act: NON-CODED Loans: i.e. commercial credit products and/or unregulated loans.