No Deposit Home Loans
Many Generation Y first time buyers who have minimal savings do not realise that they can get help from their parents or other family members, which can assist them in securing home finance
This option does not come without conditions, including one that the parents’ property is preferably unencumbered. But with good equity, first home buyers can still borrow 100 per cent of the purchase price plus other associated costs without showing their savings history.
The benefit of this option is that there is no requirement for lenders mortgage insurance. However it is important that in this situation, all parties are aware that in the case of default, the parents are liable for the 20 per cent they secured