Low Deposit Home Loans
Low Deposit Home Loans refers to people who do not have the minimum required deposit most lenders require these days in order to qualify for a home loan. Most lenders have now moved to a minimum 5% deposit for the purchase of a property but there are other fees you have to pay for as well.
If you have less than a 20% deposit then you are going to be charged a Mortgage Insurance Premium. we use to be able to add this to loan and go up to 97% of the value of the property being purchased but this is now no longer the case. Now you need to be able to cover that fee in most cases as well.
Miracle Home Loans has a number of solutions for people with low deposits or even no deposits in some cases. It's probably best in these cases to speak to us direct about your situation and we can then give you a number of options.
Call Miracle Home Loans on 1300 645 888