Can I get a loan without a deposit?

Can I get a loan without a deposit?

A great finance broker can point you in the right direction and help you get into the property market sooner, by assisting you to get finance. If you do need assistance, ask your RE/MAX agent about If you do need assistance, ask your getting in touch with Pivotal’s Graeme Christiansen.

Many people ask the question – can you actually get finance without a deposit? Well, as it happens, yes you can.

If your parents or a close family member has equity in their property, then you might be able to take out a family guarantee or family pledge loan. A family guarantee loan is what happens when the guarantor (usually the parents of the applicant) guarantees part of the loan (often 20% plus costs) using their own property. This is known as a security guarantee.

While quite a few banks offer a family guarantee loan many of them have strict criteria. Often, the guarantors must get independent legal advice, some banks won’t accept a second mortgage and others need the guarantors to show that they can service the portion of the loan that is guaranteed.

A family guarantee loan is not your standard bank loan, therefore, it’s great to have some expert knowledge in your corner when you apply for one. Graeme Christiansen is a Pivotal Finance financial advisor who works with RE/MAX, helping local Brisbane residents make their dreams a reality when it comes to homeownership.

Calculating loan capacity is not as straightforward as it may seem, so enlisting the help of an expert can make all the difference in ensuring you get a product that is right for you. Contact Pivotal Finance’s Graeme Christianson to find out more.