Do banks give 100 percent home loans?
Banks are careful institutions because they handle great amounts of money each day. The problem with banks is they are not full lenders and have other responsibilities. Since this is the case, it is very rare to find a bank or non-bank lender that will offer and approve 100 percent home loans.
Currently, in all of Australia, there is only one bank that currently offers this type of home loan, and it is not easy to get! Borrowers typically need a co-borrower or guarantor that can guarantee the repayment of a loan will be completed.
With a high-risk and big gamble, it is difficult for homebuyers to find a 100 percent home loan with no deposit. It is also not the best option for homebuyers. When a 100 perfect home loan is offered, this also means that the repayment for each month or fortnight is very high!
Most of the time, 100 percent and no deposit home loans are hurtful to borrowers because they are attached to a high interest rate. For homebuyers that want to build credit and own their home, it is an option though!
Mortgage House lending specialists provide many different types of home loans, including, 90% home loans. These expert lenders are just a call away, ready to provide new homebuyers with options.
100 Percent Home Loans Conclusion
While some banks and lending institutes offer 100 percent home loans, these are frowned upon because of the high interest rate and the high risk both parties have. Mortgage House provides solutions to home loans and even includes money-saving bundles for personal, home, and car loans!