How Do I Buy a House with No Money?
Potential homebuyers interested in learning how to buy a house with no money may not know the options available to them. Buying a house with no money can be difficult to achieve if a potential borrower does not have certain financial assets. An equity loan is an option for buying a home with no money, but an applicant must have an existing property with at least 20% of equity accrued through consistent mortgage repayments.
There are forms of assistance that first-time home buyers may be eligible to receive if they meet certain requirements. The First Home Owner Grant Scheme can provide eligible applicants with a nontaxable grant of $10,000 for assistance with home buying and building costs without being required to make repayments. The First Home Loan Deposit Scheme allows eligible applicants to only fund a 5% deposit on a home without paying for Lenders Mortgage Insurance.
Guarantor Home Loans allow a borrower to bring in a guarantor with existing property equity of 20% to put up as security for a home loan with no deposit. However, keep in mind that a guarantor takes responsibility for loan repayment if the borrower is unable to meet the required mortgage repayments.
Potential borrowers interested in buying a house with no money but unsure where to start can reach out to the Mortgage House lending specialist professionals for personalized assistance and recommendations on how to best meet your financial and home-buying goals.