Lenders no longer offer 100% mortgages. The only way to get a 100% mortgage is to buy with a guarantor.
This is a great option if your mum, dad or sibling would like to assist you to get on the property ladder. The guarantor would need to own a home with sufficient equity in it to guarantee your purchase. There is no cash outlay required by the guarantor, the bank will however take security over the guarantors property as well as the property you are purchasing.
When you purchase with a guarantor you can borrow 100% of the purchase price + additional funds for costs. This can be a great option for those buying second time around who do not receive any stamp duty concessions or grants.
Dreaming of owning your first home but struggling to save for a deposit? Lime Mortgage Brokers Perth offers innovative solutions like no deposit loans and guarantor-assisted buying to help you step into the property market sooner. With a guarantor loan, a trusted family member can use the equity in their property to secure your loan, allowing you to bypass the traditional deposit requirement. This not only accelerates your journey to homeownership but can also save you thousands on lenders’ mortgage insurance (LMI).
At Lime Mortgage Brokers, we specialize in guiding you through the process, connecting you with lenders who understand your unique circumstances. Our experienced team ensures a smooth, stress-free experience, helping you make informed decisions every step of the way. Ready to turn your homeownership dreams into reality? Reach out to Lime Mortgage Brokers Perth today and explore the options that work best for you!
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