Ways to get a mortgage being a first-time buyer (with no deposit)

Ways to get a mortgage being a first-time buyer (with no deposit)

Longing to own your home but can’t afford a deposit? They are the criteria banking institutions use whenever looking at applicants for a no-deposit relationship.

Article summary

  • Banking institutions typically use very criteria that are strict evaluating home-loan applicants who possess no deposit since they are considered significantly riskier.
  • The most common needs for zero-deposit borrowers can include a credit that is clean, a good payment history, stable work and a regular kind and location of potential property.
  • Guarantor loans are perfect for borrowers who possess a constant borrowing ability and earnings, but lack the way to gather the deposit that is initial.

For many individuals, purchasing a house is a component regarding the great South dream that is african. Yet using the high price of residing, saving for a deposit can be hugely hard.

Indeed, in the event that you fall under this sounding homebuyer, you’re not by yourself. “Nearly half of all applications gotten by ooba come from buyers that have no usage of a deposit,” says Kay Geldenhuys, Property Finance Processing Manager at Southern Africa’s largest relationship originator.

“Contrary to belief that is popular it is not impractical to get 100% financing. In fact, a substantial 74% – or three away from four – of y our candidates are effective in securing a bond that is no-deposit although the remainder have to raise a somewhat tiny deposit, generally speaking just one that is between five and 10per cent associated with cost.”

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