Finance Broker Australia

Equity Finance Mortgage (EFM)®

Now there is a new home loan available that can help you reduce your monthly home loan repayments or even purchase a more expensive property than you may otherwise be able to afford. An EFM® works in conjunction with a traditional home loan. Together they let you move some of the expense of a traditional home loan to later when you
eventually sell your property.

You can use an EFM if you are purchasing your first home, buying a new home or refinancing your existing loan.

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Property Share Option

Property Share is a home loan option which allows friends to buy a property together but keep their finances separate.

Property Share Option Key features;

• Property Share allows borrowers to purchase one property using separate loan facilities.
• Note: A maximum of two loan facilities per security is allowed (see example);
• Each loan facility can be for different amounts, with different loan types, duration and payment structures;
• All applicants must be owners of the property – i.e. no third party guarantors;

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Choosing a cheap no deposit home loan that won’t cost you more than other no deposit home loans is a simple as picking the one with the lowest interest rate right?

Well maybe.. but there are many other factors and costs that can come into play and contribute to additional costs.

• Application fee is not a huge expense but can make a difference.
• Ongoing fees and account keeping charges can add up over time and contribute additional cost to your home loan.

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There are many options available nowdays if you are seeking a home loan and are not able to raise the full 20 percent deposit which used to be required by the banks before they would consider approving a home loan.

Each no deposit home loan option has positives and negatives and engaging the services of a finance broker who is experienced in finding no deposit home loans for first home buyers and property investors will provide a considerable time saving.

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Sadly there has been an announcement from First Permanent, the lender behind the 106 percent establishmentloan and investorloan no deposit home loans, that all products have been withdrawn from offer effective immediately.

First Permanent was well known as the lender behind these no deposit home loans;

• establishment home loan
• investor home loan
• graduate home loan

.

More information is at Finance Broker Australia website.