New no-deposit home loan offering launched

Mortgage marketplace HashChing has re-introduced a deposit-free home loan product to support the entry of first home buyers into the mortgage market.

HashChing has announced that it has re-introduced a no-deposit home loan to its product suite, available to tertiary-educated citizens or permanent residents living in Australia that earn more than $150,000 per annum ($180,000 combined income for couples) and that have been working in a professional field for more than three years.

Reportedly funded by Granite Home Loans, interest rates for the loan start at 6.5 per cent – but will drop down to a standard variable rate once the loan reduces to an 80 per cent loan-to-value ratio (LVR).

The COO of HashChing, Siobhan Hayden, said the new offering would assist the entry of first home buyers (FHBs) into the property market, claiming that other FHB initiatives have fallen short of their objective.

“Even with a projected decline in property prices this year, saving a deposit is a Herculean task for most young Australians,” she said.

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Source: New no-deposit home loan offering launched – The Adviser