home loans

Has anyone here got a no deposit home loan??
Who through??
was it hard?? etc

and in general (not the no deposit thing) who do you think is the best place to get a home loan through??

Lending criteria is tightening up at the moment with the current economic climate! My BIL and I work for the same bank (he is a mobile lender) and he had mentioned that he is having to turn away customers that we would have given mortgages to this time last year.

That said, as long as your income is greater than your outgoings by the required percentage (not sure what it is at the moment, and is varying greatly between the banks right now) you will be fine...

Generally speaking, the no deposit loans will have much tougher lending criteria... if you want you can PM me and I can put you in touch with a mobile lender in your area. These guys do it all day and will be able to answer all your questions.

If it was me, I would ring around the banks and have a chat to them all, it cant hurt and they all have people who can come to you at a time that suits you.

For who is best, I think that is a personal thing. Everyone has had good and bad experiences with particular banks but at the end of the day they all offer relatively similar products with relatively similar fees... The best experience with the best fees will always win out in the end IMO.

Good luck, very exciting!

We did 100% lending, it was all organised through Mike Pero and then we dealt directly with SBS once it was all arranged (to sign the papers etc.). It was a Welcome Home Loan though, so not sure if that's what you're after. All of our dealings with SBS have been fantastic, we have our own personal banker who's great.

It does have to do with your income as well, and you need to have about 40% of your income to cover the mortgage, anymore and it gets a bit risky. I was talking to our bank the other day and we are looking at a top up (to consolidate bills) and the banking advisor said it would tip us to about 60% of our income so we would be best to wait till I got a job so it was a lower percentage and a lot more likely to get it.

Ooops, just seen your question! We got ours in February this year. It was quite easy actually, although I'm somewhat familiar with the process because of work experience. We had to make sure we had bank statements for the last 3 months for all accounts, payslips for the last 3 pay periods I think for each of us, show details of any debt (ie. DF's credit card, which has a $500 limit so was ok), ummmmm......I think that was it? We also had a couple of blips on our credit history which we had to pay off and provide written evidence of.

We started the process before we found a house, and got approval up to a certain amount ($210K) which was 45% our our after tax income and then went house shopping. Once we had signed up the agreement (which was subject to finance) we had to send through a copy of the agreement, and organise a valuation for the property ($450) before we could get the actual written approval. Once that was all done, they sent out all the mortgage docs etc and we dealt with it through our solicitor - but SBS rang us a few times to check we were all good. We didn't end up borrowing the full amount of the pre-approval either.

The interest rates have gone down a bit since then too. Mike Pero is quite good, or you can approach banks directly - SBS is fantastic, and I can give you the phone number for our banking consultant at SBS who may be able to give you more info.

We used mike pero but there are alot of different brokers out there, as shorty said they will only offer banks that give them commission so if you dont get a deal that you want try others till you get something your happy with.  Also with debt that you are paying off at the moment you can also apply now and pay them off at the time of your settlement, some will actually stipulate that on recieving the loan you need to pay bill/credit card/debt off and provide proof  of payment/cancellation.

We find NZHL fantastic!
Yes we have a budget, but it is the same as having a loan with any bank your repayment is a set amount each week,fortnight or month.

The budget is up to you how it is set, and it is set so you CAN still live. Gosh i sure have the last 2 motnhs and need to get back on track.

It is similar to Revolving credit but is not the same.
With NZHL you "channel" your income into the account, so you are only paying interest on the current balance, not the whole amount, hence saving you many years and interest in the long run.

We live as much as possible on our credit card and pay that once a month, so our day to day living is not taken from our account, saving us interest on it. We still have a eftpos card and can use it, but like to use credit card, we do not pay any interest on our purchases as we have a set up to pay the amount the day it is due.

We have gone from a 25 year mortgage to 13 years just by changing our bank. We have no increased our payments just the way we pay it

Hehehe, it is great for some people!! We personally couldn't do it, we're not strict enough (and don't want a credit card!!!). In saying that though, we have reduced our term from 30 years to 21 years by making our fortnightly payments half the monthly payment, instead of actual calculated fortnightly payments....means we make an extra 2 payments a year (which doesn't sound like much, but is actually an extra month) which is how we knocked 9 years off ours.

Looking at their interest rates I wouldn't recommend them. So unless there is a specific reason, you tend to be better off going straight to the bank.