No Deposit Home Loan

Struggling to save your deposit? Your new home may still be well within your reach, even without one.
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Want to get into the property market sooner?

We make it such that your new home or investment property is well within your reach even without a deposit. Why do you need a deposit at all then? A deposit is still useful as it enables lenders to determine how financially responsible you are before you become involved in a large, long-term debt. If you can put aside the money for a deposit while paying your living expenses, the lender has more confidence in you that the mortgage repayments will be made on time.

Key Benefits

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Potential risks

There are limited products available for no deposit home loans, so you will have fewer options to choose from.

It is likely that you will need to pay lenders mortgage insurance (LMI) which could increase the amount of your loan. This in addition to the full loan amount is going to be higher than if you had a deposit and likely to cost more over the course of the mortgage.

Your success is our success, so supporting you to make the best financial decisions for you and your needs is of the utmost importance. For no deposit home loans, we will consider if it is the right option for you, tailor the most appropriate product and find the best lender suited to that product.

Understanding

Safety for lenders

Our home loan experts will ensure all is smooth sailing through this exciting but potentially stressful time.

Buying a property, especially if it is your first purchase, is meant to be an exciting time. However, without support, the excitement can quickly turn to stress with the amount of different Australian mortgage options available today. These are based on the type of borrower; you may be a first home buyer, owner occupier, property investor, looking to refinance, want interest-only repayments or products that have an offset account.

Whatever your requirements may be, we have a solution for you. Our experts will show you that selecting a product based on the lowest interest rate is not always the best option; there may be other fees that apply that could end up costing you more in the long run. Our home loan experts will check these finer details for you, so that there are no nasty surprises later.

Defining the issue at hand

There are several loan options available

Guarantor Home Loan

One option that is available for a no deposit home loan is providing a guarantee from your parents or a friend, secured on their property. In Australia, a guarantor home loan is the only way that an individual can borrow 100-110% of the purchase price of the property. You can apply to have the guarantee removed as soon as your property has increased in value or part of the loan has been paid off. 

Personal Loan

Another method to acquire a no deposit home loan is to obtain the deposit through a personal loan. To qualify, you need to possess little existing debt and a high income to afford both repayments, as you will be paying for both the mortgage and personal loan at the same time. You will also need a clear credit history and some savings to cover additional costs such as stamp duty.

Home Equity Loan

If you already are a property owner, we can assist you through using your existing equity on your property as a deposit. If this is sufficient, then you do not need any savings for a no deposit home loan. Find out more about home equity.

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Call moneylab and one of our finance experts will be able to assist you immediately.
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Other mortgage options

Home Equity Loan

Are you a home owner looking for a large sum of money quickly?

If you want to get into the property market sooner rather than later, we may be able to help you with a low or no deposit home loan. Did you know that your new home or investment property may be well within your reach, even without a deposit? Chat with our home loan experts and find out what Australian mortgage option suits you.

Refinance Home Loan

Are you considering refinancing your home loan?

If you want to get into the property market sooner rather than later, we may be able to help you with a low or no deposit home loan. Did you know that your new home or investment property may be well within your reach, even without a deposit? Chat with our home loan experts and find out what Australian mortgage option suits you.