Welcome to the forums.
Most lenders have strict lending criteria for borrowers with low deposits, but if you meet the following requirements, you might have a good chance of getting approved.
- The lenders will look into your income carefully as this forms the basis of your assessment to make mortgage repayments.
- There are restrictions on property types and locations for a low deposit home loan.
- You should have a clean credit history such as no late payments on personal loans, not paying credit cards, etc. (Some exceptions apply)
- You must have accumulated genuine savings of at least 5% of the property value that you've accumulated over a period of 3 months. (Some exceptions apply)
- Your age and income should reflect a relative level of assets like owning a car, savings, etc.
- Lenders usually favour those with reliable and stable employment history of at least 5 months in your current role or 2 years in the same line of work.
Cheers,