Got a deposit, but didn’t save it yourself?
We can still help you get approved for a home loan!
- We can help you borrow up 90% of the purchase price. Most deposit sources accepted.
- We can help you borrow up to 95% of the purchase price with no genuine savings if you’re in a strong financial position.
- Reduce the costs of completing your property purchase by adding the cost of Lenders Mortgage Insurance (LMI) to your mortgage.
- Speak to us about using your last 12 months rent history to meet the bank’s genuine savings requirement.
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Our award-winning mortgage brokers will find you the right home loan for your situation.
How does it work?
A no genuine savings home loan is for people who have a standard 5% or 10% deposit but cannot prove to a lender that they have saved the deposit themselves with regular contributions to a savings account.
The following sources are usually accepted as what the banks refer to as “genuine savings”:
- Funds that have been held in a savings account for 3 to 6 months (depending on the lender).
- Funds that you have saved over the last 3 months.
- Funds held in a term deposit for over 3 months.
- Equity in an existing property.
- Proceeds from the sale of a property.
- Shares held for over 3 months.
- If you’re currently renting then some lenders will consider the rent you have paid in the last 12 months as genuine savings (conditions apply).
If you can’t provide evidence of the above, you may qualify for a no genuine savings home loan if the source of your deposit is coming from:
- A gift from your parents.
- First Home Owners Grant (FHOG).
- Advances on wages/commission from an employer.
- Inheritance.
- Financing of a deposit (personal loan or other borrowings).
- Builder discount/finance (restrictions apply).
- Vendor discount/finance (restrictions apply).
- Proceeds from sale of motor vehicles.
- Windfall gains.
- One-off government payments (e.g. tax refund).
Some lenders accept these deposit sources as genuine savings if you’re currently renting!
Are you eligible to borrow 95% of the purchase price?
To be eligible to borrow up to 95% of the purchase price without genuine savings:
- You must be paying your rent on time (if you are renting).
- You must have a stable employment.
- You must have a clear credit history.
- You must have an excellent credit score.
- You must not have too many consumer debts such as credit cards and personal loans.
- You must be able to afford the debt comfortably and you’re not allowed to borrow to your limit.
Most lenders require 1.3x to 1.5x interest cover to approve a loan but some of our lenders can consider a 1x interest cover if you have a strong tenant and your property is in a good location.
Add Lenders Mortgage Insurance (LMI) to the loan!
Although we have lenders on our panel that can allow you to borrow up to 95% of the purchase price, our brokers will always try to get approved with the only lender that will capitalise the cost of the LMI on top of the loan amount.
LMI is a one off premium you’ll need to pay when your loan is advanced and it can be around 3% of the loan amount. That’s over $18,000 for a $600,000 purchase that you’ll need to have in order to complete the purchase!
By capitalising the premium, the lender approves your loan for 98% of the property value which leaves you with 95% after the LMI premium is paid.
We’ve lent more than $4 billion+ Australia-wide.
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They walked us through the process step by step
We would like to say thank you to Hank from Home Loan Experts for all his help in getting us a guarantor loan.
We were really unsure if we would ever get an approval for a home loan, but Hank immediately knew the right lender to approach for our situation, and made the whole process simple…
We would definitely recommend Home Loan Experts to anyone. Thanks again to Hank and the team from Home Loan Experts for making it possible for us to own our first home.
Ianthe S & Jadobi l, Carina QLD
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A very friendly, professional and helpful team
The team was very friendly, professional, helpful and went out of their way to get the right loan that was suitable for us… I recommend this service for those who find it very hard to purchase a property going directly to a bank. Thank you Home Loan Experts, you have finally given my family and me the opportunity to own a beautiful home.
Denise H, Epping VIC
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A lot smoother and less stressful than having to deal with banks as an individual
Our mortgage broker was very personable and made us feel like he went above and beyond to assist us in getting our home loan. He had a great knowledge of guarantor home loans which set our minds at ease. He was happy to answer any questions even outside business hours and responded in a professional and timely manner. As a second home buyer I would recommend going through the home loan experts as this process was a lot smoother and less stressful than having to deal with banks as an individual. I would especially recommend Hoa to others.
Melissa H & Rhys B, Wynnum West QLD
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Exceeded my expectations in terms of results
Throughout the process I felt confident in knowing I could rely on you and at no stage did I ever feel that trust could be an issue with you. You have exceeded my expectations in terms of results and have done this with very short notice. You are an asset to your company and a role model to your profession… I already have and will continue to recommend your services to friends and family.
Thomas M & Tanya W, Botany NSW
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So easy to speak to no matter how stressful the situation
We are both so grateful to Amine for all of his hard work and great advice over the past year! It’s been such a long journey… We are starting to settle into our new home in Trentham now. It is just so beautiful and relaxing! We really love it and are so happy with our purchase. Amine was right all along – things happen for a reason! Thank you Amine for always being there for us.
Tanya & Andrew B, West Melbourne VIC
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He even made a guarantor loan from our parents seem effortless!
After the roller coaster ride of going cap in hand to the bank manager, only to be turned away… we found Tony. What a refreshing change! Within a 2 week time frame, we had approval and were able to follow the normal approval process to get the loan…. With Tony’s inside knowledge on how lenders think he was able to approach the bank with an excellent case and really put us in a great position in the lender’s eyes…. We recommend Tony and Home Loan Experts strongly and will be using them for our next purchase…
Julie W & Luisa C, Waikiki WA
