Don’t have enough for a deposit?
You may still qualify for a home loan!
- No deposit? Borrow up to 105% of the purchase price by using a guarantor.
- Do you have a 5% deposit? Some lenders can add the cost of Lenders Mortgage Insurance (LMI) to your loan so you don’t have to pay it upfront to confirm your income.
- You may be eligible for a special 1.10% interest rate discount if your loans is over $500,000.
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Our award-winning mortgage brokers will find you the right home loan for your situation.
What is a guarantor loan?
Guarantor loans are the only way to borrow 100% of the purchase price plus the costs of completing the purchase. These costs include stamp duty, home loan fees and legal costs of buying a home.
Your guarantor will provide a guarantee for your home loan which is secured on their property. In most cases, the guarantor will be your parents.
The idea of this type of loan is to help you to get your foot into the property market.
Guarantor loans have become very popular in recent years as they cost less than standard home loans and some lenders now allow you to limit the size of the guarantee.
How can I get a home loan with just a 5% deposit?
Generally, you’ll need:
- A clear credit history: This means payment of all of your bills such as rent, credit cards, personal loans and other debts on time every time for the last 6 months.
- Stable employment: You must have been in your current job for at least 6 to 12 months (there are exceptions to this policy).
- A good income: This is to meet banks’ stricter assessment of your ability to repay a 95% mortgage.
- Reasonable asset position: Lenders want to see that you have a good asset position relative to your age and income.
- Genuine savings: Almost all lenders require you to prove that you have saved 5% of the purchase price.
- Minimal debts: People with many credit cards and personal loans are generally not accepted.
- Location / property type: Many lenders may be hesitant to approve loans for properties in smaller towns, high rise units in the CBD or unusual properties.
How can I borrow more than 95%
Some lenders will allow you to capitalise (add) your LMI premium on top of your loan so, in essence, you’re borrowing as much as 100% when the premium is included.
For a 95% home loan, LMI is about 3% of the property value so the benefit of capitalising is that you don’t have to pay this premium upfront and can keep more money in your pocket.
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