money bag icon How much can I borrow?

question mark icon Will I get approved?

  • Lenders are more likely to approve a guarantor home loan because they are the lowest risk no deposit option.
  • You need a clear credit file and a perfect repayment history.
  • Location restrictions apply (banks prefer capital cities, major towns or regional centres).
  • Banks prefer standard property types like residential houses, townhouses, units or vacant land.
  • You need to have stable employment and a regular income.
  • Some lenders still require you to have genuine savings for these no deposit options.

discount icon Interest rate from:

3.80% | 3.96%* p.a (Comparison Rate)

*Comparison Rate Warning

bank lender icon Lenders available:

Specialist lenders and some major lenders.

Discover if you qualify:

We can help you buy a property anywhere in Australia

Which no deposit solution is right for me?

Option 1: 105% guarantor loan

  • You can borrow 105% of the purchase price.
  • You don’t need any savings.
  • Your parents must provide a guarantee, secured on their property.

This is the best way to buy a property with no deposit!

You can learn more about this option on our page.

Option 2: A gift

  • Your parents can provide you with 5% to 15% of the purchase price as a non-refundable gift.
  • Some lenders can consider your loan even if you didn’t save the deposit yourself.
  • Approximately 60% of first home buyers receive help from their parents.

You can read more about this option on our .

Option 3: Personal loan as a deposit

  • Do you have a small 3% to 5% deposit?
  • Do you have a very high income?
  • You can borrow up to 95% of the purchase price plus a personal loan.
  • You cannot have more than $10,000 in existing debt.
  • You must have a clear credit history.

This isn’t suitable for all people. We recommend that you speak with your parents about a guarantor loan before you consider this option.

Some lenders will allow a borrowed deposit and do not require genuine savings but you may need some funds of your own to cover stamp duty and other expenses.

You can read more on our page.

Option 4: Equity in another property

  • Do you already own a property?
  • You can use your existing equity as a deposit
  • If you have sufficient equity then you don’t need any savings at all
  • We can value your property for free right now!

Simply give us a call on 1300 889 743 or enquire online and we’ll let you know if you qualify.

Option 5: Use your superannuation

  • Do you have over $150,000 in superannuation?
  • You can set up a self-managed superannuation fund (SMSF) to buy a property.
  • The property must be for investment purposes, not to occupy.
  • You can borrow up to 80% of the purchase price.

With this method, you do not need to have any savings yourself because your superannuation will act as a deposit.

This is a complex strategy that requires financial advice before you begin.

Discover if you’re eligible on our page.

Guarantor loans just work!

As you can see, there are several ways to buy a home with no deposit.

However, when we assess someone’s situation, time and time again we get the best results with just one of these no deposit solutions.

Buying a property with your parents guaranteeing your loan just works!

The other options have strict approval criteria which most people cannot meet.

On top of that, the policy changes pretty regularly and, in most cases, you need to be in a strong financial position to qualify.

It’s only if your parents don’t own a property in Australia that you should consider other options.

There are other reasons to choose a guarantor option:

For borrowers

No deposit loans have become an attractive option for many people who do not have the funds to contribute towards a mortgage.

Some of the main benefits of guarantor loans include:

  • No savings are needed.
  • You can borrow the full purchase amount plus the money needed for stamp duty or any other associated costs.
  • Lenders mortgage insurance (LMI) is not required!
  • Both investors and owner occupier buyers can take advantage of this product.
  • In many cases the interest rates are exceptionally low.

For guarantors

Guarantors have a fixed liability and can only be pursued for the agreed guaranteed amount, making this a more secure option. The guarantee can be secured by either their property or a term deposit.

They do not have to make the scheduled loan repayments and the guarantee can be released upon request if, at a later date, the borrower meets standard bank criteria and the bank agrees.

Normally, this is when the borrower owes less than 80% of the value of their property.

What if these options don’t work for me?

Unfortunately there are no lenders in Australia that offer no deposit home loans other than the above options.

The best way for you to get a 100% home loan is to save a deposit of your own.

Following these tips will help you to qualify:

  • Prepare to buy: Use our prepare to buy program to prepare to qualify for a mortgage.
  • Save a 5% deposit: Save 5% of the purchase price in a bank account in your name. Make regular contributions.
  • Don’t change jobs: When you are borrowing close to 100% of the purchase price, the lenders like to see that you are stable and that you have been in your job for some time.
  • Pay your bills on time: If you don’t have much of a deposit then the lenders will lose a significant amount of money if you can’t make the repayments. For this reason, they look very closely at your credit file and rental history.
  • Stay in touch: Our mortgage brokers specialise in guarantor and 95% home loans. You can ask them a question on our mortgage forum or like us on Facebook so you can get in touch with us when you are ready to apply for a loan.

How can I get a low interest rate?

Sometimes it seems that every bank and non-bank lender in Australia have very similar interest rates and fees.

However, for no deposit finance, some banks are way ahead of the pack, with interest rates unmatched by their competitors. This is because some banks are interested in lending over 90% of the property value, whereas others aren’t.

In particular, going for a guarantor will save you a small fortune as you will not pay an LMI premium.

Our brokers are also likely to be able to negotiate an interest rate lower than those advertised by the banks!

Getting Approved

What are the lending criteria for no deposit loan?

Lenders apply very stringent credit guidelines when assessing no deposit home loan applications.

  • Credit history: You must have a perfect credit history with Veda Advantage. No Australian lenders will make an exception to this policy if LMI approval is required.
  • Repayment history: You must be paying all of your current debts such as credit cards, personal loans and rent on time.
  • Location restrictions: You must be buying in a major town, capital city or regional centre. One of our lenders is willing to consider anywhere in Australia but most lenders are very strict about the location that you are buying in.
  • Property type: You must be buying a standard type of property such as a house, townhouse, unit or vacant land. As a general rule, unusual or unique properties are not acceptable. We have been able to lend for duplexes, inner-city apartments, studios, bedsitters and even company title units in the past for customers of ours that have a good income. If you are not sure then call us and we will let you know.
  • Stable employment: Your employment situation must be stable and ongoing.
  • Income: Your income must be high enough that you can easily service the loan. You cannot borrow to your limit with a high LVR mortgage.
  • Professionals: Professionals such as accountants, lawyers, doctors, vets, nurses, government employees and teachers are highly sought after by lenders because they are well known to be a lower risk than people in other professions. You don’t need to be a professional to get approved but it helps!

Not sure whether you will be approved for a 100% home loan?

Call us on 1300 889 743 or enquire online today to find out!

Do I need any savings for a no deposit home loan?

In all other situations, you would need savings to get approval for a home loan but there are ways around this if you have a guarantor!

  • First Home Buyers As a general rule, if you are a first home buyer, your First Home Owners Grant (FHOG) should cover most, if not all, of the costs associated with buying a property.
  • Second Home Buyers: Due to the costs of stamp duty and conveyancing, non-first home buyers usually need to have a minimum of 5% of the purchase price available unless they have a guarantor. A deposit sourced from a gift from your family or from selling an asset is acceptable for some banks. It is quite common for second home buyers with some savings to use the 95% plus credit card option mentioned above to cover the cost of stamp duty.
  • Investors: Because investors do not receive the government grant or stamp duty exemptions, they will need a minimum of 9% of the purchase price to be able to complete the purchase, unless they have a guarantor. That amounts to 5% to cover the deposit and a minimum of 4% to cover the stamp duty and purchasing costs.
  • Construction: You can build a house without any savings using a no deposit construction loan if you are a first home buyer and have a guarantor. Due to the nature of construction, we recommend that you have a small buffer of around $5,000 just in case you go over budget.

Are no deposit loans available in Australia-wide?

Most no deposit lenders have location restrictions or other postcode restrictions on 100% home loans outside of capital cities and major regional centres. If you are buying in Sydney, Brisbane, Melbourne, Adelaide, Perth, Darwin, Canberra or Hobart then you should have no problem.

Common regional areas that are accepted by all lenders for no deposit loans are Wollongong, Queanbeyan, Newcastle, Wagga Wagga, Tamworth, Coffs Harbour, the Gold Coast, Sunshine Coast, Cairns, Toowoomba, Townsville, Ipswitch, Bundaberg, Ballarat, Bendigo, Albury / Wadonga, Freemantle, and Geraldton.

What if you are outside these areas?

One of our lenders will accept no deposit loans with the help of a guarantor in any location in Australia!

Can I borrow 100% and consolidate my debts?

Yes, you can borrow 100% and consolidate your other debts such as HECs/HELP, personal loans and credit cards provided you have a guarantor that can use their property as additional security for your loan.

Currently, there are no lenders in Australia that can lend more than 100% of the purchase price with a no deposit loan that is not supported by a guarantee.

We can compare the options from our panel of lenders for you. With help from our experts you’ll get approved for the amount you need at a competitive interest rate.

Who can borrow 100%?

Buying a house to live in: First home buyers and other people buying an owner occupied house make up the majority of people applying for 100% home loans in Australia, with the help of a guarantor.

They are looked at favourably by the banks because they tend to look after their property well and are more likely to pay their loan on time. Comparatively speaking, they are lower risk borrowers.

Investors: Investors are eligible for no deposit finance if they have a guarantor but they may be required to meet more stringent criteria due to the higher risk their application poses to the banks.

In some cases this requirement can be waived, for example, for someone who lives with their parents and wants to buy an investment property as their first property rather than a place to live in.

Investors can often reduce their loan to 95% of the property value to have a wider choice of lenders.


Is it better to save a deposit or borrow with no deposit?

That depends on the property market you are in.

If you are in a market that is increasing in value, then more often than not it is far cheaper to borrow 100% using a guarantor or borrow 95% and pay LMI than to wait and save a deposit. This is because the lost capital gains ends up costing you tens of thousands of dollars.

Most people find it difficult to save a deposit anyway and, after 6 months, are in the same situation as they were before. For this reason, most people prefer to borrow 100% than to save.

You can use our calculator to decide if you should buy now or save a larger deposit.

Don’t forget that Australia is not a single property market! For example, Brisbane may be increasing in value while Sydney and Melbourne remain steady.

Talk to local real estate agents to find out what is happening near you.

If you are in an area that is stable or is declining in value, then it may be better to save a 5% deposit and apply for a 95% loan if you would prefer not to use a guarantee. You can even use inheritance as a deposit for this.

Please contact us on 1300 889 743 or enquire online and we can discuss your options with you so you can make an informed decision as to when to apply for a loan.

Do no deposit home loans have extra features?

Yes! No deposit home loans with the help of a guarantor are available with almost all loan features including:

  • Professional package discounts
  • Waived application, valuation and monthly fees
  • Fixed rates (1 year, 3 years, 5 years, 10 years and 15 years)
  • 100% offset accounts
  • Unlimited extra repayments (variable rate loans only)
  • Redraw facilities
  • Interest only repayments (up to 15 years)
  • Weekly, fortnightly or monthly repayments
  • Vacant land, building or construction loans

Note that no deposit finance is not available with a line of credit loan. You have the option to switch loan types at a later date when the guarantee has been removed.

Before you undertake a comparison of different no deposit loans you should complete a needs analysis with a mortgage broker. You should consider which features will give you the biggest benefit and which you are likely to use.

How high will my interest rate be?

Not as high as you think! No deposit finance with the help of a guarantor is often available at competitive interest rates and even application fee waivers for some loans.

We are able to obtain professional package and basic loan discounts through several of our lenders.

Did you know that some lenders have very little appetite for high LVR home loans? A high LVR loan is any loan which is for more than 80% of the property value.

The secret to getting a good interest rate is to apply with a bank that is actively seeking this market segment.

As mortgage brokers we know which lenders are aggressively marketing to 95% and 100% borrowers.

Please contact us on 1300 889 743 or enquire online to find out how we can help you.

How can I get a low interest rate?

Sometimes it seems like every bank and non-bank lender in Australia has very similar interest rates and fees.

However, for 100% home loans, some banks are way ahead of the pack, with interest rates unmatched by their competitors. This is because some banks are interested in lending over 90% of the property value, whereas others aren’t.

In particular, going for a guarantor will save you a small fortune as you will not pay an LMI premium.

Our brokers are also likely able to negotiate an interest rate lower than that advertised by the banks!

Every lender has a different LMI premium.

LMI is insurance that protects the lender in the event that a borrower defaults on their loan.

This is a one time fee charged when you borrow over 80% of the property value and is a significant cost associated with no deposit loans / low deposit loans.

LMI rates vary depending on the lender you choose and the amount you borrow.As a general rule, LMI for loans that are less than $300,000 are very cheap while LMI for loans over $500,000 can become quite expensive, at roughly 4% of the loan amount.

Because you are required to pay LMI, you only receive 92% to 94% of the property value to put towards the purchase if you were to apply for a 95% loan. That’s in spit of the fact that you actually applied for a larger percentage of the purchase price!

Some lenders allow you to capitalise the LMI premium on top of the loan up to 97% or even 100% of the purchase price. This allows you to use the full 95% that you applied for!

Please call us on 1300 889 743 or enquire online for an LMI interest rate quote specific to your situation.

Can I avoid paying LMI altogether?

Yes, you can! Innovative new loans have been created in recent times that allow you to borrow 100% without paying any LMI.

Your parents must be a guarantor for your loan for your LMI premium to be waived. This is not available through all lenders.

Quick start no LMI loans (withdrawn): In the past, there were 100% home loans that allowed you to have waived LMI without the need for a guarantor! The lender effectively took on the risk themselves and charged a higher interest rate to compensate. The higher interest rate usually lasted for the first 3 to 4 years and worked out to be around the same cost over three years as if you had paid the LMI. The advantage of a quick start loan is that you needed less money upfront to buy your property. Due to the global financial crisis (GFC), this product was withdrawn by the bank that offered it.

Guarantor support: If your parents, a family member or a friend can guarantee your loan then you may be able to borrow 110% or more of the purchase price without paying any LMI. Their property can be used by the bank as additional security for your loan in what is known as a family pledge, fast track or security support application.

No LMI loans: If you can come up with a small deposit then it may be possible to borrow up to 90% of the property value with no LMI. This will depend on your profession and the overall risk of your application.

Your parents may assist you by guaranteeing the loan using a 2nd mortgage on their home, behind their current home loan. The guarantee can be removed at a later date if certain lending criteria are met.

Which lenders have no deposit loans?

A wide variety of bank and non-bank lenders offer no deposit finance with the help of a guarantor.

These lenders include:

  • ANZ
  • BankWest
  • CBA
  • Homeside Lending
  • NAB
  • Rams
  • St. George Bank
  • Suncorp
  • Westpac

Our panel of lenders tend to offer special discounts from time to time so the “best” no deposit lender changes each month.

Are there any drawbacks to no deposit home loans?

You should consider whether a no deposit solution is really in your best interests.

This is particularly true if you already have the savings you need or you’re in a good financial position and can save a deposit in a relatively short amount of time.

Although we have strong negotiation power, consider the following:

  • You have to meet stricter criteria than if you were to have a deposit or at least a larger deposit.
  • Some lenders may charge a higher interest rate, although this isn’t true with all lenders.
  • As an investment strategy, a no deposit home loan is really only suited to sophisticated investors. When building your investment portfolio, applying for too many no deposit home loans may affect your mortgage exposure limit with a given bank in the medium to long term.
  • Since you’re borrowing a larger loan amount, your regular mortgage repayments will also be higher.
  • You’re not always exempt from all bank fees and may still need some money put aside to cover application fees, lender fees, legal fees and valuation fees

How do I apply for a no deposit home loan?

Do you qualify for a mortgage with no deposit and no savings?

As your specialist no deposit mortgage broker we are here to help!

Contact us on 1300 889 743 or enquire online and we can then discuss your situation with you to see if no deposit finance with the help of a guarantor is suitable for you.

We can also help you to prepare to apply for a home loan in the future if you don’t qualify for a loan at the moment.

If you’re eligible then we can usually organise an approval over the phone with one of the lenders on our panel.

Still have questions? Feel free to comment below and we’ll get back to you as soon as possible.

Our popular guides for no deposit home loans


Guarantor Home Loans

Which lenders specialise in expats?


Guarantor Home Loan Calculator

Can you borrow 105% of the purchase price.


No Savings History

Which banks don’t need a large deposit?


95% Home Loans

Can I get a discounted rate?


90% Home Loans

Am I eligible for a 90% loan?


85% Home Loans

Can I avoid LMI with an 85% home loan?

  • Lorenzo Caponi

    I own a small rural propriety, can I use that as deposit even if the value is low?

  • Andy

    I own a property overseas. Is it possible to use this property as a guarantee?

  • Hi Andy, thanks for your question. Unfortunately, this is not possible. You would need to own a property in Australia.

  • Hi Lorenzo, good question :) Yes, it may be possible if the property is in Australia.

  • Andrea Alanis

    I want to buy a place for 300000 but I am in 34000 dollars debt. My partner wants to be my gurantor. Is this possible?

  • Hi Andrea, we’re not sure what you are asking. Are you trying to use a guarantor to increase your borrowing power? As for your partner being your guarantor, yes, this may be possible. Feel free to contact us if you require a more thorough assessment.

  • Fatu

    Hi, my partner original placed down a deposit for a property in Adelaide for his parents. His parents are currently paying it off. On the paper work for the property his name is on it and so is his parents as he only helped with the initial deposit.

    Is it possible to get another property on a “equity in another property basis”
    Does he still need a deposit?
    He is currenrly only working on a 6 months contract, will this also be an issue?

  • Hi Fatu,

    1. As long as his parents agree then we can use the equity (if there is any).
    2. He won’t need a deposit if there is enough equity.
    3. 6 months contract will be an issue with some lenders, however it’s doable.

  • David Lockyer

    Hi there. I’m looking trying to get a home loan and to pay of some out standing dept. we have no deposit however my wife does have a home of her own. Roughly $100,000 in equity. Can we get dome advice please.

  • Hi David, you may use equity (if there is enough) from other property. However, you cannot use all of it. There always needs to be 10% left as a minimum i.e. the maximum you can go is 90%.

  • Jamie Little

    My wife and I earn close to 2 thousand a week combined have about 90000 in debts (2 cars credit card) and currently paying like 410 a week on a rental. My mother owns 4 properties in Queensland. Can I use my mother as guarentor and roll everything into the home loan?

  • Hi Jamie, provided that you have borrowing power, usual bank policy does allow for debt consolidation with a guarantor loan, however since your debt amount is high, it will depend on high much risk the lender is willing to take.

    If you like, we can look at your situation in more detail and give you a better answer. Just fill up our free assessment form (at the top) and we will get back to you.

    Alternately you can also contact us when you have reduced your debt amount which will make it easier for us to find you a lender.

    Apologies for the delay :)

  • Chaney Lockyer


    My wife and I earn 13k a month between us. We have just paid for our weeding and don’t have much funds left or savings to contribute towards a house. Are you able to tell us a good avenue to go down to get into our own house. We are also first home buyers and prefer not to build.

    Thanks :)

  • Hi Chaney,

    Congrats on getting married! :)

    The best method for you is to get a guarantor loan. You can make extra repayments and remove the guarantee from your parents within a few years as you have a high income. You’ll get a great interest rate, pay no LMI and you don’t need a deposit at all.

    However you have another option as you have a high income. WA has lower stamp duty than other states, and a $10,000 grant if you buy a new property (you don’t have to build). So for a $500,000 property you need a $30,000 deposit. Some lenders allow this to come from a personal loan and since you have a high income this is a possible option. You need to provide additional evidence that you are financially responsible such as a strong rental history and employment stability.

    Good luck!

  • Brevin Zulch


    My fiance and I are looking at buying our first house, building isn’t really an option due to paying $485 a week in rent and paying a mortgage will be quite difficult. We earn $10k a month combined and have $90k debt being 2 cars. We have been in our house for over 12months and both have secure jobs however we do not have a deposit yet due to a couple personal reasons and a recent overseas holiday. We understand the market is good now and would like to get into a house and stop paying $30k a year in rent. What options do we have without a deposit ? We’ve explored the option with using my folks as a guarantor and it’s not possible.

    Many thanks

  • Hi Brevin,

    Unfortunately in your case there aren’t many options aside from a guarantor loan. Because you have a lot of debt already you wouldn’t qualify for a personal loan as a deposit.

    If you save a small 2% – 3% deposit then you may quality to build. As you mentioned this will be hard to pay rent and a loan at the same time for approx 6 months. However as you’re in QLD the stamp duty is lower and the first home grant can be enough to get you over the line. I’d recommend that you start savings and consider either building OR buying a complete new property which would avoid the problem of paying rent and a loan at the same time.

    Good luck!

  • amie desira

    my partner and i are looking at building costing 350,000. he earns about 70,000 a year before tax and I’m on home duties so i only get benefits of about 9000$. my partner has a car loan which will be paid of mid 2018 and a personal loan of 11,000$ how would we go about getting a loan?

  • Hi Amie,

    You may be able to qualify for a guarantor loan

    This will allow you to buy a property and consolidate your debts into the mortgage. You’ll need a family member who has equity in their property to guarantee your loan. We’d need to do a full assessment but indicatively your income should be sufficient to get approved for $350,000.

  • John

    I am a owner oppetator of my own new business, own a charter boat worth $430,000 (still paying it off though for another 6 years) looking at a house worth $250,000 can I still use the boat for my equity?

  • Hi John,
    It isn’t standard to use a boat as additional security to buy a house. While it makes sense, no lenders are set up to accept this. By far the best option is to consider a guarantor loan instead

    If your business is new then this may also be a problem as there may not be sufficient income evidence for the banks. As a bare minimum you’d need to be in business for one year and have completed one tax return, more likely you’d need to be in business for two years to be able to get approved.

  • Amy Dukes

    Hi my partner and i are looking to buy another home and sell our existing. We have roughly 80,000 in equity and are looking to buy a house for 330,000. Would we qualify for a no deposit loan?

  • Hi Amy,

    Yes you can use the equity in another property and $80k in equity may be sufficient. We’d need to know more information about your situation to confirm you are eligible. Please call us on 1300889743 and we can assess your situation in full.

  • Abulfadel

    I want to buy a house but I have no deposit and I have a friend ( he is an owner of a company ) he will be my guarantor.
    I have the capability to pay up to 3000 a month for the loan …
    But unfortunately no one wants to talk to me when I tell them I do not have deposit .

    Please note that I have a very good credit history my score 795 point from credit savvy Australia .

    Please advice

  • Hi Abulfadel

    There’s been a recent change to guarantor loan policy which requires guarantors to be family members. Potentially your friend can lend you a deposit? We have lenders who can consider this however we need to see that you are financially sound e.g. good rental history, stable employment, good income. Your credit score of 795 is fantastic and helps as well. Thanks

  • GR3ddy

    Hi there!

    My Fiancée and I are looking at building our first home (home and land package), but need to know if we would qualify. I earn 66500 package a year (clear 927 weekly after tax) and she currently works 4 days a week at 41170 a year (59000 full time – she is going back to full time soon) and we have been renting for 10 odd years. Only issue is that we have some debts atm. I have total debt of $49000 and she has $6000 debt plus car repayment. My sister is willing to be a restricted guarantor (owns her own home). Is it possible to consolidate our debts and get a home and land package?

  • Hi There,

    We may be able to assist with this. It would depend firstly on the types of debts. If it’s mostly car loans then this would possibly be ok. If it’s mostly credit cards then the banks would see this as living outside of your means. It would also depend on the amount of equity that your sister has. Probably best to call us and discuss this as it may be a little more complex 1300 889 743.

  • L’ Rocher

    Hi, I have been searching for a property for a while. Currently, I’m renting so that doesn’t help me to get enough savings which is why I have a comparatively low deposit of my own. However, if I don’t buy a house of my own, it seems I could never be able to save enough and I’m really tired of paying rent. How could I buy the house of my dreams despite all this?

  • Hey L’ Rocher, by far the easiest way to buy a home without a deposit is by using a guarantor loan. If that isn’t suitable and if you have a high income then you may be able to use a personal loan as a deposit as well.

  • tiffany walter

    Hi, husband and myself are wanting to buy our own property as we are tired of renting. We are not able to use the guarantor option. Together we earn around 130k a year and our credit rating is between 650-750 and get told we reach affordability but we find it hard to try and save a mass amount of 5-10% deposit plus stamp duty and LMI, Is there anyway that would help us achieve our dream alot quicker.

  • Hi Tiffany
    As you are high income earners you may qualify to use a personal loan to top up your deposit. You should have a little savings of your own, a good rental history and little or no credit cards or personal loans already.

    Guarantor is a better option but not always possible.

  • Nalish Kapali

    I’m looking for 0 deposit home loan. N I’m 1st home buyer. But I want to buy house west sydney ie maquarie field. N for guarantee person should be relative or could be any one Australian citizen.

  • Hi Nalish
    It is possible for a guarantor to be someone aside from a close relative, however it means we have far less lenders to choose from so we may pay more in interest.

  • tom

    My partner and I just moved in here in Melbourne from Singapore 4 months ago. We are looking to apply for a home loan (first home buyer). I am currently a full time employee ( i was transferred from Singapore to Melbourne with continuing employment history) with an annual 79k while my partner is on casual with 120k annual. We only have a car loan and credit card here with a debt of 4k. We currently live with my partner’s cousin. We can probably spend 10k-15K deposit. Can you let us know what are our options? Thanks.

  • Hi Tom,
    I’ll assume you are both Australian citizens or PR holders. As your incomes are high and you have some savings you may qualify for a personal loan as a deposit. However the best option would be a guarantor loan if you have family in Australia that own a property.

  • Ahpri Lachyung

    I am just a new arriver to Melbourne Australia . I have just migrated here in Hoppers Crossing, Melbourne a month ago. I can’t work and unemployed since i don’t have a permission to work yet . My husband is PR holder and a full time commis chef earns not much of income. But we have a positive hope and plan to buy a nice fine residency home. As my husband has basic income, and he spent all his savings for my legal paper for our marriage visa, we don’t have much saving left. Could no deposit home loans is a good idea to save him from being tortured from moving here to there and to pay all the rent bills ? what should we do. I would love to hear your advice. Thank you for your precious time.

  • Hi Ahpri,
    Unfortunately you wouldn’t qualify for the no deposit home loan options. I’d recommend that you speak to family that you have overseas and see if you can be gifted or borrow a deposit. When you are working and you have a 5% to 10% deposit then you’ll be able to qualify.

  • Carol

    Hi, I’m purchasing an apartment off the plan. I Don’t have the deposit
    I do have an investment property. All I need is the 10% now and the rest in 2 years, when the property is completed. My parents are prepared to go guarantors for me also. They are retired and don’t owe anything on their property. Maybe a limited guarantee for the deposit?
    Is there any way I can do this?

    Thanks Carol

  • Hi Carol,

    There are two ways we can assist with this.
    1. Refinance your investment property to release the deposit needed. The good news is that you’ll likely get a better rate as well.
    2. We can do a long term deposit bond which is an approval based on your current equity position.

    Just a warning… right now may not be a good time to buy off the plan. It just depends on where and what you are buying. While nobody can predict the future there are several respected organisations who have predicted that the inner city Melbourne and Brisbane apartment markets are expected to fall.

    If you want to reduce your risk then consider buying an existing property. Here’s some info that might help you:

  • Nicole Crane

    My partner and I aged between 23-27 rent a house and are wanting to buy our first home within the next year or two. I have read alot about 100% no deposit home loans as long as we have a guarantor which his parents are happy to be. My question is how or which company would allow us to this and is there a limit as to how much we will be able to receive.


  • Hi Nicole,
    We’d need to see your full situation to recommend a specific lender. For example some lenders will not accept your parents home for a guarantee (must be investment property) whereas others are ok with using their home. Some will only accept them if they don’t have a mortgage or if they are currently working. Some want to see a good rental history or some savings from you. There are some that don’t have any of these requirements.

    Also the rates on offer vary depending on your loan size as well. Best to call us on 1300 889 743 and we can complete a full assessment and make a recommendation for you. Our services are free unless you repay the loan in the first two years so just don’t win the lottery :)

  • Skylar

    I am looking for a property around $400K but I don’t have enough deposit towards purchase. Is it possible to use one of my relatives property as security, as they are willing to go Guarantor.

  • Hi Skylar,

    You may be qualify for a guarantor loan. With the help of a guarantor, you can borrow upto 105% of the property value. Your loan can be guaranteed by your parents or immediate family members. If you want to learn more, you can check out our guarantor loans page:

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