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How do I qualify for a 5% deposit home loan?

  • Clear credit history: This means that you need a clear credit file, specifically, payment of all of your bills such as rent, credit cards, personal loans and other debts on time every time for the past 6 months.
  • Stable employment: In most cases, you need to have been in your current job for 6 to 12 months.
  • A good income: Your ‘serviceability ratio’ must be outstanding.
  • 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 but we can tell you if you qualify for a 95% no savings loan or a 110% guarantor home loan.
  • Minimal debts: As a rough guide, people who have more than 5% of the purchase price in unsecured debts such as personal loans and credit cards are often 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 do I get a 1.10% rate discount?

Applicable for all loans over $500,000 and then the discount drops to 1.00% for all loans over $250,000 up to $500,000.

  • You have at least 5% in genuine savings (some exceptions are made for renters).
  • You don’t need savings of your own to cover the cost of the deposit if you’re paying rent.
  • You are borrowing no more than 95% of the property value plus Lenders Mortgage Insurance (LMI).
  • You have a perfect credit history.
  • You are borrowing more than $250,000 and less than $1,000,000.

Can I borrow more than 95%?

One of our lenders allows you to apply for an additional loan facility with a limit of up to $20,000 along with your 95% home loan! You can use the funds from this additional loan at settlement for costs such as stamp duty or conveyancing fees just like the funds from the mortgage.

The catch is that you must have 5% of the purchase price saved in a bank account to pay your deposit and qualify for the mortgage.

The interest rate is the same as the home loan but you’re required to pay off the loan quickly so the repayments are relatively high.Therefore, this option is only viable for people with a high income.

With the additional loan and capitalised mortgage insurance, the total loan is often over 100% of the purchase price!

This is a great option for second home buyers who have 5% in genuine savings, yet do not have the funds to cover the stamp duty and other purchasing costs.

How our services can help you…


Complete our free assessment form or call us.


We assess your situation.


We look at al the options from our panel of lenders.


We will find you the most suitable deals.

We are experts at finding the right home loan solution
for our customers. Let us help you.

We’ve lent more than $1 billion Australia-wide.

Find out why we are the winner of the ‘Best Customer Service – Office’ category
in the 2015 and 2016 Better Business Awards.

gal Recently, we were approved for a loan all due to the hard work Preeti put into helping us secure our first family home. Preeti went above and beyond normal working hours and weekends to help us along the process.

– Vanessa, Elwood, Melbourne