1300 889 743

Are you thinking about buying a home but not sure if it’s the right time?

It’s a tough question to answer especially when you consider that there are literally thousands of young Australians trying to save a deposit to get their foot into the property market. There is help available!

Thanks to the federal government’s first home owners grant scheme, various other government subsidies and a range of new discounted 100% first home buyer loans, it’s easier than ever to buy your first home without a deposit.

Need help getting started on buying your first home?
Talk to our experts and get a free assessment.

How does a no deposit loan work?


A no deposit home loan will allow you to borrow up to 100% of the purchase price. The main no deposit loan option is known as a guarantor loan.

They are still available with all the normal mortgage features including a 100% offset account, fixed interest rates and interest only periods.

Many people are eligible for discounted professional package interest rates, basic loan packages and application fee waivers as well!

How can my parents help me buy a property?

Did you know that 60% of first home buyers receive some sort of help from their parents?

As a first home buyer, there are two main ways that your parents can assist you with your purchase:

  • Guaranteeing your loan: If your parents offer their home or an investment property as additional security for your mortgage then the bank can lend you up to 110% of the property value with no Lenders Mortgage Insurance (LMI), a one off fee charged to you by the bank when borrowing more than 80% of the property value. It also comes with a low interest rate! This is the most popular way to buy a home with no deposit.
  • A gifted deposit: In the past, most lenders required proof that you had saved your deposit, known as genuine savings. The rationale is that if you can save money, you can repay a loan. These days some lenders will accept you even if you didn’t save your deposit. Without a guarantee from your parents you can’t qualify for a no deposit loan.
  • Without a guarantee from your parents you can’t qualify for a no deposit loan.

Our mortgage brokers are specialists in helping first home buyers to get into the property market. Please call us on 1300 889 743 or fill in our free assessment form to find out how we can help.

Will I pay a higher interest rate?

Actually, you’ll probably get a rate discount! This is because with the additional security offered by your parents you’re actually a lower risk than someone who’s borrowing 95% of the property value.

If your income, job and credit history are all acceptable to the bank, then you’re a highly sought after borrower.

Banks are increasingly recognising the value of first home buyers so they’ve offered a range of discounts on their interest rates, loan approval fees, application and valuation fees. You can refer to our interest rates page for the current special offers from our lenders.

How do I apply for a first home buyer no deposit loan?

Contact us on 1300 889 743 or complete our free assessment form and our expert mortgage brokers will let you know if you’re eligible to borrow 100% or work out if you need to save a deposit and what interest rate discounts you may be eligible for.

We work with all the major banks and non-bank lenders and charge no fees for our services for most standard residential loans.

How much is the First Home Owners Grant (FHOG)?


The First Home Owners Grant (FHOG) is a national scheme funded by the states and territories of Australia and is administered under their own legislation. Under the scheme, a one-off grant of around $7,000 is available to first home buyers.

You can apply for the FHOG through your bank when you apply for your loan. The funds will be advanced with your loan at settlement. If you’re building a home, you receive the grant when you apply for your first construction drawdown.

Note: Some states have additional or separate grants, so we’ve created a First Home Owners Grant Calculator to let you know what’s available in your state.

Can I use the First Home Owners Grant as my deposit?

Yes, you can use the FHOG as your deposit. However, it isn’t normally enough on its own.

  • You can use the FHOG calculator to see which grants you are eligible for.
  • If you’re building a home then your grant isn’t available until construction commences.
  • In total, you’ll typically need 5% to 10% of the purchase price, including the FHOG.
  • If you have a guarantor then you don’t need any savings whatsoever.

Do first home buyers get any other benefits?

Yes, the state governments offer a range of stamp duty exemptions, additional grants and other benefits that can help you buy your first home.

We recommend that you refer to your state government first home buyer website for the full details:

What costs are associated with buying a home?


There are several costs you may incur when buying your first home. You should discuss these costs with your mortgage broker and a conveyancer before signing the contract to buy a property.

If you don’t set up your mortgage in the right way, you may be putting your parents at a high risk, or you may put yourself in a situation where you can’t remove the guarantee as quickly as you would like.

Mortgage stamp duty

This is a hidden state government fee that’s calculated based on the amount that you borrow. Most states either waive this for first home buyers or are phasing this fee out.

Purchase stamp duty

This is one of the most expensive costs associated with buying a home. Some states offer stamp duty concessions for first home buyers. You can find a stamp duty calculator on most state government websites that will take any first home concessions into account.

Registration fees

Another government fee! This is a small fee of around $200 for registering the change of name on the property title and registering the new mortgage on the title.

Conveyancing / legal fees

You can expect to pay between $700 and $1,500 for your conveyancing costs for a standard first home purchase. Please refer to this list of recommended conveyancers if you’ve not yet chosen one.

Lender Fees

Some lenders charge setup fees of up to $850 whilst others will waive all the setup fees for your loan. We can provide you with a free quote for your no deposit home loan with the relevant suitable interest rate and fees.

Lenders Mortgage Insurance (LMI)

This is the other major cost of buying your first home with no deposit. LMI can range from $0 for a quick start loan up to 5.1% of the loan amount. Call us on 1300 889 743 or fill in our free assessment form for an LMI quote or use our LMI premium calculator to find an exact premium for your situation.

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

Our popular pages on no deposit home loans


Guarantor home loans.

The ultimate no deposit home loan. Read more


Guarantor loan calculator.

Can I get approved? Read more


No savings history.

What if I didn’t save my deposit? Read more


95% home loans.

Can I get a discounted rate? Read more


90% home loans.

Let us find you a great deal. Read more


85% home Loans.

Can LMI be waived?
Read more


Home buyer centre.

Where you’ll find our calculators and loan guides. Read more


No genuine savings

Finally! Home loans without any genuine savings. Read more


First home buyer seminar

Secrets that every first home buyer should know. Read more


No deposit home loan calculator

Can you buy a home without a deposit? Read more


Personal loan as a deposit

Can I borrow the deposit for my home? Read more


Enquire online

Have questions? Our brokers have the answers! Read more

  • dora

    What are the extra costs involved in buying a home?

  • Hey dora,

    The main extra costs include government fees such as purchase stamp duty, transfer fee and registration fees. Do note that there may also be conveyancing costs, fees for inspections / reports, loan fees and LMI. You can learn more here:

  • pip

    What does LTV mean and how can it affect my loan?

  • LTV or LVR stands for Loan to Value Ratio and it’s the amount that you’re borrowing, represented as a percentage of the value of the property being used as security for the loan. Lenders place a large emphasis on the LVR when assessing your loan application. The lower the LVR, the lower the risk is to the bank. You can find out more about this here:

  • Lindsay Warner

    In QLD you would be eligible for the First Home Owner Concession, this basically removes Stamp Duty costs (depending on value of property you’re buying)

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