How To Use The No Deposit Loan Calculator
The No Deposit Loan Calculator is designed to help you understand which low-deposit or no-deposit home loan options may be available based on your financial situation.
Its purpose is to answer a key question:
What is the most realistic way for me to buy a property sooner without a full deposit?
Step 1: Enter Your Property Details
Begin by entering the purchase price of the property you are considering.
Next, select the property type:
- Home: if you plan to live in the property
- Investment: if you are purchasing as an investment
Step 2: Provide Your Borrower Profile
You will then answer a few basic questions about your situation, including:
- Whether you currently own a property in Australia
- Whether your parents own a property in Australia
- The number of applicants on the loan
These details help determine which loan pathways may apply to you.
Step 3: Enter Your Financial Information
The calculator will ask for key financial details to assess your borrowing position, including:
- Your annual base income
- Your total savings
- Your superannuation balance
- Your credit card limits or balances
- Your personal loan debt
- Your car loan debt
- Whether you have a clear credit history
Providing accurate information will result in more reliable outcomes.
Step 4: Choose Your Preferences Before Submission
Before viewing your results, you will be asked if you would like to:
- Receive your results via email
- Speak with a mortgage broker
If you prefer not to proceed with either option, simply select “No” and click Submit.
Step 5: Review Your Results
Once submitted, the calculator will display the no deposit or low-deposit loan options that may suit your situation. These results are indicative and based entirely on the information you provide. They are intended as a guide to what may be possible.
No Deposit Home Loan Options
There are a number no deposit options on the market but they are only available through a few specialist lenders.
Depending on your situation and needs, these options include:
- Guarantor loans
- Accessing equity in an existing property
- 95% home loans
- Using a gifted deposit from your parents
- Using a personal loan as a deposit
- Using your superannuation as a deposit (Not favoured by many lenders)
- Using vendor finance (Not favoured by many lenders)
To determine which of these options may apply to you, complete the calculator and consider speaking with a broker.
Why Buyers Consider No Deposit Loans
For many aspiring buyers, saving a deposit is the biggest barrier to getting into the property market.
Typically, you need at least 5% of the purchase price upfront, along with extra costs such as Lenders Mortgage Insurance (LMI), stamp duty, conveyancing fees, and government charges. As property prices continue to rise, saving enough can feel like a moving target.
A no deposit home loan may help eligible buyers enter the market sooner instead of spending years trying to build a deposit. However, this path can also come with higher borrowing costs, stricter lending criteria, and added risks depending on how the loan is structured.
Before moving forward, it is essential to carefully assess your financial position and understand the full cost of the loan.
Speak To A No Deposit Expert
We have expert mortgage brokers that understand the lending policies of over 50 lenders so we can match you with the right loan for your needs.
If you would like to speak with a no deposit home loan expert, please call us on 1300 889 743 or complete our free online assessment form today.