How does this calculator work?
We have designed this calculator to take into account the purchase price of the property that you are looking to buy and your financial situation in order to determine whether you qualify for a home loan without having to provide a deposit.
Specifically, the calculator will ask whether you currently own a property in Australia, whether your parents own their own home, what your debt to income to position is and if you have a clear credit history.
Based on this information, we can tell you which no deposit option best meets your needs. One particular no deposit option can see you avoiding a fee known as lenders mortgage insurance (LMI).
This is a one off fee charged when borrowing more than 80% of the property value. LMI can amount to more than $6,000 for a 90% loan on a $530,000 property.
How can I get a no deposit loan?
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
- Using vendor finance
To find out if you qualify and what option may best for you, please complete the calculator. Be sure to select ‘Yes’ to talk to one of our brokers about your situation in more detail.
If you complete the short form we’ll call you back to provide a free, no obligation assessment.
Why should I apply for a no deposit home loan?
For most loans, you would need a deposit that covers 5% of the purchase price. That’s not including LMI, conveyancing fees, stamp duty and other government fees associated with a mortgage.
With house prices expected to head north at least in the short term, it’s harder than ever for first home buyers to take their first step into the property market. Think of a no deposit home loan as an opportunity to get into the market now rather than trying to save a deposit as property prices grow out of reach.
We’re a specialist mortgage broker that understands the lending policies of over 30 lenders so we can match you with the right loan for your needs.
If you would like to speak with a no deposit expert, please call us on 1300 889 743 or complete our free assessment form today.