No Deposit Loan Calculator

    Loan details

    Purchase price
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    Property type

    Your situation

    Do you own a property in Australia?
    Do your parents own a property in Australia?
    Number of applicants

    Your income

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    • Base income p.a.
    • Rental income per week
    • Amount in savings
    • Amount in superannuation
    • Total credit card balance
    • Total personal loan debt
    • Total car loan debt
    • Do you have a clear credit history?
    • Applicant 1
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    • $
    • $
    • $
    • $
    • $
    • $
    • Applicant 2
    • $
    • $
    • $
    • $
    • $
    • $
    • $

    Contact a mortgage broker

    Please email me a copy of the results:
    Yes No
    Talk to one of our mortgage brokers about your situation: Yes  No  

    Based on your situation you can apply for a home loan using:

    You may also apply using:

    Not suitable for you:

    Equity in an existing property

    • Borrow against the equity in your home to buy another property.
    • Release up to 80% of the value of your home without paying lenders mortgage insurance (LMI) or up to 90% with LMI.

    A guarantor loan

    • Borrow up to 105% of the purchase price with help from your parents.
    • Avoid paying LMI.
    • Discounted interest rates are available.
    • Consolidate some minor debts including credit card debts.
    • You can limit the size of the guarantee.

    A 95% home loan

    • You can buy a property without help from your parents.
    • Some lenders allow you to add the LMI premium on top of the loan.
    • Some lenders offer competitive interest rate discounts, even on 95% loans.
    • LMI discounts may be available depending on your financial situation and the amount that you are borrowing.

    A gift from your parents

    • You need a deposit of to buy a property. Can your parents help?
    • You will need a smaller deposit if you are eligible for first home benefits.
    • Borrow up to 95% with the remainder of your deposit coming from a gift from your parents .
    • Some lenders do not require you to have saved your deposit yourself.
    • Get the same interest rates as someone applying for a standard home loan.
    • Some lenders allow you to add the LMI premium on top of the loan.

    A personal loan as a deposit

    • Borrow up to as a personal loan towards the deposit amount.
    • Borrowing up to as a personal loan is possible for high income earners with little existing debt.
    • You will need a smaller deposit if you are eligible for first home benefits.
    • Must have some savings to make up the shortfall.

    Your superannuation as a deposit

    • You can buy an investment property in your super fund.
    • Borrow up to 80% of the property value.

    Vendor finance

    • Must have at least as a deposit.
    • You will pay a higher interest rate and fees, so this is only suitable as a last resort.
    • Great option for someone who has a bad credit history and/or trouble proving their income.

    Disclaimer

    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.

    This LMI waiver only applies to guarantor home loans so read this page to learn more including important information on when and how you can remove the guarantor.


    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:

    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.

    • Rosie Adams

      I am just enquiring about a home loan without a deposit, how would that work? At the moment, I am looking at buying a home to live with along with my mum. She has a property overseas and she is looking to selling soon. Basically because of an unexpected circumstance, we both have to move from the rental property I am living at the moment and I was looking if it’s possible to get a home loan without a deposit instead of renting again.

    • Hi Rosie,

      If someone in your family or friends have a property with enough equity and are willing to help you by guaranteeing your loan, you will be able to borrow up to 105% of the property value.

      The other way could be, to get a 95% mortgage and cover the remaining funds through a personal loan. Not all lenders will consider this and those that do will need your application to be very strong. If you are on a good income and able to afford the repayments of both (your mortgage and personal loan), we can look at this option as well.

      Also, this is only possible if you are renting through a licensed real estate agent, as lenders want to see that you have been making regular rental payments in lieu of genuine savings.

    • chuck

      Hmm.. what are the requirements to qualify for vendor finance?

    • Hi chuck,

      Vendor finance or rent to own finance isn’t for everyone so be sure to consider other no deposit options before you continue on here. Generally, to qualify:
      – You must have at least 2% of the purchase price as a deposit,
      – You must be able to afford the loan,
      – It’s preferred that you’re buying a house or units in a major city or regional area.

      Overall your situation must ‘make sense’. If you clearly can’t afford the repayments or you don’t have a good explanation for your poor credit history, then you’re not yet ready to buy a home.

    • Jei

      Hi, if I can get a guarantor to help me with my commercial property loan, can I avoid a deposit altogether?

    • Hi Jei,

      Having a guarantor secure your commercial property is the same as you using your own residential property to secure the loan yourself (first party guarantee) as far as the lenders are concerned. So if there is enough equity in the guarantor’s property, you can get a commercial loan with no deposit and, since the lender isn’t taking on any more risk, you still get the same great interest rates and any discounts that we may be able to negotiate on your behalf. You can check out the commercial property guarantor loan page to learn more:
      https://www.homeloanexperts.com.au/commercial-property-loan/commercial-property-guarantor-loan/

    • love

      My husband and I are looking to purchase in NSW. We own a house in NZ where we owe AUD 200k. We don’t have a deposit so what can we do?

    • Hi, you can increase your existing loan or refinance the existing property in NZ. You can then use those funds to purchase the NSW property. Please feel free to contact one of our mortgage specialists on 1300 889 743 if you’d like to discuss directly.

    • Ryan S

      Are there any guarantor options for commercial property loans too?

    • Hi Ryan,
      Yes, there are commercial property guarantor loans available. You may be able to borrow up to 100% of the commercial property value plus the costs of completing the purchase through this. Please check out this page if you’d like to learn more:
      https://www.homeloanexperts.com.au/commercial-property-loan/commercial-property-guarantor-loan/

    • Khaled

      Hi there
      I’ve been in Australia as humanitarian refugees with my wife and five kids ,
      So I have no parents in here ,and we all are receiving Centrelink benefits.
      Do I can get the deposit free home loan ?, as I’ve applied for the housing

    • jimes

      I found out that to qualify for a no LMI home loan, we’ll need to be earning or will soon be earning an income of $150k a year. My income is like $20k short of that so is there no way to get a no LMI home loan for me aside from guarantor?

    • Hi, you can get a no LMI home loan by borrowing 80% of the property value (60% for low doc) so if you can get a borrowed deposit or go for other no deposit home loan options then you may avoid LMI. If you aren’t able to pursue these options then know that two of our lenders can offer LMI waivers for loans up to 85% of the property value. You’ll need to meet certain requirements though such as having a clean credit history. Please call us if you’re interested in this.

    • Smark

      I’m currently still oweing around $900k on an existing home loan but I plan to sell that property and buy another for $1.35 mil. My dad is okay with being my guarantor and he’s working F/T. May I please get help with this?

    • Sure, we already have 2 lenders in mind that may be able to help though with more information, we can expand on our list of recommendations. Please call 1300 889 743 and discuss your situation and loan requirements in detail with one of our credit specialists. Or simply enquire online and we’ll contact you within 24 hours:
      https://www.homeloanexperts.com.au/free-quote/