No Deposit Loan Calculator

    Loan details

    Purchase price
    $
    Property type

    Your situation

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

    Your income

    •  
    • 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
    • $
    • $
    • $
    • $
    • $
    • $
    • $
    • 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.