Have you been made redundant?

Losing your job can be tough but getting a home loan doesn’t have to be. Discover how you can your redundancy payment as a deposit.

How much can I borrow?

  • Borrow up to 105% of the property value: You need a guarantor to be able to do this.
  • Borrow up to 95% of the property value: Some lenders will use 100% of your redundancy payment on a case by case basis.
  • You need to be currently employed.
  • You’ll need to have a clear credit history and repayment history.

Have you received severance pay but need a home loan or want to refinance your mortgage?

Call us on 1300 889 743 or fill in our online enquiry form and we can let you know which lenders will accept severance as genuine savings.

How do I qualify?

  • The severance payment needs have been in your savings account for at least 3 months.
  • You will usually need to provide a Notice of Dismissal or Letter of Termination of Employment that indicates you were officially made redundant.
  • Some lenders don’t require you to have genuine savings will use your redundancy payment as a deposit.

How much of your redundancy pay will banks use?

It depends on the lender but some will use 100% of your redundancy pay.

What if I was made redundant less than 3 months ago?

You need to be earning a regular income in order to qualify for a home loan. If so, we can help you find a home loan solution!

It will help your application if you have a savings buffer to help with making mortgage repayments, particularly if you currently have a mortgage and have had to take a pay cut.

What if I’m currently on probation?

With less than 3 months in your new role, you’ll have a greater chance at approval if you’re still in the same field or industry.

For example, if you were made redundant from your position as an electrician with a small business but you were able to secure work with a large subcontractor.

Of course, it’s common for people to switch industries after redundancy, especially in a turbulent sector like mining.

Generally speaking, if you’re now employed in a different field, you’ll need to complete probation before applying for a mortgage.

Check out the probation home loan page for more tips on how to get approved or fill in our free assessment form to find out how we can help.

We work closely with lenders that can consider your mortgage application even if you have been in your job for just one day!

How much do I need to buy a property?

Usually, you require at least 5-10% of the property value as genuine savings.

Anything above 80% LVR (Loan to Value Ratio) and you have to pay LMI (Lenders Mortgage Insurance).

Lenders consider borrowing more than 80% as a risky loan so mortgage insurance protects them in the event that you default.

You can ask your parents to act as a guarantor if you want to avoid LMI altogether.

Keep in mind that you need to be earning a regular income and meet standard borrowing power criteria to qualify for a no deposit home loan.

Discover if you qualify

Call us on 1300 889 743 or complete our free online assessment form to speak with an experienced mortgage broker about your situation.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

enquiry form icon
1

Complete our free assessment form or call us.

lender search icon
2

We assess your situation.

panel of lenders icon
3

We look at all the options from our panel of lenders.

recommended deal icon
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

4.7

from 200+ reviews

4.7

from 300+ reviews

4.8

from 500+ reviews

Facts
about us

30+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac Logo
ANZ Logo
NAB Logo
AMP Logo
Adelaide Bank
Firstmac Logo
CommonwealthBank Logo
St.george Logo
ING logo
Homeloans Logo
Macquare bank logo
Suncorp logo
pepper money logo
mebank logo
bankwest logo
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate