No Deposit Loans

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Although the days of borrowing 100% of the purchase price without any proof of savings are gone, there are still some ways to get a No Deposit home loan!

4 Options if You Don’t Have the Required Deposit4 Options if You Don’t Have the Required Deposit

Four Options If You Don’t Have the Required Deposit

4 Options if You Don’t Have the Required Deposit

1. 105% Guarantor Loan

This type of loan is ideal for first home buyers who don’t have the required deposit.  Parents or family members go guarantor and use the equity in their existing property.  So in the scenario where mum and dad own their own home and have no debt, they could offer their home as security for the kids to borrow 100% (or sometimes more) to purchase their first home.

Benefits include:

  • No Lender’s Mortgage Insurance if the Loan To Value Ratio is 80% or less.
  • Discounted interest rates available from some lenders.
  • You can consolidate some minor debts such as credit cards when you buy your home.
  • Once you have paid off part of your loan or your property has increased in value then you can apply to remove the guarantee.
  • Avoid potential higher costs by getting into the property market sooner.

2. No Genuine Savings Loan

The majority of Australian lenders require you to prove that you have saved a 5% deposit before they will approve your home loan.

Banks in particular want to see genuine savings over 3 months or more – because they view this as evidence that you are financially responsible and are able to make repayments on your mortgage.

However, there are some lenders who view a gift from parents, an inheritance, a windfall, sale of an asset or a work bonus as an acceptable deposit and will loan between 90 – 95% of the full purchase price.

Rent can also be taken as genuine savings in some cases, if done correctly and legally, a tactic many lenders do not know or explain to clients. 

3. Property Equity

If you have another property and you have equity in this, you may be able to use this equity as a deposit.  We can arrange a valuation for you to determine the amount of equity that can be considered as collateral for the no deposit loan. 

4. Superannuation

If you have money in your super, you could consider setting up a self-managed super fund and purchasing an investment property, using the super funds as a deposit.

However, this is a complex strategy, and the rules are currently being reviewed by the government, so it’s a strategy that needs sound financial advice BEFORE you take any action.

We can help with this.

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There are a number of options available to you if you don’t have the required deposit.

But please be careful. No deposit loans can be tricky propositions. These types of mortgages are not suitable for amateurs to do on their own, or with the help of a poorly trained bank employee.

No deposit loans may be the right decision for you, but if entered into improperly can be a big mistake.  

We suggest you call us to discuss which, if any of these options, will be right for you. Or complete the Contact Us form and we’ll call you right away to set up a FREE, no obligation meeting.

We’ll meet you anywhere…before, during or after normal business hours. You’ll be pleased and surprised with the open and no BS conversation we’ll have.

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1 Farrer Place, Sydney NSW 2000
PO Box 241 Macarthur Square NSW 2560

Tel: 1300 700 496

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