Borrow 100% of the purchase price plus associated costs.

Come to our info sessions and get pampered with lots of assistance to help you on your journey to purchasing your property in Australia.

The days of borrowing 100% of the purchase price without any proof of savings are gone. Unfortunately, due to the global financial crisis, there are no lenders able to fund a no deposit home loan product, however, you can still get approved for a 100% loan, subject to suitability, if you have an experienced mortgage broker helping you. Lenders credit policies & terms and conditions apply.

Different ways to get a no deposit home loan:

The home loan product that lenders used to offer in the past called “No deposit home loan” does not exist anymore. However, you don’t necessarily need your own savings in a bank to be considered for a home loan. The following options can be used to get a mortgage without having a deposit in your savings account.

• Guarantor home loan
• Use a gift for a deposit
• Personal loan for a deposit
• Equity in a property you own

Guarantor home loan

• You can borrow 100% of the purchase price plus stamp duty and associated costs
• You don’t need any savings
• A third party must provide a guarantee,  secured on their property

This is the best way to buy a property with no deposit and some of the main benefits of guarantor loans include:

• No savings are needed.
• You can borrow the full purchase amount plus the money needed for stamp duty and any other associated costs.
• Lenders mortgage insurance (LMI) link to is not required – this is a big savings!
• Both investors and owner occupier buyers can take advantage of this product.
• We can advise you on the right solution

Use a gift for a deposit

Approximately 70% of first home buyers receive help from their parents

• Receive a gift from your parents to use as a deposit
• A few lenders can consider approving your home loan even if you didn’t save the deposit yourself

This isn’t suitable for all people. We recommend that you look at our FAQ about genuine savings and non genuine savings

Personal loan for a deposit

• Your income must be reasonably high to be able to afford this home loan
• Ideally, you must have no debt or at least a small amount of debt such as car loans or credit cards to qualify.
• You must have a clean credit history with no defaults
• You can borrow up to 95% of the purchase price plus a personal loan.

This isn’t suitable for all people. We recommend that you look at our FAQ about genuine savings and non genuine savings.

Equity in a property you own

• You can use your existing equity as a deposit.
• If you have sufficient equity then you don’t need any savings at all.
• You must have a clean credit history with no defaults
• We can value your property for free right now!

Come to our info sessions and get pampered with lots of assistance to help you on your journey to purchasing your golden patch in Australia.

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further.