未命名 (90 × 30, 厘米) (80 × 30, 厘米) (100 × 50, 厘米) (1150 × 439, 像素).jpg

Low-deposit home loans

There are many types of home loan products in the market. In some circumstances that you can borrow up to 110% LVR of the property purchasing. Meaning you may not need any deposit for the purchase. While, most of the lenders will lend you up to 95% LVR, however, there are ways to pay no deposit or pay low deposit home loans.

How much can I borrow?

Borrowing up to 110% LVR of the property value with a family guarantee. (must be a relative of the borrower)
Borrowing up to 100% using existing equity of another property owned.
Borrowing up to 98% inc. LMI with some specialist lenders. Higher interest rate and fees.
Borrowing up to 95% inc. LMIwith majority of lenders.

What types of deposits are accepted?

Non-repayable gifts from relatives
Personal loans - We must show enough incomes to cover both personal loans and the new home loan.
Tax refund
Sale of assets

Discover if you qualify for low deposit home loans?

We are here to help you to buy any property in QLD, Australia. Our dedicated finance experts speak your language and will say Yes.

Contact Us

What are low-deposit home loans?

Low-deposit home loans are mortgage loans that require a smaller down payment compared to traditional home loans, making them an attractive option for both first-time home buyers and existing homeowners looking to refinance their mortgage. For first-time home buyers, these loans can provide a way to get into the housing market and start building equity, even if they don't have a lot of money saved up. With lower interest rates and more flexible repayment terms, these loans can make monthly mortgage payments more affordable and reduce the amount of money needed for a down payment.

Existing homeowners who need to refinance their mortgage but don't have enough equity in their property can also benefit from low-deposit home financing. Refinancing can lower the interest rate on a mortgage, reduce monthly payments, and save money over the long term, but many lenders require a minimum amount of equity in the property to refinance. With a low down payment home loan, existing homeowners can refinance even if they don't have a lot of equity, taking advantage of lower interest rates and more flexible repayment terms.

Typically, small deposit home loans require a down payment of between 3% and 5% of the purchase price, compared to traditional home loans which often require a down payment of 20% or more. This lower down payment requirement can make it easier for individuals to purchase a home or refinance their existing mortgage, even if they don't have a lot of money saved up.

What are the advantages of low-deposit home loans?

Lower down payment requirements: Low deposit home loans typically require a down payment of only 3% to 5% of the property's purchase price, compared to 20% or more with traditional home loans.
Increased affordability: Low deposit loans offer lower interest rates and more flexible repayment terms, making monthly mortgage payments more manageable and improving affordability for first-time homebuyers.
Reduced cost of borrowing: Lower interest rates on low deposit home loans can lead to significant savings over the loan's lifetime, making it easier to purchase a home or refinance.
Improved credit score: Timely payments on a low deposit loan can boost an individual's credit score, providing access to better loan terms and lower interest rates in the future.
Increased flexibility: Low deposit home loans often provide more flexible repayment terms, including the option to make interest-only payments for a set period, helping individuals manage their cash flow.
Reduced risk of mortgage default: Low deposit home loans are often government-backed, reducing the risk of mortgage default and providing peace of mind.
Access to additional funds: Low down payment home loans can also provide access to extra funds for home improvements, debt consolidation, or other purposes, increasing financial flexibility.

Need more help finding good low-deposit home loans? Talk to SCbrokers.

If you haven't got the time or energy to do it yourself, talk to us. SC brokers are professionals who have access to a panel of lenders. We can find you a product that matches your financial needs and also help with your application. Contact Us

FAQs

How much can I borrow for a home loan?

The amount of loan that you are able to borrow depends on your personal circumstance and the lending policies that vary between different lenders.

Banks/lenders have their own target market. A finance broker expert can assist you in deciding which bank/lender products best suits you.

How much deposit do I need to purchase an owner occupied property?

Most lenders would prefer 20% deposit to complete the purchase.

However, if you could satisfy the lender's mortgage insurance (LMI), then you may be able to borrow as much as 98% LVR including LMI.

I am a doctor, would I be eligible for paying less Lender's Mortgage Insurance (LMI)?

Major banks would generally waive the LMI for loans up to 95% LVR for medical practitioners.

Can LMI be waived for lawyers, accountants or nurses?

At SC Brokers, we have banks/lenders that can waive the LMI for the above professionals for loans up to 90% LVR.

I bought a property off-the-plan. My bank told me the valuation came in lower. What can I do?

Banks in general would not allow for a second valuation to be done on the property.

SC Brokers have extensive knowledge and experience in providing finance for off-the-plan properties, whether it is an apartment, townhouse or house & land package. We ensure sufficient work is carried out at an early stage for the valuer to know better about the project to provide a better result.

Why should I choose SC Brokers to help me find the right lender?

At SC Brokers, we have one of the largest lender panel for you to choose from.

Our multi award-winning team will ensure that your receive the best service possible.

My builder went bankrupt, what should I do with my loan?

In Australia, most of the building contract has insurance attached to it. For example, in QLD, the QBCC will cover up to $200k for the loss.
If, in the unlikely event the builder has gone into trouble, please contact your finance broker asap to extend the construction period for the loan and send us the new building contract for valuation. Your loan, in general, will not require a re-assessment to confirm the borrowing capacity.