NO DEPOSIT HOME LOANS

Own Your Home,
Minus The Wait

Avoid LMI and borrow up to 105% of the property price with a suitable strategy. Whether you're a first-home buyer or an investor, we’ll help you find a loan option that fits your needs.

185+

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Key Features

1. Enhanced Financial Options

Get homeownership without large upfront savings.
2. Start Your Homeownership Journey Sooner

Get approved for 100% of the property value without waiting to save a large deposit.
3. Parental Guarantee Advantage

Use a guarantor (typically parents) to secure the loan and avoid Lenders Mortgage Insurance (LMI).
4. Utilise Existing Equity as Deposit

If you already own property, you may be able to use your equity in place of a cash deposit.

Low Deposit? Explore Your Options

Find out how you may secure a home loan with minimal upfront savings. Use our calculator to check your eligibility and explore available loan options.

NO DEPOSIT HOME LOAN TYPES

2 Ways to Secure a Home with No Deposit

Explore two primary options that may help you secure a home loan without a cash deposit.

105% guarantor loan

A guarantor—typically a parent—can offer their property as security, allowing you to borrow without a deposit.

Using equity as a deposit

If you already own property, you may be able to access available equity from your existing home to contribute toward your purchase.

LOW DEPOSIT ALTERNATIVES TO NO DEPOSIT LOANS

Didn’t Qualify? Consider Low-Deposit Loan Options.

First home guarantee

Gifted deposit home loan

Personal loan as a deposit

Using super to buy a house

First home super saver scheme (FHSSS)

Apply for a shared-equity scheme

Your Trusted Home Loan Partner

At Everrich Finance, we understand the challenges of securing a home loan, especially if you have a "less-than-perfect" credit history.

Informed Guidance

Our experienced advisors navigate complex financial situations, including cases with minimal savings or a deposit, helping you explore suitable loan options.

Personalised Support

From application to settlement, our brokers offer clear, step-by-step assistance to guide you through the home loan process.

Competitive Loan Terms

We work with lenders to secure home loan options with competitive interest rates that align with your financial needs.

Broad Lender Access

With a network of over 30 lenders, we compare a range of loan products to help you find an option that suits your circumstances—whether you're in Australia or overseas.

We compare loans from a wide range of lenders

CORE ESSENTIALS

No Deposit Loans Made Easy

Most banks will require you to pay Lenders Mortgage Insurance (LMI) if you are borrowing more than 80% of the property value. We have outlined ways you can avoid lenders mortgage insurance and get approved for a home loan with no deposit or low deposit.

A. What is a no-deposit home loan?

This is when you can get approved for 100% of the property purchase value, meaning you can buy a property with no deposit. The most common zero-deposit is a parental guarantee home loan. This is when your parents provide their house as a security to cover the gap in equity.
With most lenders, you will require a deposit of at least 5% for most loans; however, there are ways to avoid paying a deposit.
Use our no-deposit calculator to see which loan deposit option most closely meets your needs.

B. No-deposit home loan options

These options are available to you when you don’t have a deposit.

1. 105% guarantor loan

With a guarantor home loan, a guarantor (in most cases your parents) will put up their property as security so you can purchase a property and borrow with no deposit.

How do I qualify?

Benefits of a guarantor home loan?

For borrowers

No-deposit loans allow you to purchase a property sooner when you do not have a deposit. It allows the borrower to lend on the full purchase amount plus the money needed for stamp duty or any other associated costs. By using parental guarantee we can help you cut costs by waiving the cost of mortgage insurance and get you a more favourable rate.

For guarantors

For the guarantor we are able to limit the guarantee against guarantee exposure to the guarantor by the amount they guarantee. If the guarantor does not want to provide property we can secure the guarantee via term deposit too.

Guarantors do not have to make any loan repayments and the guarantee can be release on the client request if, at a later date, the borrower can meet standard bank criteria:

2. Use equity as a deposit

If you already own a property, we can look to release equity out of your existing property

Simply give us a call on Contact us: (03) 9034 5223 or enquire online for free and we’ll let you know if you qualify.

C. Low-deposit home loan options

If you don’t qualify for either of these home loan options, then you can check out these low-deposit options.

If you can save at least 5% of the property value as a deposit, low-deposit home loan options are available. These options range from government schemes to gifted deposits and personal loans.

1. First home guarantee

The First Home Guarantee is a nationwide program to help first-home buyers purchase a property with a deposit as low as 5% without having to pay Lenders Mortgage Insurance. From 1 July 2023 – 30 June 2024, 35,000 places are available.

A minimum deposit of at least 5% is needed (most lenders require the deposit to have been accumulated through genuine savings).
Single first-home buyers earning up to $125,000 a year and couples earning up to $200,000 a year are eligible. The definition of a couple has been expanded to family members or two friends living together.
This scheme extends eligibility not only to single parents with at least one dependent child, but also to legal guardians, including aunts, uncles, and grandparents. You must intend to move into and live in the property as your principal place of residence (i.e., the scheme is for owner-occupiers).
The applicant must be an Australian citizen or permanent resident.

You can read the full details of the scheme on our First Home Guarantee page.

2. Gifted deposit home loan

When your parents provide you with a lump sum as a gift with no strings attached, and you don’t have to pay them back.

3. Personal loan as a deposit

You could use a personal loan as a home deposit; however most banks do not look at this favorably, as you would then need to keep up with repayments for both the personal loan and home loan.

You will need high income to be able to borrow enough to make 5% deposit of the proposed purchase value.
You will need to be able to make repayment on the home loan as well as the personal loan you have taken out.
You can borrow up to 95% of the purchase price and the personal loan.
You will need little existing debt (car loans, credit-card buy now pay later facilities, etc).
You must have a good credit history.

This option is highly risky and not suitable for all applicant. We generally recommend exploring all other alternative before considering this option.

4. Using super to buy a house

If you have over $150,000 in superannuation and want to buy an investment property, you can set up a self-managed superannuation fund (SMSF) to buy a property. Here’s how it works:

5. First home super saver scheme (FHSSS)

The first home super save scheme was designed to help first home buyers save for their first home.

How does it work:

Contributions: Eligible individuals can contribute up to $15,000 per year and $50,000 in total to their super fund for the purchase of your new home.
Tax Concessions: The contributions and earnings in your super fund are taxed at a lower rate, which helps you reach your saving goals in less time.
Withdrawal: You can apply at the Australian Taxation Office via your ATO portal to withdraw these additional voluntary contributions, along with associated earnings, to help buy your first home. Please note it can take up to 20 days to withdraw these funds.

The FHSSS offers tax concessions and is a tax-effective way to save for a home deposit, but it’s important to consider carefully the eligibility criteria, contribution limits, and potential tax implications. Please seek financial advice before entering into any investment products.

6. Apply for a shared-equity scheme

A shared-equity scheme is when the equity partner acts as both the lender and investor in the property. The partner will contribute a portion of the purchase price of the property in exchange for an interest in the property. For most shared-equity schemes, a minimum 5% deposit of the property purchase price is required.

There are different types of shared-equity schemes and arrangements available in Australia.

Nationwide Schemes	State And Territory-Wide Schemes
Help to Buy	1. NSW: Shared Equity Home Buyer Helper 2. Victoria: Victorian Homebuyer Fund 3. Queensland: Pathways Shared Equity Loan 4. South Australia: HomeStart Finance Shared Equity Option 5. Western Australia: Shared Home Ownership 6. Tasmania: MyHome Shared Equity Scheme 7. ACT: Shared Equity Scheme 8. Northern Territory: Not available

D. Pros and Cons Of No-Deposit Home Loans

Pros:

Accessibility: It allows buyers to enter the property market without having to save as much deposit (deposit required only 5%), making homeownership more accessible to those who may not have much savings.
Investment opportunities: Some may use this to assist with investment in property earlier and potentially benefit from property appreciation.
Potential for government assistance: There may be government grants and incentives available for first-time buyers that can be combined with no-deposit loans.

Cons:

Stricter eligibility requirements: Banks will generally require a strong credit history, stable employment, and evidence of financial responsibility.
Limited choices: Not many lenders offer no-deposit home loans, limiting the available options.
Higher risk of negative equity: If property values decrease, you might owe more on the mortgage than what the property is worth, since you started with no equity.
Potential for over-borrowing: Without a deposit to limit the size of the loan, there might be a temptation to borrow more than what is financially feasible, leading to potential financial strain in the future.

Speak to us today on (03) 9034 5223 or enquire online.

E. How do I get approved for a home loan without a deposit?

What lenders look for when assessing your no-deposit home loan application:

Credit history: You must have a perfect credit history with all credit reporting agencies. No banks will make an exception to this policy if lenders mortgage insurance is required.
Repayment history: You must have a great repayment history and be paying all of your current debts, such as credit cards, personal loans, “buy-now pay-later” facility and rent on time.
Location restrictions: You must be buying in a major town, capital city or regional center.
Property type: You must be buying a standard type of property, such as a house, townhouse, unit or vacant land. As a general rule, unusual or unique properties are not acceptable.
Stable employment: Your employment situation must be stable and ongoing.
Income: Your income must be high enough that you can easily service the loan. You cannot borrow to your maximum limit with a high loan to value ratio.
Profession: Professionals such as accountants, lawyers, doctors, vets, nurses, government employees and teachers are highly sought after by banks because they are well known to be at a lower risk than people in other professions. You don’t need to be a professional to get a loan approved but it is considered more favorable.

Not sure whether you will be approved for a 100% home loan?

Simply give us a call on Contact us: (03) 9034 5223 or enquire online for free and we’ll let you know if you qualify.

F. How do I apply for a no-deposit home loan?

As your specialist no-deposit mortgage broker, we are here to help!

Simply give us a call on Contact us: (03) 9034 5223 or enquire online for free and we’ll let you know if you qualify.As your specialist no-deposit mortgage broker, we are here to help!

We can help you prepare to apply for a home loan in the future if you don’t qualify for a loan at the moment. As your specialist no-deposit mortgage broker, we are here to help!

If you’re eligible, then we can usually organize an approval over the phone with one of the banks on our panel.

Still have questions? Feel free to comment below and we’ll get back to you as soon as possible.

NO DEPOSIT LOAN FAQ

No Deposit Loans: Your Questions Answered

1. What if I am not eligible for a no-deposit home loan?

Other options are available if the no-deposit home loan options don’t work for you. You can follow these tips to increase your chances of approval.
1. Prepare to buy: We can complete free assessment, check your credit file to identify any credit issues, check your borrowing capacity, work out how much deposit is required to assist with your purchase and provide recommendations to assist you increase your chances of approval.
2. Save a 5%-10% deposit: Genuine saving demonstrate saving over 3 months in a bank account in your name by making regular contributions.
3. Don’t change jobs: When you are borrowing close to 100% of the purchase price, lenders like to see that you are in stable employment and that you have been in your job for some time.
4. Pay your bills on time: If you don’t have much of a deposit, lenders will lose a lot of money if you can’t make the repayments. For this reason, they focus on your character and likeliness to default and pay close attention to credit file and rental history.
2. Is it advisable to save a deposit or borrow with no deposit?

In an upward trending market, opting to borrow 100% with a guarantor loan or 95% with Lenders Mortgage Insurance might prove more cost-effective than to wait to save enough 20% of the purchase price. The risk of waiting is missing out on capital gains during the saving period.
In a stagnant or declining market, it may be more suitable to save a minimum of 5%-10% deposit for a 95% loan if you prefer not to use a guarantor loan.
3. Can I borrow 100% and consolidate my debts?

Yes, you can borrow 100% and consolidate your other debts such as HECS/HELP, personal loans and credit cards provided you have via a guarantor loan.
4. Who can borrow 100%?

Homeowners: First-time buyers and owner-occupiers have the best chance of getting a 100% home loan with a guarantor. Banks see them as lower risk because they’re more likely to keep the property and repay on time.
Investors: Investors can get no-deposit loans with a guarantor, but stricter assessment conditions apply because of higher risk. In some cases, this requirement might be waived if you’re buying your first investment property while living with your parents. If you can reduce the loan to value ratio to 95% more banks can assist. If you already own property, you can use the equity as a deposit.
5. Do home loans without a deposit have extra features?

Yes! No-deposit home loans with a guarantor are available with almost all loan features including:
1. Package discounts
2. Waived application, valuation and monthly fees
3. Fixed rates (1 year, 3 years, 5 years, 10 years and 15 years)
4. 100% offset accounts
5. Unlimited extra repayments (variable rate loans only)
6. Redraw facilities
7. Interest only repayments (up to 15 years)
8. Weekly, fortnightly or monthly repayments
9. Vacant land, building or construction loans
6. Will my interest rate be higher?

No-deposit home loans with a guarantor are often available at really competitive interest rates and even application fee waivers for some loans. They are considered lower risk to the bank because of the extra security provided.

Professional packages, discounts and fee waivers maybe available depending on your personal circumstances.

Simply give us a call on Contact us: (03) 9034 5223 or enquire online for free and we’ll let you know if you qualify.
7. How much does lenders mortgage insurance cost?

The cost of lenders mortgage insurance varies, primarily influenced by your bank and the loan amount. Opting for a guarantor loan allows you to waive your mortgage insurance cost completely. In the absence of a guarantor, you will have to pay mortgage insurance.
8. Which Lenders Have No-deposit Loans?

The lenders in our panel that offer no-deposit home loans with the help of a guarantor include:
1. ANZ
2. Bankwest
3. CBA
4. St. George Bank
5. AMP
6. Westpac
Our panel of lenders tend to offer special discounts from time to time, so the “best” no-deposit lender can change each month.

Testimonials

Love from Clients

James Kang of Everrich Finance is an absolute professional who provides an excellent customer service for you. Being a first home buyer, he helped me through the whole process and was ready…

Abdul Mubeen

First Home Buyer

Just wanting to thank James and his team for helping us with purchasing our first home. This experience couldn’t have been any better. Thank you once again 🙂

Julianne Cordeta

First Home Owner

I highly recommended James Kang as your mortgage broker. As a first home buyer as well as first home build (Land + construction), James Kang made the loan process super fast and incredibly simple…

Jude Cho

First Home Builder

James and his team at Everrich are the best team you could ask for when you are looking at buying a property. My partner and I buy were able our…

Thomas Vo

First Home Owner

Murray came to us as a recommendation from a friend and I could not speak more highly of the experience we’ve had with him. We have spoken to Murray on…

Linh L

First Home Owner

Murray and his team have gone above and beyond to get my loan approved. As a new home builder/owner I have to admit the terminology and process was very confusing…

Vanessa Catibog

New Home Builder

Find Out Your Eligibility Today

Unsure if you qualify? Let us assess your situation and explore suitable no deposit home loan options available to you.

NO DEPOSIT HOME LOANS

Own Your Home, Minus The Wait

185+

Key Features

1. Enhanced Financial Options

2. Start Your Homeownership Journey Sooner

3. Parental Guarantee Advantage

4. Utilise Existing Equity as Deposit

Low Deposit? Explore Your Options

NO DEPOSIT HOME LOAN TYPES

2 Ways to Secure a Home with No Deposit

105% guarantor loan

Using equity as a deposit

LOW DEPOSIT ALTERNATIVES TO NO DEPOSIT LOANS

Didn’t Qualify? Consider Low-Deposit Loan Options.

First home guarantee

Gifted deposit home loan

Personal loan as a deposit

Using super to buy a house

First home super saver scheme (FHSSS)

Apply for a shared-equity scheme

Why Choose US

Your Trusted Home Loan Partner

Informed Guidance

Personalised Support

Competitive Loan Terms

Broad Lender Access

We compare loans from a wide range of lenders

CORE ESSENTIALS

No Deposit Loans Made Easy

A. What is a no-deposit home loan?

B. No-deposit home loan options

1. 105% guarantor loan

How do I qualify?

Benefits of a guarantor home loan?

For borrowers

For guarantors

2. Use equity as a deposit

C. Low-deposit home loan options

1. First home guarantee

2. Gifted deposit home loan

3. Personal loan as a deposit

4. Using super to buy a house

5. First home super saver scheme (FHSSS)

How does it work:

6. Apply for a shared-equity scheme

D. Pros and Cons Of No-Deposit Home Loans

Pros:

Cons:

E. How do I get approved for a home loan without a deposit?

F. How do I apply for a no-deposit home loan?

NO DEPOSIT LOAN FAQ

No Deposit Loans: Your Questions Answered

1. What if I am not eligible for a no-deposit home loan?

2. Is it advisable to save a deposit or borrow with no deposit?

3. Can I borrow 100% and consolidate my debts?

4. Who can borrow 100%?

5. Do home loans without a deposit have extra features?

6. Will my interest rate be higher?

7. How much does lenders mortgage insurance cost?

8. Which Lenders Have No-deposit Loans?

Testimonials

Love from Clients

Abdul Mubeen

Julianne Cordeta

Jude Cho

Thomas Vo

Linh L

Vanessa Catibog

Find Out Your Eligibility Today

Own Your Home,
Minus The Wait