Buy a Home With a Low Deposit

  • Struggling to save a 20% deposit?
  • Prefer to borrow the lenders mortgage insurance (LMI) premium instead having to pay it out of pocket?
  • Have the banks told you that you need more money?
  • Get approved for a home loan without the need of a 20% deposit!
  • Get a competitive interest rate even with the small deposit!
  • Stop renting today and own your own home!

How can I get a home loan
with a low deposit?

While most lenders prefer you to have at least 20% of the purchase price plus costs there are some lenders that will approve your home loan with a lower deposit. The guidelines for getting these home loans approved are far stricter, especially the lower the deposit you use.

100%
Home Loans
95%
Home Loans
90%
Home Loans
85 %
Home Loans

With a few banks you can borrow 95% of the purchase price including LMI. There is even one lender that will allow you to borrow the LMI up to a total of 99.99% of the purchase price! Also don't forget you'll need to cover any costs associated with the purchase such as stamp duty, legal costs and application fees. For those who aren't first home buyers, generally these costs total to about 4% to 5% of the purchase price.

Pros
  • Borrow with only a 5% deposit
  • Add the LMI, borrow 95% and in some cases even more
  • Save some of your money to use for furniture, renovations & moving costs
  • Get a competitive interest rate even with a low deposit
  • Purchase sooner rather than having to wait to save a bigger deposit
Cons
  • LMI can be very expensive when borrowing with only a 5% deposit
  • Most banks will not lend 95%. Usually most banks will lend up to a maximum of 90%
  • Generally you will need to evidence having saved your deposit over a minimum 3 to 6 month period. However, there are also a few lenders who can waive this requirement
  • 95% Home Loans are deemed as the highest risk loans in Australia. As a result they are much harder to get approved and banks have much more strict lending requirements

Why use a Specialist Broker?

95% Home Loans are specialist loans. Not all banks lend to borrowers with only a 5% deposit. The banks that do consider these applications have a lot more requirements that need to be strategically managed to ensure that your application has a greater chance of approval.

Mortgage Pros are 95% Home Loan specialists. We understand the different requirements each bank has and how to manage all of the complex requirements different banks have to approve your loan. Don't risk getting your 95% Home Loan declined! Talk to us today!

Get your FREE consultation OR 1300 030 388

Most banks will lend you 90% of the purchase price plus the full LMI! You will need to cover any costs associated with the purchase such as stamp duty, legal costs and application fees. For those who aren't first home buyers, generally these costs total to about 4% to 5% of the purchase price.

Pros
  • Borrow with only a 10% deposit
  • Add the LMI to your loan and in some cases have the LMI waived!
  • Get a negotiated discount on your interest rate. Below what the banks usually advertise
  • In some cases, have all your ongoing fees waived such as annual and monthly fees
  • With some banks have the genuine savings requirement waived. 90% home loans are seen as a lower risk, banks will compete for your business!
  • Also available for refinances, debt consolidations, cash outs and top ups.
Cons
  • LMI can still be expensive. However, it will be significantly less than borrowing with a 5% deposit
  • Although the rates are better than 95% home loans, you'll generally find most of the best deals are only available for 80% home loans.
  • Generally you will need to evidence having saved your deposit over a minimum 3 to 6 months. However, there are also a few lenders that will can waive this requirement.

Why use a Specialist Broker?

90% Home Loans are specialist loans. Not all banks lend to borrowers with a 10% deposit. Although considered less risky compared to borrowers with a 5% deposit you will still need to meet the bank's qualification criteria.

Mortgage Pros are 90% Home Loan specialists. We understand the different requirements each bank has and how to present your 90% Home Loan to get it approved. We make it our duty to get you competitive interest rate while minising the LMI & other fees for your circumstances.

Get your FREE consultation OR 1300 030 388

Compared to loans with a lesser deposit the banks are generally more flexible with 85% Home Loans. They usually compete very aggressively and will often consider exceptions to lending policy and far greater interest rate discounts.

Pros
  • Borrow with a 15% deposit
  • Add the LMI to your loan! There are also two lenders that will entirely waive the LMI if you qualify
  • LMI is very competitive! Don't just shop for a good rate, make sure your LMI fee is competitive
  • Get a negotiated discount on your interest rate. Below the bank's usual advertised rate
  • In some cases have your ongoing fees waived such as annual and monthly fees
  • In the majority of cases you do not need to evidence genuine savings
  • Considered lower risk by the banks therefore banks compete more aggressively for your business
  • Also available for refinances
Cons
  • You need to have 15% available which could be a large amount to save!
  • You pay Lenders Mortgage Insurance LMI

Why use a Specialist Broker?

Although banks are more lenient with 85% Home Loans. All too often we see people are paying far more than they should! Commonly most brokers do not negotiate on behalf of their clients to ensure they are saving on LMI premium, interest and ongoing fees.

Mortgage Pros are 85% Home Loan specialists. We make it our duty to get you a competitive interest rate and LMI for your circumstances.

Get your FREE consultation OR 1300 030 388

  •  We were looking to get our next investment property and wanted to get the best deal. We spoke with two of the very large mortgage brokers and were pre-approved. A friend recommended we also speak with Mortgage Pros so we met with the guys and lucky we did!.

    They managed to refinance our existing property and give us money to fund our next purchase. The process was so easy. They also managed to get us a discount below the banks advertised rate! I cannot recommend Mortgage Pros enough. Thank you team and we look forward to working with you again for our next property purchase.

    Bilal and Jowan
  •  My circumstances were a little out of the box! I actually work for a bank as a branch manager so I feel like the dentist that recommends tooth paste in the the television advertisements by writing this recommendation! I had been working with the bank for over 10 years, however had recently moved into a new role and was subject to a 3 month probation period.

    The bank I work with declined my application on this basis alone even though I had a 20% deposit! Frustrated with my circumstances I did some research and came across the Mortgage Pros website! A quick phone call and I was reassured that I would most likely be eligible with a major bank! The end result was a pre-approval within 2 business days at a much lower rate than my own bank and also lower than the recommended banks advertised rates ! These guys are certainly pros! Thank you

    Naj
  •  Just wanted to say a very big thank you to Mortgage Pros! They were able to get us the approval without the need for a deposit in 24 hours. With their help we were able to make it just in time for auction. They also got us a better rate than all our family and friends!

    Peter Ha and Ashley Xu
  •  Mortgage Pros are superstars. Westpac had declined my loan for my next investment venture to buy 5 units on one title. I called Mortgage Pros and from there it was just magic. Not only did they get me a quick approval but they also negotiated a further interest rate discount for my other 6 investment properties. Mortgage Pros saved me thousands!

    Philip Cao

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the right home loan?

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