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For this reason, most people prefer to borrow 100% rather than to save. We recommend that you speak with your parents about a guarantor loan before you consider this option. You can borrow up to 95% of the purchase price plus the personal loan. You can read more about this option on our no genuine savings page or gifted deposit page. Lenders are more likely to approve a guarantor home loan because they are the lowest risk no deposit option.
If they agree, then the lender will use their property as additional security and this will enable you to borrow in some cases up to 105% of the property value without the need for a deposit. Another great benefit of having a security guarantor is that this eliminates the need to pay LMI as well. The government is currently providing a $10,000 First Home Owners Grant towards your own home. Combined with stamp duty savings of up to $10,000 there has never been a better time to stop renting and build your first home.
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Keyboard_arrow_down 85% Home Loan Which lenders have waived the LMI premium for an 85 percent mortgage? 90% Home Loan First-home buyers and investors can get a home loan for up to 90% of the purchase price. Discounted interest rates and LMI premiums are available.95% Home Loan Get a 95% home loan with an interest rate discount of up to 1.40%! First Home Buyer Loans First home buyers qualify for many options to save on loans. Our brokers can guide you through all the options to secure the best loan.No Deposit Construction Loan Finance your house and land package with a no deposit construction home loan. Find out how to get a mortgage for 100% of the purchase price.No Deposit LMI Rates Compare mortgage insurance and LMI premiums and rates for your no deposit home loan.
How much do you need to earn for a Keystart home loan?
First step is finding out if you qualify for a low deposit home loan. They will then pass your details onto one of our home loan specialists who can discuss finance solutions for your individual requirements. Home Group WA have a team of qualified in-house financial experts in Perth.

By giving us a few basic details, we can tell you how much you may be able to borrow. Find out how much you can borrow - so you'll know how much you can afford before you put in an offer. If you can afford to rent then the answer is probably a big YES!
Available in Perth and Mandurah regions
So if you don't have a large deposit ready, we could be right for you. Understanding your money situation helps us work out your budget and borrowing capacity. The FHLDS is another government incentive where first home buyers can get into their own home with only a 5% deposit. There are a number of options available for home buyers who have little to no savings. If you don't have save a full 5% deposit, we have alternative solutions to help you out. To find out if you qualify for our No Savings Home Loan, simply complete the form below.

The secret to getting a good interest rate is to apply with a bank that is actively seeking this market segment. As mortgage brokers we know which lenders are aggressively marketing to 95% and 100% borrowers. Before you undertake a comparison of different no deposit loans you should complete a needs analysis with a mortgage broker. You should consider which features will give you the biggest benefit and which you are likely to use. If you are in a market that is increasing in value, more often than not it is far cheaper to borrow 100% using a guarantor or borrow 95% and pay LMI, than to wait and save a deposit.
Large monetary gift(say from the ‘Bank of Mum and Dad’) or ‘windfall’ from something like an inheritance or the lottery, you may decide to put that towards a house deposit. These may be accepted by some banks but lending requirements will differ. For example, you may need to provide a “gift letter” which says the monetary gift is non-refundable and unconditional – or in other words, that there’s no expectation the money will be repaid. It’s worth noting, though, that some banks will only accept a deposit made up of “genuine savings”, and therefore wouldn’t accept funds you haven’t built up yourself by saving.

Our award-winning mortgage brokers will find you the right home loan for your needs. HomeStart acknowledges the Traditional Owners of country throughout Australia and recognises their continuing connection to land, waters, and community. We pay our respects to them and their cultures, and to elders both past, present and future. Complete the form below and we will contact you shortly to discuss your options.
The guarantee is limited to 10,000 first home buyers a year and there is an income cap of up to $125,000 per year (or $200,000 per year for couples) for applicants. If you’re a first home buyer who is planning to buy or build a new house, you may be eligible to receive up to $10,000 to put towards a home loan. You can have a brand new home with zero savings in the bank. Some lenders enable you to borrow 105% of the property price to cover property fees such as Stamp Duty, settlement fees etc... Guarantor home loans have become a popular choice for first-time buyers in Perth due to the very high property prices. Our panel of lenders tend to offer special discounts from time to time so the “best” no deposit lender changes each month.

This is particularly true if you already have the savings you need or you’re in a good financial position and can save a deposit in a relatively short amount of time. There are no lenders in Australia that can lend more than 100% of the purchase price with a no deposit loan that is not supported by a guarantee. Rent is used as genuine savings so the lender can determine if the borrower can commit to a home loan.
However, for 100% home loans, some banks are way ahead of the pack, with interest rates unmatched by their competitors. This is because some banks are interested in lending over 90% of the property value, whereas others aren’t. There are several no deposit home loan options available.
Did you know that some lenders have very little appetite for high-LVR home loans? A high-LVR loan is any loan that is for more than 80% of the property value. Discover if you’re eligible on our buying property in a SMSF page. Your parents can provide you with 5% to 15% of the purchase price as a non-refundable gift. Your parents can provide you with a lump sum as a gift with no strings attached, and you don’t have to pay them back.