100% Home Loans

True 100% home loans are a thing of the past, but you can get a no deposit loan by using a guarantor or being creative with your deposit savings.

Banks won't just give you 100% of a property's purchasing price any more, but if you can get a family member who owns a property to go guarantor you can still borrow 100%. If that isn't an option then you need to build at least a 5% deposit to get a mortgage. There are more ways to do that than you probably realise.

Compare mortgages that let you borrow up to 95%

Rates last updated December 19th, 2018
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.62%
3.62%
$0
$0 p.a.
95%
A low deposit mortgage with a competitive rate and plenty of flexibility. QLD residents only. Eligible borrowers can get a 15% discount on home and contents insurance for the life of their loan.
3.89%
3.93%
$250
$0 p.a.
95%
A variable rate mortgage for low deposit borrowers. Available with just a 5% deposit.
4.65%
5.02%
$0
$395 p.a.
95%
No application fee and 100% offset account.
3.87%
3.91%
$600
$0 p.a.
95%
A home loan with no ongoing fee and a redraw facility that you can borrow up to 95% LVR.
3.75%
4.72%
$0
$299 p.a.
95%
Let the experts help you get a mortgage. Speak to a broker about this sharp fixed rate loan and compare many other mortgage offers from across the market.
3.87%
3.92%
$600
$0 p.a.
95%
A low deposit mortgage for aspiring home owners. Fees are low and you can make extra repayments.
3.79%
4.75%
$375
$15 monthly ($180 p.a.)
95%
A fixed rate home loan with 100% offset account.
3.79%
4.87%
$0
$395 p.a.
95%
Enjoy a fixed home loan with discounts on rates and other NAB products.
4.64%
4.69%
$600
$0 p.a.
95%
New customers can score a discounted rate and access to a redraw facility.
4.29%
4.26%
$0
$0 p.a.
95%
A competitive 3-year fixed rate loan with a high max insured LVR.
4.04%
4.88%
$595
$0 p.a.
95%
Split you home loan for free with one of the lowest fixed home loan rates.
3.99%
4.66%
$375
$15 monthly ($180 p.a.)
95%
A three year fixed rate loan with 100% offset account.
4.09%
5.06%
$600
$8 monthly ($96 p.a.)
95%
Fix in a competitive rate for three years.
4.14%
4.33%
$0
$0 p.a.
95%
Borrow up to 95% LVR with no application fee and low ongoing fee.

Compare up to 4 providers

Aussie Home Loans Logo

Enter your details below to receive an obligation-free quote from an Aussie home loans expert today

By submitting this form, you agree to the Finder Privacy and Cookies Policy and Terms of Use

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

Credit services for Aussie Select, Aussie IQ and Aussie Optimizer products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 ("Aussie"), and its appointed credit representatives. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133 Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Optimizer products is provided by Perpetual Limited ABN 86 000 431 827 (Lender). Credit for Aussie IQ is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502. Home loans issued by the Lender are serviced by Macquarie Securitisation Limited ABN 16 003 297 336, Australian Credit Licence 237863 (MSL).

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

By submitting this form, you agree to the finder.com.au Privacy and Cookies Policy, Terms of Use, Disclaimer & Privacy Policy and the Aussie privacy policy.

Aussie Home Loans is both a lender and a mortgage broker, and offers a range of services.

  • FREE Suburb and Property Report with every appointment.
  • Access 3,000+ loans from over 20 lenders.
  • Get expert help with your loan application, including paperwork and eligibility.
  • Over 1000 brokers who are able to help you in your local area.

Aussie Home Loans Lender Logos

The Adviser’s number 1 placed mortgage broker 5 years running (2013-2017)

Most of the loans in the table above allow guarantors to cover at least a portion of your loan. All loans in this table have a maximum LVR between 90% and 95% and some may require at least 5% deposit of genuine savings.

Why won't banks give you a 100% unsecured loan?

After the 2008 Global Financial Crisis, Australian banks tightened their lending criteria. Lending someone 100% is considered too risky.

Most borrowers save a 20% deposit, but that's a lot of money. Many banks will happily lend you up to 95% of a property's value, you just need to pay for lenders mortgage insurance on top.

You can skip this completely by using a guarantor or you can find other ways of pulling together a 5% deposit.

Woman and her boyfriend just bought their own house.100% home loan options and alternatives

A guarantor home loan

A family member (usually a parent) who owns their own property outright can guarantee your deposit. Your guarantor uses their property as security in place of a deposit.

You borrow the money and make repayments as usual, but the guarantor is partly responsible if you can't meet your repayments. A guarantor can cover part or all of a deposit or even the loan itself.

Here are the basic things you need to know about guarantors:

  • Eligibility. A guarantor should be a family member over 18 years old who has equity in their property and good credit.
  • Risk. If you default on your mortgage (meaning you can't make repayments) then your guarantor might have to pay up. This could force them to sell their property in order to pay back your lender.
  • Repaying the deposit. If your guarantor only agreed to guarantee a 20% deposit then once you've repaid 20% of the loan they're off the hook even if you default. This helps minimise the guarantor's risks.
  • Avoid LMI. Another advantage of having a guarantor is you can avoid lenders mortgage insurance even though you haven't saved a 20% deposit yourself. This could save you thousands.

Learn more about the ins and outs of guarantor home loans

Getting a deposit through cash gifts, inheritance or other alternatives

You can scrape a deposit together from many sources. Lenders do want you to have at least 5% of a property's value in genuine savings, but there is a way around this. You can get a deposit together in the following ways:

  • Your parents could give you money as a gift or you could inherit the money.
  • You could sell an asset, such as shares, to fund your deposit.
  • You could use equity in another property you own.
  • A first home owners grant counts as part of a deposit.

The genuine savings rule is the tricky issue with the options above (and the fact that not everyone can take advantage of gifts or assets). But if money from a gift, sale or inheritance has been sitting in your account for three to six months most lenders will accept it as genuine savings regardless.

The complete guide to saving up a deposit

Get a low deposit mortgage

Lastly, you can save a 5% deposit the old-fashioned way and look for a low deposit home loan. There are many mortgages out there which you can get with a 5% or 10% deposit.

How do you spot a low deposit home loan? Look at the maximum insured loan to value ratio (LVR), which should be 90–95%. A 90% LVR means a 10% deposit. A 95% LVR means you only need a 5% deposit. But don't forget there's lenders mortgage insurance on top.

Start comparing low deposit mortgages

Can I borrow more than 100%?

The only way you can borrow more than 100% of a property's value is by using a guarantor. With a guarantor some lenders will let you borrow up to 110% of a property's value.

You can also read more on no deposit borrowing in our longer guide.

Image: Shutterstock

Richard Whitten

Richard is a home loans expert at finder. He can help you navigate the complex world of home loans and find a better deal.

Was this content helpful to you? No  Yes

Related Posts

Home Loan Offers

Important Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

Tic:Toc Live in Loan Variable Rate - Principal & Interest

Get a very low interest rate and avoid big fees. Apply online for full approval in under 30 minutes and add a 100% offset account for $10 a month.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

10 Responses

  1. Default Gravatar
    RathanavearyOctober 30, 2016

    I would like to get the !00% home loan information ASAP
    Thank you.

    • finder Customer Care
      MayOctober 31, 2016Staff

      Hi Rathanaveary,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.

      There are still lenders that may offer 100% of the purchase price of a property, provided you will have a guarantor, which lowers your risk as a borrower. You can read further on this page on how a home loan with guarantor works.

      Though it may also be best to reach out to a mortgage broker to discuss the options available for your specific situation.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    gavinFebruary 24, 2016

    Can I get a home loan for 175000 without a deposit

    • finder Customer Care
      BelindaFebruary 25, 2016Staff

      Hi Gavin,

      Thanks for reaching out.

      Your ability to qualify for a low deposit home loan will depend on the lender’s eligibility criteria, your income and assets, your credit history and any existing debt or liabilities that you have.

      Above on this page you can compare a range of low deposit home loans with 95% loan-to-value (LVR) ratio to see if there’s one that matches your borrowing needs.

      Alternatively, if you don’t have a deposit then you may want to consider opting for a guarantor home loan to increase your borrowing power. Keep in mind that if you borrow less than 80% LVR for a full documentation loan, you’ll need to pay lender’s mortgage insurance (LMI).

      Thanks,
      Belinda

  3. Default Gravatar
    GTDecember 19, 2015

    I have a fully paid property in overseas. Is there any possibility that I use my overseas property as a collateral to obtain 100% loan for purchasing a property in Australia?

    Many thanks in advance.

    • finder Customer Care
      MarcDecember 21, 2015Staff

      Hi GT,
      thanks for the question.

      Generally, Australian lenders will require Australian property as security, as this enables them to be able to sell the property off in the event that a borrower defaults on their loan.

      I hope this helps,
      Marc.

  4. Default Gravatar
    ElizabethDecember 13, 2015

    I would like to buy a home. I am gainfully employed by the NSW Govt have held my position for 22 years.

    I have no guarantor or deposit to buy a home I earn up to 85K per year. Am I able to get 105 home loan, I am so sick of paying rent.

    Thanks Liz

    • finder Customer Care
      MarcDecember 14, 2015Staff

      Hi Liz,
      thanks for the question!

      Unfortunately, now after the global financial crisis, lenders in Australia will not lend out more than 95% of a property’s value without a guarantor. This is because loans above 95% are considered to be of a much higher risk than regular loans. You might want to consult a financial advisor to help you get on the path to saving a deposit.

      Sorry I couldn’t be of more help,
      Marc.

  5. Default Gravatar
    carolJuly 3, 2015

    can I get a loan for 100,000 with no deposit from somewhere

    • finder Customer Care
      BelindaJuly 6, 2015Staff

      Hi Carol,

      Thanks for your enquiry.

      Some lenders will allow you to borrow 100% of the property price, however this can only be achieved through a guarantor loan, vendor finance or using security from another existing property.

      On this page, you can compare a range of home loans that require little or no deposit in the table provided above. You can also fill out the form to speak with a mortgage broker to discuss your options.

      Kind regards,
      Belinda

Ask a question
Go to site