Calculate your no deposit home loan repayments



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Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 25, 2024. View disclaimer.

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                Purchase: Am I Eligible for a No Deposit Home Loan?

                This calculator provides you with an estimate of whether you are eligible for a no-deposit home loan. Not all lenders provide no-deposit home loans. This calculator provides you with a general indication and does not consider the assessment and eligibility requirements of individual lenders.

                Assumptions:

                The calculator assumes that the minimum deposit for a home loan is 5% of the property price.

                The calculator does not take into account the upfront costs associated with getting a home loan, nor lender's mortgage insurance which is likely to be payable.

                Usable equity is calculated as the difference between the loan balance and 80% of the property value input by the user.

                What does “No Deposit Home Loan” Mean?

                No deposit home loans are loans that don't require the borrower to pay a deposit on the loan. The lender loans you 100% of the purchase price of the home. However, this type of loan may require certain conditions, such as having a guarantor.

                Nowadays, home loans with no deposit are rare due to the risks associated with them. And, when you do find one, these loans are usually granted for buyers that meet certain financial conditions.

                These conditions may include:

                • having a guarantor

                • a high credit score

                • Stable and significant income (which may vary between lenders)

                • good and clean loan repayment record

                While home loans with no deposit are rarely available, some lenders also offer a low deposit home loan - a loan that will let you borrow up to 95% of the total price of the property with a 5% deposit.

                Factors to Consider for a No Deposit Home Loan

                There are considerations to think about before applying for a no deposit home loan.

                Loan Interest Rates

                your interest rate may be relatively higher than a 'normal' home loan because of the amount you've borrowed. This indicates your monthly loan repayments are likely to be quite high as well.

                Financial Capabilities

                given you are likely to have a high-interest rate, you have to be sure that your income can cover the monthly payment

                Property Depreciation

                there's a risk your property value could decrease, in which case your loan amount may be higher than your property value.

                Lenders Mortgage Insurance (LMI)

                When you purchase a property with an LVR (loan-to-value ratio) of more than 80% you're required to pay a lenders mortgage insurance fee which can increase the overall cost of the loan.

                No Deposit Home Loan Calculator FAQ

                There are considerations to think about before applying for a no deposit home loan.

                This will vary depending on the lender and your personal circumstances such as your credit history, if you're accessing the equity in another property, or if you have a guarantor.

                The lowest deposit for a mortgage in Australia can be 0% of the total property price if you obtain a no deposit home loan, or around 5% if you obtain a low-deposit home loan.

                A no or low deposit home loan could allow you to enter the property market sooner, as you won’t have to save as much money for a deposit. However, it's likely to be a more expensive option due to the higher interest rates and repayments, and there's strict criteria to be approved for this type of loan.

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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