Best low deposit home loans of 2018 revealed
26 Mar 2018

If you’re currently saving for a house deposit, then you’ve probably been scrimping and saving everywhere you can. But even the most frugal spenders can often find stacking up a 20% deposit almost impossible.
But don’t let that discourage you, especially since the Mozo Experts have just announced the winners of our Experts Choice Home Loan Awards! So without further ado here are some of the best low deposit home loans of 2018, handpicked by the Mozo editors.
Promoted
NAB Base Variable Rate Home Loan
3.69% variable rate (3.73% comparison rate*)
No monthly or yearly fees (application fee applies)
Borrow with just a 5% deposit
What we think:
If you prefer to stick with the big banks for your financial products, then look no further than the NAB Base Variable Rate Home Loan. This loan allows you allows you to borrow amounts starting from $20,000 and has a free extra repayments and redraw facility, just as long as it hits the minimum $2,000 requirement! Along with no ongoing fees, you’ll be able to apply with a deposit as little as 5%.
Promoted
Newcastle Permanent Discounted Variable Home Loan
3.64% variable rate (4.03% comparison rate*)
Borrow up to 90% of property’s value
Fee waivers on your credit card, personal loans and car loans
What we think:
Last but certainly not least, our last low deposit loan is the Newcastle Permanent packaged Variable Home Loan. You can apply for this loan with just a 10% deposit and enjoy perks like a $0 application fee for any personal or car loans you sign up for and no annual fee on your credit card. Along with a competitive 3.64% variable rate, there’s a free extra repayments facility and a 100% offset account, helping your pay off your loan faster. It’s no wonder Newcastle Permanent was named Home Lender of the Year!
Promoted
RACQ Bank Mortgage Saver Special
3.74% variable interest rate (3.74% comparison rate*)
Borrow with a 5% deposit
Unlimited free extra repayments
What we think:
If you’re a first home buyer struggling to make your mark in the property market, then the RACQ Bank Mortgage Saver may be the loan you’ve been searching for. This low cost loan allows you to apply with a deposit as little as 5% and has no application or annual fees! You’ll also be able to make as many extra repayments as you’d like to save on interest and redraw these repayments for free if you need to.
Promoted
IMB Bank Budget Home Loan Special
3.69% variable rate (3.69% comparison rate*)
Borrow with a 10% deposit
Free extra repayments and redraw facility
What we think:
Who says a home loan has to stretch your budget? For a limited time only, you can apply for the IMB Bank Budget Home Loan and receive a low variable and comparison rate of 3.69%. This loan also features no upfront or ongoing fees and has a maximum LVR of 90%. You’ll also have unlimited free extra repayments and the option to redraw any of these repayments at no extra cost.
Promoted
CUA Advance Variable Home Loan
3.65% variable rate (3.66% comparison rate*)
Borrow up to 90% of the property’s value
No application or ongoing service fees
If you’re looking to borrow between $100,000 and $5 million but having a tough time saving up a hefty deposit, the CUA Advance Variable Home Loan might be for you. It offers a competitive variable interest rate, along with some key features like free extra repayments, a redraw facility and an offset account for up to $50,000, and the best part is you’ll only have to have a 10% deposit.
Want to compare more home loans? Check out the latest rates from 80 lenders at Mozo’s home loan comparison hub.
For a full list of Experts Choice winners, head over to our Experts Choice awards page.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Product providers don’t pay to be in the running and we don’t play favourites. Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo.
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