Low Deposit Home Loans

If you're looking for a way into the housing market, a low deposit home loan could be your ticket to home ownership. Compare home loans that only require a 10 percent deposit or less in the table below.

Low deposit home loan comparisons on Mozo - rates updated daily

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

 

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Low deposit home loans

In Australia, the standard down payment that you need when purchasing property is 20%. This means that if you are buying a property for $500,000 you would need a deposit of $100,000. Now, saving up a $100,000 deposit is no walk in the park and would take most people several years to achieve.

An alternative option to saving the deposit upfront is to take out a low deposit home loan. These home loans will only require you to have a deposit around 5 -10% instead of the required 20%. In home loan terms this is often called the LVR, or loan to value ratio, so if you have a 10 percent deposit your LVR will be 90%.

In recent years (post GFC) the lending criteria for home loans has been tightened so it is no longer possible to get a no deposit home loan. Even 5% deposit home loans are becoming rarer so if you are planning on purchasing property it is a good goal to aim for at least having a 10 percent deposit.

    Will I have to pay lenders mortgage insurance?

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    Do low deposit home loans have the same features as standard home loans?

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Home Loan Reviews

AMP
AMP home loan review
Overall
0/10
AMP is highly disappointing

Looking forward to a better bank!

Looking forward to a better bank!

Price
-1/10
Features
0/10
Customer service
0/10
Convenience
9/10
Trust
0/10

Jo | QLD

reviewed 11 days ago

Bendigo Bank
Bendigo Bank Basic Home Loan (Fixed, Owner Occupier, Principal & Interest) home loan review
Overall
10/10
Fantastic service throught out

The service at the Bendigo Bank are a lot better in East Gippsland than other banks.

The service at the Bendigo Bank are a lot better in East Gippsland than other banks.

Price
9/10
Features
9/10
Customer service
8/10
Convenience
10/10
Trust
10/10

Leonard | VIC

reviewed 2 months ago

ANZ
ANZ Simplicity PLUS (Owner Occupier, Principal & Interest) home loan review
Overall
2/10
I feel like we have been mislead

They started out as a great choice with excellent customer service at our local branch but has...

They started out as a great choice with excellent customer service at our local branch but has since let us down tremendously. One of the comments made by a loan staff employee at our last meeting not only was extremely offensive but also out of line in so many ways.

Price
5/10
Features
3/10
Customer service
3/10
Convenience
5/10
Trust
2/10

Geraldine | QLD

reviewed 2 months ago

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