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.

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Home loan guides

Understanding the difference between Mortgage Insurance and Mortgage Protection Insurance

As a first home buyer, there are a number of things you’ll need to learn fast, like interest rates, First Home Buyers schemes and insurance options. So with the news that two big banks have been accused of selling overpriced mortgage protection policies to confused and inexperienced first home buyers, we thought it was time to clear things up and explain the difference between two similar sounding insurances you might consider for your first home.
How much deposit do I need for a home loan?

While buying a property is an exciting time, what’s not exciting is getting your head around all the home buying number crunching. Even before you need to think about what your loan repayment costs will be or how much stamp duty you’ll need to pay, you’ll need to save up a deposit.

Home loan terms explained

Taking out a home loan for a property is exciting but what can often dampen all of this excitement is the complicated home loan jargon that gets thrown around.

How much can I borrow?

Is the Australian property market calling your name but you are unsure of your borrowing power? This guide is here to help. We’ll run you through all the major costs involved with purchasing a property, to give you a clear idea of how much you can afford to borrow and what you’ll need to budget for. Start by...
Offset account explained

Reducing the amount of interest on your home loan takes more than just a competitive rate, as the features you choose also play an essential role.

Home loan pre approval

If you’ve made it to the pre-approval stage of the property buying process it means you’re nearing the finish line. Congrats!

How to get a home loan

You’ve probably heard that the key to landing your first home is taking out a mortgage but what exactly is the process and how can you find the best home loan deal for you?

Loan to value ratio: What is LVR?

When it comes to taking out a home loan in Australia, one of the common terms you’ll see sitting within the mortgage product information is “LVR". But if you’re one of the many home hunters wondering “what is LVR?” and have no clue what the abbreviation stands for, let this quick guide answer the question.
8 ways to boost your chances of loan approval

Getting ready to apply for your first home loan? Run through this checklist first so that your credit profile will be ship shape and you'll have the best chance of getting approved.

View more home loans guides

Recent home loan tips

5 pro tips to help haggle your way to a cheaper home loan

Have you always been too nervous to ask your home loan lender for a lower rate? Well, what if we told you it could save you over $1,200 a year? Recent Mozo research revealed that 7 out of 10 Aussies were able to haggle their way to a lower home loan rate, knocking off an average 0.5%. 
4 ways to prepare for a home loan rate rise this year

Despite the Reserve Bank of Australia (RBA) choosing to keep the cash rate on hold for the 20th straight month this week, the general consensus is that a rate rise is likely to occur at some point this year - but what is the best way to prepare?
Buy at the bottom: tips for getting into the Perth property market

Western Australia may just be the place to be for Aussie property investors in 2018 - as long as you’ve got the nerve to start out in a flat market and wait for future growth.
Mozo’s 8 resolutions for property success

Resolutions give us the chance to improve our quality of life physically and mentally. But for a lot of us, bettering ourselves begins at home, literally. If your home is your pride and joy, you might spend your days scrolling through Pinterest on the hunt for your bedroom’s next decorative piece. But if success is what you’d like to bring your property in 2018, Mozo’s Property Expert, Steve Jovcevski has 8 property resolutions for you that could help bring property success.
How to beat the competition at the auction

House hunting can be a time of anxiety and stress - and that’s before you’ve even asked the bank for a home loan. But nothing gets your heart racing and your palms sweating more than auction day. Regardless of how you handle your nerves, having a successful auction day will come down to clever tactics and the right budget. If you’re heading out to an auction soon, here are a few tried and tested ways to beat the competition.
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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!

Read full review

Looking forward to a better bank!

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

Less

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.

Read full review

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

Less

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...

Read full review

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

Less

Geraldine | QLD

reviewed 2 months ago

View more home loans reviews

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