17 Aug 2021
Which Bank Approves Home Loan Fastest?
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Most Australian mortgage lenders require a deposit of 10-20% for home loans. With a deposit of $10,000, most lenders would only approve you for a $100,000 home loan. You may be approved for a larger loan if you pay more lenders mortgage insurance. If this is the largest deposit you can afford, you may be able to apply for a low deposit/no deposit home loan.Â
Considered risky by most traditional lenders, some non-traditional lenders may offer low deposit home loans, even with a deposit as low as 3%, as long as you meet the following criteria:
Due to the risk of a low deposit loan, getting approved will require you to provide a solid application to your lender.
Right now, the most common type of no deposit home loan is a guarantor loan. If your parents are willing to put up their home as security for your home loan, you can borrow 100% of your home’s value without having to pay lenders mortgage insurance.Â
If you can’t afford a large deposit, Mortgage House can help you find a low deposit or no deposit mortgage with competitive interest rates. If it’s your first time buying a home, we can also help you apply for a First-Time Home Owners Grant.