21 Aug 2021

Can I Buy a House with a $10,000 Deposit?

How Much Can I Borrow? 3 Questions to Consider Beforehand

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. 


Low deposit home loan

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:

  • You have a good income.
  • You’re using the loan to buy, refinance, build an owner-occupied or investment property.
  • Your property is considered low-risk.
  • You have a clean credit file and good credit history.
  • You have genuine savings of at least 5%.
  • You have a reasonable amount of assets for your age. 
  • You don’t have a lot of debt.
  • You’ve been stably employed for the last five months. 


Due to the risk of a low deposit loan, getting approved will require you to provide a solid application to your lender.


No Deposit Home Loan

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. 


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.


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