How much deposit do I need to get a home loan? Is it possible to get a home loan without a deposit?

As little as 5% depending on your situation if your parents have a home you may be able to use the equity to borrow 105% towards the purchase price. (Purchase Price + Costs)

Hi there, Ideally you would want 20% plus costs (circa 5% for stamp duty, legal fees etc) to avoid paying LMI (lenders mortgage insurance). It's possible to proceed with less but it would be more expensive (higher rate and LMI). It is possible to purchase a property without a deposit but you would need a security guarantor. That is where a family member (ideally a parent) would put forward their property as extra security to the lender reducing the LVR (Loan to value ratio) and consequently the risk to the lender.

When it comes to getting a home loan, the amount of deposit you need will depend on a few factors. Generally, the larger the deposit you can provide, the better. This is because lenders usually require a minimum deposit of 5-10% of the property’s purchase price. However, it is possible to get a home loan without a deposit. Lenders may offer a no deposit home loan if you can demonstrate that you have the financial capacity to repay the loan. This could include having a good credit history, a steady income, and a low debt-to-income ratio. No deposit home loans may also come with higher interest rates and fees, so it’s important to compare your options and find the right loan for you. If you’re looking for the latest home loan rates, check out Goodrate on https://goodrate.com.au/home-loan for the best offers.