Make Homeownership a Reality Sooner Than You Think
Dreaming of owning a home but don’t have a deposit saved up yet? At North Rocks Mortgage Solutions, we understand that saving for a deposit can be one of the biggest challenges to entering the property market. That’s why we offer guidance on low deposit home loans, helping you explore options to make homeownership achievable without waiting years to save.
What Are Low Deposit Home Loans?
Low deposit home loans allow you to purchase a property with as little as 5–10% of the property value saved as a deposit. These loans cater to first-home buyers, owner-occupiers, and even some investors, depending on the lender’s criteria.
1. Guarantor Home Loans
Family members can use the equity in their property to guarantee your loan,
allowing you to borrow up to 100% of the
property’s value while avoiding Lenders Mortgage Insurance (LMI).
2. Deposit Boost Loan by OwnHome
The Deposit Boost Loan is a unique solution for first-time buyers and
owner-occupiers. It’s a 15-year loan that covers
the 20% deposit needed to buy a home, enabling you to borrow up to 100% of the
property’s value without paying LMI.
Eligibility Criteria for the Deposit Boost Loan:
- You are an Australian citizen or permanent resident.
- You have saved at least 2% of the property value.
- You have an excellent credit history.
- Your income can service both the Deposit Boost Loan and the mortgage.
- You can cover the starter fee (2% of the property value) and upfront costs of buying property.
3. Home Guarantee Scheme
Government programs like the Home Guarantee Scheme can help you purchase a
property with a reduced deposit while
avoiding LMI.
4. Equity from Existing Property
If you own property or have significant equity, this can be leveraged as your
deposit, reducing upfront costs for your
next purchase.
5. Professional Packages
Certain professions, such as medical or legal professionals, may qualify for
tailored home loan packages with reduced or
no deposit requirements.
Navigating the complexities of low deposit loans can be overwhelming, but that’s
where we come in. At North Rocks
Mortgage Solutions, we empower our clients with expert advice, tailored strategies,
and access to a network of lenders
offering competitive low deposit options.
Why Choose North Rocks Mortgage Solutions?
Empowering Your Journey
We are passionate about helping you navigate the complexities of the home-buying
process with clarity and confidence.
Tailored Expertise
Our deep industry knowledge ensures we find the best solutions, whether you’re
exploring low deposit loans, guarantor
options, or other pathways to homeownership.
Dedicated Support
From the first conversation to settlement and beyond, we’re by your side every
step of the way.
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