You have at least a 5% deposit saved

If you are in this situation you should have access to the majority of loans available in today's home loan market. Most lenders will lend you up to 95% of a property's purchase price as long as you satisfy their credit and serviceability criteria. In some cases you may be able to borrow up to $1 million dollars using a 95% home loan. Some lenders will also allow you to add the mortgage insurance premium to the loan, effectively giving the loan a 97% Loan. Any loan which is greater than 80% of the purchase price usually involves Mortgage Insurance and as such a one off mortgage insurance premium will need to be paid.

You have at least 20% of the purchase price available as a deposit

Generally, if you have a 20% deposit, most lenders will not want evidence that at least 5% has been saved over a period of 6 months or more. As such you would have access to most loans on the market assuming you pass the lenders' credit and serviceability criteria. Also you would not need to pay a mortgage insurance premium, which could save you thousands of dollars.

You have No Savings

There are a number of lenders who now offer no deposit home loans that don't require borrowers to have any genuine savings.

You have no genuine savings but are being given a gift from a relative or friend or you have attained a deposit from sources other than a loan

If the gift is sufficient to make up 5% of the property price, you may be able to use a 95% home loan for this situation, where the 5% deposit does not have to be saved. In the case of a 95% loan you can borrow up to 95% of the property price without any genuine savings and at competitive home loan rates. The maximum loan amount using this type of loan is generally $1,000,000 per property. You will also need additional funds to pay for costs such as stamp duty& legal's however the $7,000 First Home Owners Grant may be enough to cover these costs.

You have no genuine savings but have a relative with significant equity in a property and is willing to act as a guarantor

- There are a number of lenders on our panel who offer family equity type home loans. Some of these lenders do not require you to have any genuine savings and will even lend you extra funds to pay for the purchase costs, such as stamp duty. The interest rates on these products are very competitive. All you need is a relative who owns a property with equity in it and is willing to act as a guarantor. It is also possible to limit the guarantee so your relative is not a guarantor for your entire home loan, but for only a small portion of it. Once you build up enough equity in your property the guarantor can then apply to have their guarantee removed.