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No savings? No worries! See if you’re eligible for a No Deposit Home Loan.

We understand how hard it is to save for a deposit when life is so expensive. But that doesn’t mean you should be stuck renting and putting off your dream of buying a house. Our No Savings Home Loan could be your golden ticket to home ownership.

Sort your money

Just provide a few details, and our clever finance team will let you know if you’re eligible.

How do No Savings Home Loans work?

Living in a home you own is a joy everyone should experience. That’s why even if you don’t have a 5% deposit, it doesn’t mean you’re out of the game.

There are alternative routes towards home ownership and our in-house finance team will guide you through the entire process from figuring out a budget, to securing your perfect house & land package and low deposit home loan. And, we’ll make it easy, too!

First Home Buyers Grant

First Home Buyers Grant

First home? You can use the First Home Owners Grant (FHOG) as a deposit. 

Proof of rent

Proof of rent

Some lenders will look at your ability to pay rent as proof you can afford a loan. 

Guarantor loan

Guarantor loan

Got supportive parents? Your parents can help you secure a loan by becoming guarantors. 

Gifted deposit

Gifted deposit

Inheritance or someone willing to gift you a deposit is also a way to go. 

Answers to your No Savings Home Loan questions

Can I get a home loan with no savings?

Yes! There are a number of options available for home buyers who have little to no savings. Depending on the amount you need to borrow and your personal circumstances, you may also be able to get a home loan through one of the options below:

Speak to one of our in-house finance experts to determine the best option for you.

What is the First Home Owner Grant and how do I apply for it?

If you’re a first home buyer who is planning to buy or build a new house, you may be eligible to receive up to $10,000 to put towards a home loan. For detailed steps on how to apply for First Home Owner Grant (WA), head to the WA Government website.

How do I use a guarantor for a home loan?

First home buyers can choose to use a guarantor – that is, another person who agrees to be legally responsible for paying back your home loan in case you are unable to in the future. Typically, a family member or someone else that’s close to you, who satisfies certain requirements can act as your guarantor by using the equity in their own property as collateral for your home loan. A guarantor home loan can also be a way to avoid the cost of lenders mortgage insurance (LMI). It’s a saving that can be worth thousands of dollars.

What is the First Home Guarantee (FHBG) and how do I apply for it?

The FHBG is another government incentive where first home buyers can get into their own home with only a 5% deposit. If you’re eligible for the FHBG, the government will act as a guarantor for part of your home loan. You will also avoid having to pay for Lenders Mortgage Insurance (LMI), saving you thousands of dollars in fees.

How do I use a gifted deposit?

While some banks will only accept “genuine savings” (money you’ve saved up yourself over a certain period of time) for a home loan deposit, other lenders may accept money given to you as a gift, such as inheritance money.

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