Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Are you a first home buyer in Melbourne looking for a no deposit loan? There are a number of no deposit home loan first home buyer finance options available to you, and we can help you find the best one for your needs. We understand that buying your first home can be a daunting experience, so we’re here to help you every step of the way. Our brokers can help you find a no deposit loan that suits your needs, so you can focus on finding your dream home. Talk to Break Free Home Loans today.

What Are No Deposit Home Loans For First-Time Buyers?
How Much You Can Borrow

How To Get A First Home Buyers Loan With No Deposit
Using Superannuation
Find A Guarantor
Use A Cash Gift
Use First Home Owner Grant
Other
What To Consider When Applying For No Deposit First Home Loans?
Getting a no deposit home loan in Melbourne can be a great way to get into the property market without having to save for a large deposit. But it’s important to compare your options and understand the pros and cons before you apply. The following are some things to consider when you’re applying for a first home buyers loan with no deposit:
Interest Rate

Variable Rate
Choosing between variable and fixed interest rates on your no deposit home loans is another big decision. Melbourne no deposit home loans with fixed interest rates offer certainty around repayments, while variable rates may start lower but could rise over the loan term. Split your no deposit home loan so you have both a fixed and variable rate if you want to hedge your bets, or go all in on one or the other. Variable rate loans, however, tend to offer more features. You need to see whether they offer you the value you need as your payments will fluctuate over the life of your loan and are not as easy to manage.
Fixed Rate
A fixed interest rate loan will allow you to make the same repayments over the entire loan period. This predictability lets you budget your loan obligations with ease. No matter what no deposit home loans option you choose in Melbourne, remember to compare interest rates, fees and features so you can find the best deal for your needs.

Fees


Loan Term
How To Calculate Payments?
To calculate your monthly repayments, you’ll need to know the loan’s interest rate and the loan amount. You can then use an online repayment calculator to estimate your repayments. It’s also important to remember that no deposit home loans usually have shorter loan terms than other types of private home loans, so you’ll need to be prepared to make higher repayments each month.

Choosing A Lender For No Deposit Home Loans For First Home Buyers
Whether you’re a first-time buyer or trying to get into the market after a break, no deposit home loans can make it easier for you to save for your property. If you’re considering taking out a no deposit home loan, it’s important to compare your options and find the loan that best suits your needs. Talk to our brokers today to compare no deposit home loans from a range of lenders.

Need Help?
Frequently Asked Questions
What Are No Deposit Home Loans For First-Time Buyers?
How To Get A First Home Buyers Loan With No Deposit?
First home buyers loan with no deposit is available from a variety of lenders in Australia. These loans typically have higher interest rates and fees than other types of loans, so it’s important to consider all your options before you apply. The best way to find a suitable no deposit home loan is to compare your options and make sure you understand the conditions of each loan before applying.
To apply for a first home buyers loan with no deposit, you’ll need to show you have a:
- High credit score: Borrowers must typically have a good credit score with one of the major credit reporting agencies.
- Responsible payment history: Borrowers must also provide responsible payment history, such as timely payments of their existing debts, such as credit cards, personal loans, and rent.
- Stable income from employment: No-deposit borrowers must have a steady, ongoing job that offers a substantial income to enable them to repay the loan.
What To Consider When Applying For No Deposit First Home Loans?
- Your loan term: The amount of money you borrow and the length of your loan term can also affect how much interest you pay on your no deposit home loans. Longer loan terms often mean lower repayments but they also mean you will pay more interest over the life of the loan.
- Your repayment schedule: The frequency of your repayments can also have an impact on the amount of interest you pay. Making repayments more frequently can help to reduce the amount of interest you pay, but it will also mean higher repayments. Make sure you get a flexible repayment schedule you can work with.
- Your interest rate: Another way that lenders offset the risk of no deposit loans is by charging a higher interest rate. This means you could end up paying more for your loan over the life of the mortgage.
- Upfront expenses: Many mortgage lenders charge you money upfront when you submit an application for a home loan. These might include application fees, legal charges, settlement costs, and appraisal fees, which can range from a few hundred dollars to well over $1,000 each.
- Loan insurance: If you’re borrowing more than 80 percent of the property value, you may also have to pay for the lender’s mortgage insurance (LMI). LMI is a one-off insurance premium that protects the lender in the event that you default on your loan. This protects the lender in case you can’t make your repayments and they have to sell the property to recoup their losses. LMI can add thousands of dollars to your loan, so it’s important to factor this into your budget.
Contact our team
We love to hear from each and every one of you. Please feel free to reach out to us today!