No Deposit Home Loans In Melbourne
No deposit home loan options facilitate the process of moving into your desired home
without the requirement of an initial deposit, thus enabling you to accomplish this goal at an earlier time.
Key topics
Key topics
Key topics
What Is A No Deposit Home Loan? Melbourne, Sydney, Brisbane
No Deposit Home Loans, also known as Zero Deposit Home Loans, are a type of mortgage that do not require a deposit such as 5-10%. This means that you can borrow the full amount (100%) of the property purchase price without having to save for a deposit. No Deposit Home Loans are available for both Purchase & Refinance property either for owner occupiers or investors. The main cities which have this common lending is in the bigger cities where property is expensive such as Melbourne, Sydney & Brisbane.
Things Taken Into Account When Assessing Your Application
Location Restrictions
The lender for a No Deposit Home Loan will require properties to be mainly in metro areas of major cities.
Speak to your advisor at Break Free Home Loans to get a guide on the property you maybe interested in before you apply for a No Deposit Home Loan
Credit And Repayment Histories
It is important and critical to the lender you have good credit standing when applying for a No Deposit Home Loan. As such the lender will require you to have good credit history and good repayment history from previous loans. Speak to you Break Free Home Loans advisor for more information if you feel you maybe impacted by your credit history.
Standard Type Of Property
The lender will lend to standard properties but make notes, homes near power lines or within close proximity to a freeway or flood or bush fire prone areas may not get approval.
Also not small apartments less than 40 sqm in living space may not be accpetible to the lender who is lending 100% of the loan. Speak to your Break Free Home Loans advisor for more information.
Stable Employment
Another thing many lenders will factor into your loan application is whether or not you have stable employment and income. Most lenders will want to see that you have been employed in the same job for at least six months, and/or that you have sufficient and regular income.
Income
There are a wide range of other factors that may be considered when applying for a no deposit home loan. A mortgage broker can help you navigate the application process and give you the best chance of securing a loan.
If you’re looking for a no deposit home loan in Melbourne, contact your local mortgage broker today.

Rates And Fees For No Deposit Home Loans
No Deposit Home Loans – covering Melbourne, Sydney & Brisbane are not s expensive as you may think considering the alternative of paying Lenders Mortgage Insurance. See the benefits below:

Rates
Rates for No Deposit Home Loans are not as expensive as you may think. No Deposit Home Loans have 2 loans associated with the total loan. Its broken up as 80% (the main portion of the home loan) where rates are standard variable rates which is a compeitive rate. The other 20% of the loan is the low deposit loan which is slightly higer rate. But if you were to average the 2 rates and weight the cheaper (80%) with the higher rate (20%) then the total cost of the loan will surprise you.
Talk to a Break Free Home Loans advisor for more information.
Fees
A minimum of 2.2% of the purchase price is required for the No Deposit Home Loan – This is for the total cost to set up the loan.
Other non-lender related fees include government Stamp Duty & legal fees.
Compare this type of loan with a standard home loan which contains Lenders Mortgage Insurance – You will be surprised how much lower overall fees are for a No Deposit Home Loan compared to a standard home loan.
Talk to a Break Free Home Loans advisor for more information.

Lenders Mortgage Insurance
Lenders Mortgage Insurance, or LMI, is insurance that protects the lender in the event that you default on your loan.
This cost is inherent with standard home loans with 95% of banks and lenders. As an example the maximum a bank will lend is 95%. As an example, if the purchase price of a typical house is $700,000 and you borrowed 95% or $665,000 the Loan Mortgage Insurance cost would range (dependent on lender) from $30,000 to $36,000!
Call Break Free Home Loans to compare a traditional loan at 95% or more with Break Free Home Loans No Deposit Home Loans – You will be very happily surprised at the result in massive savings!
Buyers Agent Service
Buyer’s Agent service makes a scary and expensive process approachable and enjoyable. From house-hunting to home-buying, your dedicated Buyer’s Agent is there to help! Everything you need Enjoy advice and guidance from a personal Buyer’s Agent, as well as the backing of a trusted network of legal and property experts – all inclusive with the
Personalised Buyer’s Agent
Weekly consultations and daily updates
Custom OwnHome Home Finder Tool
Strata and building & pest inspection reports
Expert negotiation
Auction strategy
Detailed, data-led appraisals
Access to a trusted network
Break Free Home Loans through is service provider offers a Buyers Agent Service free, as part of your 1.1-2.2% Low Deposit Premium.
It includes
- Property hunting and shortlisting homes
- Obtaining building and pest inspection and strata reports
- Our support and expert guidance, every step of the way
Here’s what can’t be included
- Stamp duty and other government fees and taxes
- Conveyancing
- Third party costs (things like title insurance, which can be helpful if the seller didn’t get council permission for their DIY – but don’t worry, your conveyancer will always run these by you, there’ll be no surprises!)
Building Inspection & Pest Report
A building and pest inspection report helps to uncover hidden damage or defects in a property before you bid on or buy a home. Each report can cost up to $400 to 600 – but you get up to 4 free reports included in the service.
As part of the Buyer’s Agent service offered by our No Deposit Home Loan service provider, they request and review a building and pest inspection report for all freestanding homes to check for structural damage, rising damp, pest infestations (such as termites) and other common defects. This step helps you to get informed and make a confident purchase decision.

Frequently Asked Questions
What Is A No Deposit Home Loan?
A no deposit home loan is a loan that allows you to buy a property without having to save for a deposit first. This type of loan is perfect for first home buyers who may not have the savings available for a traditional home loan deposit.
How To Choose A Lender For No Deposit Home Loans?
Choosing a lender for a no deposit home loan is an important decision. You want to make sure you choose a lender that is reputable and has a good track record. You also want to make sure you compare interest rates and fees before you make your decision.
An experienced mortgage broker will be able to compare many lenders to find you the best option.
Why Choose A No Deposit Home Loan?
There are many reasons to choose a no deposit home loan. Perhaps you are a first home buyer and don’t have the savings for a traditional home loan deposit. Or maybe you are looking to invest in property and want to minimise your upfront costs. Whatever your reason, a no deposit home loan can help you secure the funds you need to buy a home that would otherwise be out of your reach.
Will I Get Approved for a Home Loan With No Deposit?
Getting home loans without a deposit can be difficult. Getting approved for one will depend on the lender and your personal and financial circumstances. No deposit home loans are typically available to first home buyers, or those with limited savings. Some lenders will require you to have a guarantor in order to approve your loan, while others may ask for a larger deposit (up to 10%) if you’re considered a higher risk borrower.
For no deposit home loans VIC, Our mortgage brokers will be able to assess your situation and match you with a loan that meets your needs.
What Are The Disadvantages Of Home Loan No Deposit?
Who Can Be The Guarantor For Zero Deposit Home Loans?
Can I Buy a House With No Deposit?
Contact our team
We love to hear from each and every one of you. Please feel free to reach out to us today!