No deposit home loans were very popular up until the GFC, but post this changes in lender policy occurred dramatically and ‘no deposit home loans’ as a policy/ product ceased.

Lenders today want to see a 3% – 5% minimum deposit plus Stamp Duty and the savings have to be ‘Genuine Savings’ meaning you didn’t just sell your car or get a one time bonus. Understandably, the bank wants to know that you have a savings culture and proven track record so they require a minimum record over the last 3 months that you have saved the deposit or had the deposit and kept it in your account.

The NO DEPOSIT LOAN IS STILL ACHIEVABLE where you have a second property you can use as collateral or you can use a family pledge/ guarantor loan as extra collateral. A detailed explanation, video, examples and answers on this are available at our sister site Finance Professionals Guarantor loans explained