No Deposit Home Loans with ScaleMortgage

Are you dreaming of owning your own home, but struggling to save up for a deposit? You’re not alone. With the rising cost of living and stagnant wages, it can be challenging to save up for a deposit on a home.

Estimated reading time: 6 minutes

Author:

Share:

An open door to a welcoming home with a piggy bank nearby, no coins in sight, symbolizes the journey to homeownership with ScaleMortgage's no deposit home loans, set against a backdrop of green (#00BE61).
Home / Learning Centre / No Deposit Home Loans

But what if we told you that you could get a home loan without savings?
That’s right, with ScaleMortgage, you can get a no deposit home loan and make your dream of homeownership a reality.

In this article, we’ll explore the art of no deposit home loans and how ScaleMortgage can help you achieve your homeownership goals.

What are No Deposit Home Loans?

A no deposit home loan, also known as a zero deposit home loan, is a type of home loan that allows you to borrow the full amount of the property’s value without having significant savings. This means that you can purchase a home without having to save up for a deposit, which can take years for many people.

Get Expert Mortgage Advice
Get Expert Mortgage Advice

How Does a No Deposit Home Loan Work?

With a no deposit home loan, you can borrow up to 100% of the property’s value. This means that you won’t have to put down any money upfront, and the lender will cover the entire cost of the property. However, this also means that you will have a higher loan amount and potentially higher monthly repayments.
To qualify for for a mortgage without significant savings, you will need to meet certain criteria, such as having a good credit score, stable income, and a clean credit history. You may also need to have a guarantor, such as a family member, who can provide security for the loan

The Benefits of a No Deposit Home Loan

No Need to Save for a Deposit

The most significant advantage of a no deposit home loan is that you won’t have to save up for a deposit. This can save you years of saving and allow you to purchase a home sooner.

Get on the Property Ladder Sooner

With a no deposit home loan, you can get on the property ladder sooner and start building equity in your own home. This can be a great investment for your future and provide financial stability.

No Need to Pay Lenders Mortgage Insurance (LMI)

Lenders Mortgage Insurance (LMI) is a type of insurance that protects the lender in case you default on your loan. With a no deposit home loan, you won’t have to pay LMI, which can save you thousands of dollars.

Home Loan Finance that Could Save
Thousands. Ready to buy a home?

We do all of the hard work for you!

The Risks of a No Deposit Home Loan

Higher Loan Amount and Monthly Repayments

As mentioned earlier, without significant savings means that you will have a higher loan amount and potentially higher monthly repayments. This can put a strain on your finances, so it’s essential to carefully consider your budget and ensure that you can comfortably afford the repayments.

Limited Lender Options

Not all lenders offer mortgage’s without significant savings, so your options may be limited. This means that you may not be able to get the best interest rates or loan terms, which can end up costing you more in the long run.

Potential for Negative Equity

Negative equity occurs when the value of your property decreases, and you owe more on your mortgage than the property is worth. Without significant savings, you are borrowing the full value of the property, so if the property’s value decreases, you could end up in negative equity.

How ScaleMortgage Can Help

At ScaleMortgage, we specialise in working with those who are without significant savings. We can help you navigate the process of getting a home loan without savings. Our team of experts will work with you to understand your financial situation and find the best no deposit home loan option for you.


We have a wide range of lenders that can help. At ScaleMortgage we help you find the best interest rates and terms for your specific needs. We also have a team of experienced mortgage brokers who can guide you through the application process and ensure that you meet all the necessary criteria.

Get Your Offer to the Top of the Pile!

Get a pre-approval to edge out your competitors.

The Application Process for a No Deposit Home Loan

The application process for a no deposit home loan is similar to that of a traditional home loan. You will need to provide proof of income, employment, and a good credit score. You may also need to have a guarantor who can provide security for the loan.


At ScaleMortgage, we can help you gather all the necessary documents and guide you through the application process. We will also work with the lender to negotiate the best terms for your loan.

FAQ

How can I borrow money without a deposit?v

To borrow money without a deposit, explore options like guarantor loans, where a family member’s equity in their home acts as security, or government initiatives designed to support first-home buyers. ScaleMortgage specialises in navigating these options to find a solution that fits your unique situation, ensuring you understand every step of the process.

Can I get a mortgage without a deposit in Australia?

In Australia, obtaining a mortgage without savings is possible through schemes like the First Home Loan Deposit Scheme (FHLDS), allowing eligible first-home buyers to purchase with as little as a 5% in savings, guaranteed by the government. ScaleMortgage expertly guides clients through eligibility and application, making homeownership accessible.

Can I buy a house without a deposit in Australia?

Buying a house without a traditional deposit in Australia can be achieved with the help of government schemes or a guarantor loan, where a relative’s property secures your mortgage. ScaleMortgage provides personalised advice and support to navigate these options, simplifying the journey to homeownership.

How to buy your first home with no deposit?

Buying your first home with no deposit involves exploring non-traditional financing options such as guarantor loans or taking advantage of government programs aimed at first-home buyers. ScaleMortgage offers expert guidance in understanding these pathways, helping you secure your first home with minimal upfront costs.

No Deposit Home Loans with ScaleMortgage

A no deposit home loan can be a great option for those who are struggling to save. With ScaleMortgage, we help those without significant savings and make your dream of homeownership a reality. Our team of experts will guide you through the process and help you find the best loan option for your specific needs. Reach out to one of our friendly mortgage brokers to learn more..

Let Us do the Hard Work for U.

Simplify the process and let us get you a better deal on your mortgage.

Thomas Makin

Thomas Makin is the Principal Mortgage Broker and Co-Founder of Scale Mortgage. He has a Diploma in Finance and Mortgage Broking Management and is accredited by the Mortgage & Finance Association of Australia (MFAA).

Thomas is known for his skill in providing tailored mortgage solutions. He helps homebuyers and investors across Australia, showing a strong commitment to professionalism and high industry standards.

Scroll to Top