Property finance
Low deposit home loans
Get into the property market earlier with a low deposit home loan
Getting into the property market doesn't always require a 20% deposit. With low deposit home loans, you can purchase your dream home with as little as 5-10% of the property's value saved.
Book a consultationHow to get a low deposit home loan
At Attain Loans we always put your best interests first. We'll get you the best low deposit loan to meet your individual circumstances and requirements.
In most cases there is no charge to you, we get paid by the loan provider. These payments are fixed so we do not promote one lender over another based on how much they pay us.
1
Getting to know you
We're flexible to fit in with you. We can do face to face, phone, or video call meetings. We're flexible on times and can do after hours and weekend meetings by request.
2
Pre-approval planning
We review your credit position and prepare all the documentation to ensure your application presents the strongest case possible to lenders.
3
Choosing a lender
We always represent your best interests and consider your needs when recommending a lender. Once we all agree on the best option we will prepare the application paperwork and request supporting documents from you.
4
Purchase support
Once pre-approved, we support your property search by confirming potential purchases meet lender requirements.
5
Settlement coordination
We oversee settlement details, review your loan documents, and ensure all requirements are met. We'll help set up your loan accounts and remain available for ongoing support.
Low deposit home loans
A low deposit home loan allows you to borrow up to 95% of the property's value (95% LVR - Loan to Value Ratio). This means you could purchase a $500,000 property with as little as $25,000 deposit, making homeownership more accessible for first-time buyers and those struggling to save a larger deposit in competitive markets.
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Key features of Low deposit home loans
- Minimum deposits typically starting from 5-10% of the property value
- Lenders Mortgage Insurance (LMI) is usually required
- Available for both owner-occupier and investment properties
- Various loan types available (fixed, variable, or split rates)
- Access to government support schemes for eligible buyers
Additional costs
When taking out a low deposit home loan, you'll need to consider several costs:
- Lenders Mortgage Insurance (LMI) - typically $8,000-$20,000 depending on your deposit size
- Stamp duty and government charges
- Legal and conveyancing fees
- Loan application and establishment fees
- Potential higher interest rates compared to standard loans
Questions about Low deposit home loans
Get in touch and we will help you with any questions you have about low deposit home loans and advise on the best strategy to suit your situation.
Let us help with your questionsHow does Lenders Mortgage Insurance affect my borrowing capacity?
LMI is typically capitalized into your loan amount, which means you'll be borrowing more overall. This can affect your borrowing capacity as lenders will factor in the higher loan amount when assessing your serviceability. For example, on a $500,000 property with a 5% deposit, LMI could add $15,000-$20,000 to your loan amount.
Can I avoid paying LMI with a low deposit home loan?
There are several ways to avoid LMI with a low deposit: using a guarantor, accessing the First Home Loan Deposit Scheme, or working in specific professional fields that qualify for LMI waivers (such as medical professionals or legal practitioners).
What's the difference between genuine savings and non-genuine savings for low deposit loans?
Genuine savings typically refer to funds consistently saved over 3-6 months or term deposits. Non-genuine savings include gifts, inheritance, or tax returns. Most lenders require at least 5% of the purchase price to be genuine savings for low deposit loans, though some may accept rent history as evidence of savings capability.
How do different employment types affect low deposit loan applications?
Employment type significantly impacts low deposit loan applications. Full-time employees typically need 3-6 months in their current role. Contractors usually require 6-12 months of contracts, while self-employed borrowers generally need two years of financial records. Some lenders may consider casual workers with 12 months of consistent income.
What property types are restricted for low deposit home loans?
Lenders often restrict property types for high LVR loans. These may include studio apartments under 40m², properties in high-density postcodes, rural properties, or properties in mining towns. Understanding these restrictions is crucial before beginning your property search.
Can I refinance a low deposit home loan once I've built up equity?
Once you've built up sufficient equity (typically 20% or more), you can refinance to potentially secure better rates and remove LMI. This usually requires waiting 2-3 years and demonstrating good repayment history.
How do interest rates compare between low deposit loans and standard mortgages?
Low deposit home loans typically come with interest rates 0.25-0.5% higher than standard mortgages. However, this varies between lenders and can be influenced by your credit score, employment status, and chosen loan features.
What happens if property prices fall with a low deposit loan?
If property prices fall significantly after purchasing with a low deposit, you might enter negative equity (owing more than the property's worth). This can affect your ability to refinance or sell the property, making it important to consider your long-term property ownership plans.
Are there postcode restrictions for low deposit home loans?
Many lenders maintain postcode restrictions for high LVR loans, typically in areas they consider higher risk. These might include mining towns, regional areas, or high-density inner-city suburbs. Maximum LVR might be reduced to 80-90% in these locations.
How does a guarantor arrangement work with low deposit home loans?
A family guarantee can help you avoid LMI and potentially borrow up to 105% of the property value. The guarantor (usually parents) uses their property as additional security for a portion of your loan. The guarantee can typically be removed once you've built up sufficient equity (usually 20%) through repayments or property value increase.
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product. The information contained in this website is of a general nature and does not take in to account your personal needs and requirements.
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Why choose Attain Loans?
At Attain we specialise in low deposit finance and understand the intricacies of the loan process. We liase with the lenders and plan for the transition to a standard home loan when suitable. Making sure you get to move into your perfect home as smoothly as possible.
We're family
We are a small family owned, Altona based business that understands your needs at different stages of your life.
We listen
Identifying your goals and finding services and products that meet your needs is our number one job, and we love it!
22 years industry experience
We know the intricacies of the mortgage market and can tailor mortgage solutions for your individual needs.
We have access to the very best lenders
Over 70 of them, including the majors. We're accredited, which means we are fully trained and know all the best options available for you.
Ongoing support
Even when we've found you a great deal we undertake regular reviews to see if we can find you something even better.
We're awesome!
We have an honest, client focused business model and we aim to create long lasting relationships built on trust and respect.
Our happy customers
Financial security gives you choices. It lets you move home, learn new things, travel, or start and grow a business. When you're financially secure, you can focus on what's important. Your family, health, and personal growth.
Ian Martin
We were introduced to Chrystal and Attain Loans by a mutual colleague and we are very pleased that we were. Chrystal is an absolute finance whizz and a diamond of a lady. She is thorough, professional, patient, 'on your side', and will work her hardest to get the job done for you.We are pleased to have met Chrystal and have her setup our home loan and finances for us, and we will continue to work with Chrystal for any of our finance needs in the future.
Nichie S
Chrystal Evans, Director & Mortgage Broker at Attain was truly a lifesaver. In a stressful time where I needed assistance and some advice, Chrystal was this and more for me. Her knowledge of the banks, packages, fees etc. and advice was excellent, giving me confidence while also making everything really easy. Lastly her follow-up and communications were solid, I would highly recommend Chrystal. Also, after trying to negotiate an interest rate after coming off a fixed rate with my bank, where I was told they couldn't help me and spoke with 3 different people with wait times on the phone, I will not deal with a big bank again and only with Chrystal/Attain.
Cindy Kelly
Chrystal and Attain Loans were instrumental in assisting us to secure our dream home. Chrystal’s professionalism, knowledge and high level skills secured us the best loan for our needs. Chrystal is very thorough and assisted us through the whole process, from finding the best loan to ensuring everything was in line and ready for settlement day. We will definitely utilise Chrystal’s expertise for our next property purchase and highly recommend Chrystal and Attain Loans.
Nikola M.
Chrystal is by far the best broker I’ve met. Not only she found a great rate and conditions, she advised me on how to restructure the loans to get a better return down the road.Definitely recommend her, won’t even think of going elsewhere.
Callan Applebee
The best! Highly recommend for those lookong for people that care and honesty in financial requests for mortgae and loan services.From someone who has just begun owning land and building a home, all I can say is that Chrystal and her amazing team have held customers like myself and my wife at the forefront. We are still in the process and this company and its ideals and staff are and continue to be amazing. The trust, confidence and support model they uphold is something that all other institutions should refer to. Thank you Chrystal and your team members for everything thus far. I look forward to our continued relationship and your growth. Thank you.
will miller
Chrystal and her team are amazing to deal with extremely helpful and couldn't ask for better service. Chrystal and her team have helped us secure our first home and we have now settled. Chrystal is still working with us through every stage of the project. It's great to know that I had Chrystal on hand anytime I needed direction and advice. Thanks heaps guys from will and Zoe miller
Renee Blake
Chrystal and her team @ Attain Loans are amazing.Chrystal makes the whole process so easy and understandable.She always has her clients needs at the forefront of her mind and does everything possible to help.Not only is she an AMAZING broker with integrity, she is reliable with a client first focus.If I could score her 100 I would. The only broker for me.
Suzanne McHugh
Chrystal was fantastic, she took the time to help us urgently obtain finance after not getting any help directly from the banks. She was very informative, was able to explain all the details. We would not have been able to have a successful bid without her help.
Luke Applebee
Thanks to the incredibly hard-working team at Attain (Chrystal and Pam) we were able to settle literally days before Christmas last year in our first home.At every step of the home buying journey we were well informed and felt like our interests were always the top priority. It was a stressful time for us to keep up with the paperwork and everything however Attain did a superb job at keeping us on track (and sane). If you have no idea where to begin if you're looking at purchasing a home, I highly recommend giving Attain a call.Excellent customer service and ongoing support. We have recommended Attain to family and friends, too. Absolutely impressive team. Can't thank them enough.
Jessica Winter
Chrystal, Pam and the team at Attain loan & morgage services are the best brokers in business. They literally held our hands throughout the whole process of our home loan. And we were not easy customers! They went above and beyond to help us get the best outcome in the process of attaining our first family home. Their attitude, customer service and professionalism was second to none. Couldn't recommend this company more!They literally did all the HARD work for us and made the process stress free :) Thanks Team!!Jessica Winter
Vanessa Terekia
I have had the pleasure of working with Chrystal who helped to get my home loan approval. This women went out of her way to help me above and beyond my expectations, I was so ready to give up on a few occasions but she wasn't going to let me and I could not thank her enough for all of her efforts. I am now in my own home thanks to Chrystal and her team, I would always recommend her service, its like no other :).
Americar Auto
I've been using Attain Loans for years. Each time Chrystal has helped us get the loan through, being a small business can be tricky sometimes but Chrystal never gives up and always gets a result. I would give her a higher score if I could :)
Rebecca Smith
Excellent communication throughout entire process. Second time we have obtained finance through Chrystal and would use her again.
Jessica Joy
I cannot recommend Attain Loan & Mortgage Services enough. As a first home buyer I was nervous with very limited knowledge of how the entire loan process worked. Chrystal made it absolutely seamless and took all of the stress out for me.12 months on, they assisted me with my first re-finance and again were there for me every step of the way.I couldn't be happier and wouldn't trust anyone else!Thankyou so much!
Gary Capeling
My wife and I were in a vendor finance agreement and due to some financial hardship issues brought about by the Covid pandemic not looking like we would ever be able to get ahead. The team at Attain Loans helped steer us in the right direction to be able to finally have a mortgage of our own and also clear up our debts and hopefully repair our credit issues. I would definitely recommend them to anyone looking to just refinance or that is in a similar boat to us!10 out of 10 for these guys!
Lisa L
I recently bought a new house and usually the process can be quite stressful. Luke made everything run smooth from start to finish and got me a good rate! Highly recommend
Peter Sz
Chrystal and the team from Attain Loan & Mortgage Services, 14 Harrington Square, Altona, VIC, 3018, Were a pleasure to deal with, they provided us with great service and prompt settlement, our circumstances were delicate and they worked though the steps to help us achieve the results desired, We would highly recommend Attain Loan & Mortgage Services for all your home loan needs, Thanks for all your help Peter
Skruffy Inc
If it's a no fuss, simple process you're after - then Chrystal is your go to! As a first home buyer I was totally out of my league, everything was foreign. Chrystal quickly established a rapport and from the beginning I felt secure in her expertise and genuine interest to help me realise my goals. Whenever there were things that I wasn't quite sure about, Chrystal jumped in and took the reins without hesitation. When investing in one of the biggest purchases in your lifetime, having someone you trust at the helm is everything! Chrystal is that someone. Her easy going nature coupled with the depth of knowledge, experience and professionalism is second to none! I can't recommend her highly enough. Appreciate your support solution oriented outlook Chrystal. Thank you so much!Whakamānawatia koe, ka tika!Nāku noaTrishBrisbane, QLD
Ray Jensen
Got the job done that no one else could!!!!! Very happy customer, thanks for all your all help……