Home Loans

Whether you are purchasing your first home, upgrading to a new home or refinancing your existing home loan to save some money, a Mortgage World Australia mortgage broker can guide you through the whole process.

Our consultants will analyse your current situation, discuss your requirements and objectives and then show you the best home loan options available from our panel of 40 of Australia’s biggest lenders.

Couple signing for new Home LoansTypes of home loans

Our mortgage brokers can assist you with home loans for the following situations:

Home Loan Fast Find

Frequently asked questions

Not sure? Have additional questions? Try here –

How much deposit do I require to purchase a property?

The minimum deposit required in order to qualify for a home loan is 5% of the purchase price plus additional funds for purchase costs such as stamp duty, government registration fees, government transfer fees, conveyancing fees etc. If you have a relative that owns a property and his happy to act as your guarantor it may be possible to qualify for a home without a deposit.

Can I borrow 100% of the purchase price of a property?

It is possible to borrow 100% of the purchase price of a property but only if you have a relative who owns a property and is happy to act as your guarantor. You may even be able to borrow 100% plus purchase costs. There is even a lender that may lend up to another $50,000 for renovations.

Without a guarantor the maximum that can be borrowed is 95% of the purchase price plus the entire mortgage insurance premium. This often totals 99% of the purchase price.

I have defaults on my credit report. Is it possible to obtain a home loan?

You can still qualify for a home loan even if you have defaults on your credit report. If you have just one small default with a telephone or utilities provider it may be possible to still borrow up to 95% of the purchase price. The higher the number of defaults and the amount of the defaults the more deposit that will be required by lenders.

My deposit is a gift from my parents. Can I obtain a home loan without genuine savings?

Yes, we have lenders that will consider lending up to 95% of the purchase price without genuine savings. Each lender has different policies regarding genuine savings. If you have a 20% deposit then almost all lenders won’t require evidence of genuine savings. If you have less than a 20% deposit that is the proceeds of a gift there are still a number of lenders that may be able to assist.

I am self-employed under a company structure. What documentation to I require to obtain a home loan?

To obtain a standard home loan the minimum requirement is the most recent personal and company tax return, company financial statements and ATO Assessment Notice. Most lenders require these documents for the last 2 years but we have some lenders that will accept just the most recent year.

If these documents are unavailable the alternative option is a low doc or alt doc loan where documents such as Business Activity Statements, 6 months business bank statements and/or a signed accountants declaration may be accepted.

Need help? Give us a call.

Why not give us a call, or send us an email and get a direct response from one of our finance experts. We’d be happy to give you a hand and help point you in the right direction.