No Deposit Home Loan for First Home Buyers
First home buyers in Australia who are eligible for the first home owner grant have an excellent head start courtesy of the government first home buyers assistance program. Benefits vary from state to state within Australia but basically eligible applicants are entitled to a one off payment of $7,000.00.
If you are not eligible for the first home buyers grant in Australia there is a table of non first home buyer low deposit and no deposit home loan purchase cost examples on the home buyer page of this website. Another option could be a 40 year home loan to lower your repayments or help afford a more expensive home with lower repayments.
This table provides an illustration of the purchase costs that may be saved by eligible first home buyers using a no deposit home loan compared to non first home buyers applying for a 100% no deposit home loan and non first home buyers applying for a 106% no deposit home loan.
| First Home Buyer NSW | Non First Home Buyer NSW | Non First Home Buyer NSW | |
| No Deposit 100% | No Deposit 100% | No Deposit 106% | |
| Purchase Price | $300,000 | $300,000 | $300,000 |
| Mortgage Stamp Duty | $0 | $1,141 | $1,141 |
| Purchase Stamp Duty | $0 | $8,990 | $8,990 |
| Transfer Fees | $64 | $64 | $64 |
| Registration Fee | $79 | $79 | $79 |
| Lender Setup Fees | $700 | $700 | $700 |
| Client Legal Fees | $750 | $750 | $750 |
| Purchase Costs Sub Total | $301,514 | $311,645 | $311,645 |
| No Deposit Home Loan size | $300,000 | $300,000 | $318,000 |
| Lenders Mortgage Insurance @ 2.6% | $7,800 | $7,800 | $7,800 |
| Total Funds Required | $309,314 | $319,445 | $319,445 |
| First Home Owners Grant | $7,000 | $0 | $0 |
| Extra Borrower Funds Required | $2,314 | $19,445 | $1,445 |
The above figures are approximate and are intended to be used as a general guide only. Whenever considering finance always seek independent professional advice that is structured to take into account your specific needs and circumstances.