In some instances it is possible today to obtain loans with no deposit at all, depending on your circumstances.
Some may not be qualified for these loans. The other alternative for you if you can not come with the deposit needed is to use equity in other family member’s property.
Usually, you will use 80% of the property you are buying as a security, and the other 20% you can use other family member’s property as a security. This usually allows the guarantor(s) to nominate a specific amount that the guarantee is limited to (the 20 %).
Also these loans usually allow the guarantor(s) to be released from the guarantee much sooner than would normally occur.
By reducing your Loan to Value (LVR) ratio, you can reduce or avoid paying Lender's Mortgage Insurance.
