Still have questions?

Mini Deposit Home Loans provides both secured and unsecured loans to Australian-resident individuals primarily for the assistance for purchasing a property.

Are you and/or your partner a young professional in:

• Teaching or Education?
• Nursing or Health Care?
• Police or Emergency Services?
• Accounting, Law, IT, Engineering?
• Or other suitably qualified professions

Do you have?

• Household income over $80,000 p.a.*
• Stable employment
• A clear credit history
• Strong desire to buy your own home
• A small deposit and/or qualify as a First Home Owner
• * Minimum household income is subject to the property price and your current debts.

If you’re ready to stop paying rent & would like to get into your own home click here to start today.

Mini Deposit Home Loans in association with Network HQ have developed the MINI D Loan, a unique strategy that allows you to combine borrowing your deposit or shortfall in deposit, with a traditional home loan.

This strategy allows you to purchase a property without the difficulties and lengthy time frame involved in saving a full 20% deposit plus purchase costs. The MINI D Loan is perfectly suited to Borrowers that have a small deposit and/or qualify as “First Home Owners”, and who are keen to move into their own home as soon as possible.

Simply follow these steps to secure your new home sooner.

Step 1. Complete the Borrowers registration form online.

Step 2. Within 24 hours you will receive a phone call from one of our team for a quick 5 to 10 minute chat so we can fully understand what your new home loan needs are and how we can assist you.

Step 3. You will receive an email with a request to upload your new home loan supporting documentation through our secure online platforms. Documents required depend on your own individual circumstances and will include such things as verification of your identity, your income, employment details and bank statements.

Step 4. After we have reviewed your home loan supporting information we will come back to you with your new home loan options for you to decide which loan option you would like to go forward with.

Step 5. The team at Mini Deposit Home Loans will work with you through both your new home loan applications process and will co-ordinate with Lenders and solicitors to finalise your loan, ensuring the hassle free settlement of your new home.

So what are you waiting for? Contact the team at Mini Deposit Home Loans now!

The interest rate to Borrowers is set by the Lenders who after considering the Borrowers profile and credit rating will offer a loan on certain terms and conditions such as interest rate, loan term and repayment type.

The Borrowers then have the opportunity to accept or reject one or more of the various loan offers. 

Mini Deposit Home Loans currently offers secured and unsecured loans up to $100,000.

Mini Deposit Home Loans offer loan terms up to 5 years, and can be rolled over for an additional agreed term subject to the Lenders approval and the acceptable previous conduct of the existing loan.

This is obviously a great question however it is not an easy question so we have included a calculator to help answer your question.

Rent v Buy Calculator

With a MINI D Loan Borrowers are charged a once off establishment fee which is added into your loan amount.

A monthly account administration fee of $15 is charged. 

In addition when a borrower has a loan approved, they may be required to pay a monthly risk fee, the amount of which is determined by several factors, such as their credit rating from independent credit reference agencies and the overall strength of the home loan application.

There are no early repayment fees or early exit fees.

Lenders Insurance was established by the Australian Government in 1965 to provide Lenders Mortgage Insurance as a way to help more Australians purchase their own home with a smaller deposit.

More commonly known as Lenders Mortgage Insurance (LMI), is also referred to as: low equity premium; equalisation fee; reduced equity fee; and, low deposit risk fee.

If the Borrower does not have at least 20% deposit plus purchase costs the bank or lending institution requires the Borrower to purchase LMI.

LMI adds no value to the Borrowers except for the fact that it allows them to finance the purchase of a property without providing more than a 20% deposit plus purchase costs.

The mortgage insurance policy protects the bank as the client, with the insurance company only protecting the bank in the event that the now insured secured property sells under the outstanding loan balance.

If the mortgage insurance company is required to pay out a claim to the bank, then the mortgage insurance company can sue the original Borrower for any compensation claim amount plus costs.

Mortgage insurance is an expensive single use policy not transferable between lending institutions and not able to be negotiated or cancelled by the Borrower. If the loan is paid out most of the premium is not refundable to the Borrower.

In addition, the insurance premium is usually capitalised into the overall loan the Borrower must repay and as such the Borrower must pay interest on the premium for the term of the loan which can be up to 30 years.

The concept of parents lending money to their children to help with property purchase is as old as time itself. However it has always had limitations and poses risks for the parents.

Downside for the Family Pledge / Parental Guarantee

• Parents have traditionally gifted monies to their child which can leave parents and the extended family exposed from an estate planning and wealth protection point of view. The other option requires the parents to offer additional security which is effectively allowing the banks to have cross collateralisation over the family home which creates potential risk.
• Life events do happen and situations where children run into financial difficulty with events such as: employment uncertainty; changes in matrimonial status; and/or, health related issue etcetera may occur.
• In the age of many blended families there are sometimes limitations on the ability of parents to secure property which is often owned jointly with a non-parent spouse and this can cause stress between family members.
• Parents sometimes have the belief or attitude that what they do for one child they should do for other siblings which is difficult if there is only one property for the additional security under the family pledge or parental guarantee situation.
• In addition, a family pledge and/or parental guarantee is also somewhat discriminating because it is based on the financial success of the parents and does not allow if the parents have in their own life been subject to events such as health problems, financial difficulties or relationship breakdowns.

Benefits of the MINI D Loan option!

• The MINI D Loan allows investors to provide financial assistance with limited risk.
• The process is well documented and can secure monies advanced by any Lender. A well document loan is essential in amicably resolving family disputes or estate management if they arise.
• Due to the structure of the MINI D Loan the Lenders have the ability to request an interest rate that cannot only assist the Borrower with a lower interest rate whilst also replace or improve the income the Lender would have otherwise enjoyed from term deposits or other alternate investments.
• In addition, subject to the Lenders financial structure and suitable financial advice, there may be tax advantages available for the Lender.

Each Australian State and Territories have incentives available for the First Home Owner which can be researched online by clicking on the link below.

In Queensland the FHOG is currently a cash incentive of $15,000 from the 1st July 2018 and is restricted to the purchase of a new property that has not previously been lived in. In some cases a fully renovated property may be acceptable.

If you intend to purchase an existing property you are still entitled to the First Home Owner’s reduction in Stamp Duty up to the purchase price of $500,000. If you are buying vacant land to build on, the purchase price of the land must be under $250,000 to pay nil Stamp Duty.

If you have any questions in relation to your First Home Owner entitlements please do not hesitate to give us a call.

www.firsthome.gov.au

On June 4 2020 the Australian Federal Government announced The Australian Home Builder Grant for new home constructions and substantial renovations started after 4th June 2020 to 30th December 2020. It is up to each Australian State and Territories to administer the Home Builder Grant for their State or Territory. 

Below are some useful links and information.

Australian Home Builder Fact Sheet

Australian Home Builder FAQ

Queensland Home Builder Application

Buying your first home is a big and exciting step to take but one that comes with endless questions. Questions on how to finance it, how mortgages work, and how to find the right loan for you. 

That’s where Mini Deposit Home Loans can assist. We can help to take the stress away and do all the legwork for you in terms of comparing home loans from over 1000 products available from Australia’s leading lending institutions.

Feel free to spend a few moments checking out our site’s clever loan options tool and explore our range of calculators.

If you have any further questions please contact us. You can do this by calling or emailing us via our contact page. We look forward to sitting down with you and walking you through the options available that will suit your particular goals.

There are plenty of things to think about before you buy your first home. Our handy checklist below should get you started but remember to do your own research as well.

Are you eligible to apply for a First Home Owner Grant or the Great Start Grant?

Click here to check

Have you prepared a budget?

Use the Budget Planner calculator to outline all your everyday expenses and see what excess you have left over. You can then work out what you can afford to pay in loan repayments.

Will mortgage insurance be payable?

You will probably have to pay mortgage insurance (to an independent mortgage insurance company) if you want to borrow more than 80% of the value of the property you are purchasing.

Have you negotiated?

Negotiate fees with your solicitor or conveyancer; don’t just accept their ‘set fee’.

Have you worked out your property Stamp Duty?

Stamp Duty charges have changed over recent years and will differ from State to State. You should discuss your personal situation with your conveyancer to determine if you’ll need to pay any fees. (Check the Stamp Duty rates here)

Are you eligible for a rebate on the Stamp Duty you pay on your property?

Check with your State Revenue office.

Are you aware of mortgage Stamp Duty?

You will need to pay mortgage stamp duty on your loan. Amounts will vary from State to State.

Have you done enough research?

Try to visit at least 10 to 15 properties before you decide to buy; this should provide you with a good idea of the current market.

Do you need a building and pest report?

The short answer is yes. After you have signed the purchase contract you will have a set time to arrange a building and pest report. 

Have you included moving costs in your budgeting?

Moving costs can add up and need to be considered.

Have you arranged insurance?

You should have building insurance in place from the contract date. You will need to provide a certificate of currency for the property before your new home loan settles. Don’t forget content insurance also.

Stamp Duty varies from State to State, please refer to the attached link: Stamp Duty Calculator 

Mini Deposit Home Loans currently only offers fixed rate loans.

This means that you will have an affordable fixed monthly loan repayment amount for the term of the loan.

When assessing a loan application we look for evidence of how suitable the loan is to your current circumstances. Included in our assessment we verify your: employment stability; income; expenses; credit bureau information; and, other related details. The final approval for your MINI D Loan will be subject to acceptance by one or more suitable Lender/s.

When assessing your loan application there may be one or more circumstances that we are unable to provide you with finance. If this occurs, we will contact you to discuss the application and what other options we can suggest to help you move forward towards your home ownership goals.

No. Registering as a potential Borrower will not affect your credit score.

Your credit file will not be accessed until we have reviewed your other loan eligibility criteria and you have agreed to submit a formal loan application.

No. We do not provide any insurance products to Borrowers.

If you would like to explore the various insurance policies available to home buyers please contact us and we can refer you to a number of suitably qualified professionals in this area.

In order to fully process your loan application we require to have a clear understanding of your financial ability to meet your overall borrowing and living expenses.

Subject to the amount of your loan application we may ask for up to 12 months of bank statements for all of your accounts including credit cards and any other loans you may have.

To do this we use the secure BankStatements.com.au internet portal which is also used by other major banks and finance lending companies.

As part of your Mini Deposit Home Loan application you will be requested to either directly, or through our Ezidox internet platform, log into Bankstatements.com.au which is a trusted and secure service used to provide a summarised copy of your bank statements to a bank or financial lender.

To learn more please visit www.bankstatements.com.au

Should you not wish to use the service you can provide us with the relative bank statement required however this might delay the processing of your loan application whilst your statements are fully analysed by one of our credit managers.

After your online registration you will receive an email from us requiring you to log into our secure Exidox internet portal. This is a fully secure service provided by Ezidox for the uploading of personal information used to process your loan application. To learn more please visit www.ezidox.com

As part of your loan application you will be required to verify your identification. Some examples are listed below:

• Australian State or Territory-issued drivers licence
• Australian or foreign passport
• Birth Certificate
• Medicare Card or other approved government identification.
• Address verification document such as a utility bill or tenancy agreement

In your loan application you can nominate to make your loan repayments, weekly, fortnightly or monthly. As part of the loan documentation you will complete a direct debit authority for the bank account that your main source of income is paid into.

If you experience financial hardship or are having difficulty meeting your scheduled loan repayment, please contact us as soon as possible on 1300 463 896 or email us at support@MiniDeposit.com.au.

Your loan offer will set out your contractual loan obligations including your scheduled repayments. In the event you wish to make a change to the repayment schedule, please email us at support@minideposit.com.au, or call us on 1300 64 64 35 to discuss further.

Yes, you can increase your regular monthly payment, make extra payments or repay your entire loan at any time. Even better, there are no fees or penalties for repaying your loan early.

Mini Deposit Home Loans was established to enable investors to assist home buyers in the financing of their new home. Some of your personal details will be made available to them however this will only be with your consent. This process of sharing information is by invitation only and runs over a secure URL internet link.

Lenders will only have limited access to your financial information (not personal identification) for assessing your credit worthiness.

Mini Deposit Home Loans can offer a lower operating cost model than many of the traditional bank lenders. This is primarily because the Lenders is mainly focused on assisting the Borrower to buy a home and replace or improve the income that they would have otherwise received from their alternate investment option.

These savings are effectively passed onto the Borrowers in the form of lower interest rates.

Due to the nature of the borrowed funds to be utilised exclusively for the settlement of your new property purchase, all funds will be held in our solicitor’s trust account pending settlement of your loan. To be clear all, Lenders funds will only be released for the agreed purchase of the property.

As the funds borrowed are for the exclusive use to assist in your ultimate purchase of property, the funds will be held in our solicitor’s trust account pending settlement. Your repayments will start 30 days following the settlement of your new property. Should you not wish to proceed with the new property purchase all funds will be returned to the individual Lenders.

The Australian Government’s Money Smart website has smart borrowing tips for loans, credit cards, other types of credit such as interest-free deals and rent to buy, and information about credit reports and credit repair.

https://www.moneysmart.gov.au/borrowing-and-credit

To maintain your positive repayment history, please contact us immediately if your planning to change your direct debit details, You can email at support@minideposit.com.au, or call us on 1300 64 64 35.

You can change your contact details by emailing our office at – support@minideposit.com.au or by contacting us on 1300 64 64 35.