Can a Mortgage Broker Help If You Have a Low Deposit?

Short answer? Absolutely. And at Nude Home Loans, we do it every week.

A lot of first home buyers assume they need a 20% deposit to get into the market. That’s one of the biggest myths out there — and it holds way too many people back.

Let’s bust it.

💰 What’s Considered a Low Deposit?

Generally, anything under 20% of the property price is considered “low” by lenders.

But you can still get approved with:

• 10% deposit (plus enough to cover costs)

• 5% deposit with lender’s mortgage insurance (LMI)

• 5% deposit under government schemes (no LMI)

📉 What Are the Trade-Offs?

• You may need to pay LMI — a one-off insurance fee that protects the lender, not you

• You may have fewer lenders to choose from

• Interest rates can be slightly higher

But a good broker (👋 hey there) knows how to minimise those downsides.

🧠 How Nude Makes It Happen

We:

• Know which lenders accept 5–10% deposits

• Help you access First Home Guarantee or other schemes

• Work out if using a family guarantor is an option

• Run the real numbers so you’re not overextending

We’ve helped buyers get in with as little as $28k total (including costs).

👥 Real Story: Zara in Northcote

Zara had $35k saved and thought she was still 2 years away from buying.

We:

• Structured a 5% deposit loan

• Helped her access First Home Buyer benefits

• Got her pre-approved within 10 days

“Other brokers said I didn’t have enough. Nude showed me what was actually possible.”

🎯 Strategy > Savings

Sometimes it’s smarter to get in sooner with a small deposit (especially in a rising market), rather than keep saving and chasing price growth.

That’s where we guide you with the right strategy.

✅ Got a Small Deposit? Let’s Talk.

We’ll help you turn “not yet” into “let’s do it.”

👉 [Book your free low deposit strategy session with Nude Home Loans]