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There are several new 100% home loans available however most still require 3% genuine savings. They also come with hefty LMI (lenders mortgage insurance) premiums although the LMI can be capitalised ie: added to the home loan amount - up to a maximum of 100% LVR (loan valuation ratio). Meanwhile several lenders offer non-genuine savings products and these are useful if you have no savings but say a gift for example as your deposit. These vary but typically are up to 95%LVR however again, higher rates of mortgage insurance usually apply.
Another option is available where a family member (usually parent) can offer a suitable security property as part of the home loan, these loans are called 'family equity' etc - as long as the offered security brings the overall borrowing down to below 80% then there is no genuine savings requirement and no LMI payable potentially saving you thousands of dollars.
If you have sufficient genuine savings and you are a First Home Owner ie: elligible for the First Home Owners Grant (FHOG) then look out for special FHO LMI (lenders mortgage insurance) as several lenders have highly discounted rates that can save you many hundreds and even thousands of dollars.
There are even lenders who will offer you more than 100% these allow you to borrow the stamp duty and LMI costs. However the interest rates are high, typically 2% higher than the usual discount variable available otherwise. Deferred establishment fees (DEFs) can be significant and lock you in for up to 5 years.
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