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GRANITE97 Low Deposit Home Loan for Owner Occupiers

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COVID-19 Note: Unfortunately given the extremely uncertain and rapidly evolving environment and its consequential unknown impact on the property market, effective immediately we have decided to pause new applications for our GRANITE100, GRANITE97 and GRANITE 90 No LMI products until the current environment settles and becomes more clear. We hope you and your families stay safe and well during this time.

Low Deposit? No Problems.

This product is specifically designed for tertiary educated professionals with high income, good job stability and minimal savings.

Most lenders require you to save a 5% - 10% deposit over a three to six month period, then pay for Lenders Mortgage Insurance (about 2% - 4% of the loan amount) on top.

At Granite, we've cut through this process, and only require 3% towards the purchase on settlement (plus stamp duty) - without paying Lenders Mortgage Insurance, or saving the deposit over a three to six month period.

These funds can be gifted, borrowed, earned or saved. However you acquire them, they just need to be available at the time of settlement.


Here's how our product compares to the traditional 'low deposit' loans.

  Traditional Bank Low Deposit Home Loan GRANITE97 Low Deposit Home Loan
Minimum Deposit 5% 3%
Saving history over 6 months required? YES NO
Can funds be gifted or borrowed? Sometimes YES
Lenders Mortgage Insurance (LMI), Risk Fee or Low Deposit Premium (LDP) Rate 2% - 4% depending on lender None Applicable
LMI or LDP capitalised onto Loan  Sometimes. If not, you need to come up with those funds also. None Applicable
Funds released for settlement 92% - 95% purchase price depending on funder 97% of purchase price
Standard Loan Features such as Internet Banking, Redraw, Offset account, VISA Debit Card Sometimes YES
Dedicated Loan Writer with direct access for you

Normally a call centre

Lump sum repayments / loan reduction fees?


Regular repayments?
Weekly, Fortnightly or Monthly



Key Takeaways

  • All you need is 3% deposit + Stamp Duty.
  • Repayments are higher initially but drops to the standard variable rate automatically when your loan reduces to 80% of your purchase price. We incentivise you to pay down your loan, and you can do it at anytime - there's no early repayment fees.
  • GRANITE97 has the same features as a normal bank home loan


How can we do this?

We saw alot of professionals who were on good salaries that were being denied credit because they didn't have the 'minimum deposit'. We join two facilities to fund your loan, one up to 80% and the other up to 90% - 100% of your purchase.

It's all under one system, with one rate, and one repayment. Because of this structure, we charge a slightly higher interest rate until the 2nd smaller facility is paid out. Once this occurs your interest rate drops to the standard variable rate automatically. Normally within 5-6 years.

Learn more below, or get in touch if you meet the criteria, and we'll get you into your house sooner.


GRANITE97 Low Deposit Owner Occupied Home Loan

4.99% p.a.1   4.34% p.a.2  Comparison Rate.

Current Drop Down Rate: 3.04% p.a.

Rate Reverts to the Standard Variable Rate at the time of drop down.

A blended rate home loan with exclusive features:
  • 90.01% to 97% LVR available
  • No Genuine Savings history is required
  • No LMI or Low Deposit Fees
  • No Parental support needed
  • 1 Monthly Repayment
  • Maximum Loan amount $1Million
  • Interest Rate reduces to standard variable rate after 5-7 years - based on assumed repayment model, you can reduce this faster if you want.
Requirements for the GRANITE97 Loan:
  • Minimum 3% deposit
  • Tertiary educated
  • Employed in the same professional industry for 3 years
  • (Minimum salary from $100,000 p.a (or combined from $180,000 pa)) No Longer Required
  • Owner Occupied Property
  • Clean Credit History
  • Australian Citizen or Permanent Resident
  • $3,500 application fee, includes valuation of property up to $1,300,000
    $1,500 of the application fee is payable on conditional approval and includes a valuation.
    $2,000 Funder Establishment fee payable on settlement includes Mortgage Document preparation fee
    The $1,500 application fee is wholly refundable if we don't acquire you a conditional approval based on the information you provided.

1 Variable Interest rate is a blended rate - you only pay one monthly repayment.
2 Comparison rate assumes 2nd mortgage is repaid over a 5 year term, and rate will drop to Standard Variable Rate.
$100,000 minimum salary depends on location. Couples require combined income $180,000+ pa with both applicants being tertiary educated and in professional roles - contact us for details.


Features and Benefits

  • No annual fee to save you money
  • Accelerated loan repayments to reduce loan amount faster and drop the interest rate
  • Available for Purchase of Owner Occupied house or unit
  • Pay your loan off sooner with 100% Offset
  • When you have some extra cash, Unlimited extra payments without penalty
  • Access to your money when you need it with Free online and phone banking
  • Payment cycle to suit you with Monthly, Fortnightly or Weekly repayments
  • Greater Flexibility with Direct Debit and Direct Credit Facilities
  • Attached VISA debit card for ATM access.



*The comparison rate is based on a loan amount of $150,000 over 25 years with fees and charges payable.
WARNING: Comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.





Granite Home Loans was created by industry veterans to help professionals buy a home with No Deposit, No LMI and No help from mum or dad. Click below to take the next step.

Granite were with us every step of the way and enabled us to purchase our first (dream) home. We used their 100% loan (no deposit, no LMI) product. Very happy and would recommend them to legal professionals like us who want to buy their first home.

Mitchell K

Contact Us

Level 12/77 Castlereagh St, Sydney NSW 2000

T. 1300 232 999

E. Info@GraniteHomeLoans