OwnHome home loan review

Think of someone who has spent time travelling and just moved back to Australia. They are earning well again but have not rebuilt their savings. OwnHome could help them buy, provided their income and employment meet both lenders' requirements.

Even in that situation, I have found the repayments hard to justify. You need enough left after paying both loans to live comfortably and keep some savings aside.

You buy the home in your own name. The main loan normally covers 80% of its value, and Deposit Boost lends you the deposit you are missing. Any savings you put towards the purchase reduce that second loan.

The diagram shows an $800,000 purchase with no deposit, assuming the valuation matches the price. Fees and buying costs are extra.

Put $40,000 towards that home and the deposit loan falls to $120,000. The main loan stays at $640,000, leaving $760,000 to repay.

The combined debt divided by the property's value is your loan to value ratio, or LVR. Here, $760,000 divided by $800,000 is 95%.

Deposit Boost can be paired with OwnHome Primary or another lender that accepts a borrowed deposit and second mortgage. Both loans need approval, and settlement dates need to line up. OwnHome's broker process

Borrowing the full price of a $1 million home would cost about $7,499 a month at the illustrative rates below. The main loan runs for 30 years and Deposit Boost for 15 years, with fees and buying costs paid separately.

These rates come from the OwnHome comparison prepared on 29 September 2026. They are illustrative, not a current quote or loan approval.

Deposit Boost is 20% of the debt here, but takes about 35% of the monthly repayment. Some of the higher payment reduces your debt faster; you still need to find that money each month.

If both rates rose by 2 percentage points to 8.14% and 15.75%, the same starting loans would cost about $8,851 a month, or $1,352 more. This is a stress scenario, not a forecast or the lender's approval test.

Ask for a quote showing each loan's rate, term, fees and repayment, including when any discount ends.

If you qualify and have the deposit and buying costs, I would choose the 5% Deposit Scheme ahead of OwnHome. You avoid lenders mortgage insurance (LMI) and the separate deposit loan.

There is no income cap following the changes on 1 October 2025. Property price caps, buyer eligibility and the lender's affordability checks still apply. Eligible single parents and legal guardians may qualify with a 2% deposit. Official scheme information

This illustration uses a $1 million NSW home and $150,000 in savings. Allowing $42,372 for duty, registration and conveyancing leaves $107,628 towards the purchase in both options.

OwnHome's loan amounts and rates come from its 29 September 2026 comparison. For the scheme, I have assumed 6.14% over 30 years, matching OwnHome's main-loan rate. The scheme rate is not a lender quote, and the buyer and property must qualify.

The scheme leaves you paying about $572 less each month, with $15,000 less debt from the start.

You can contribute more than 5% under the scheme. This example uses all the cash left after buying costs, so the buyer would need separate emergency savings.

OwnHome costs about $35,134 more in interest and the premium over 5 years under these assumptions. You would also owe about $812 more at that point. Principal repayments are kept separate from interest and fees.

The calculations assume unchanged rates, monthly principal and interest repayments, no extra repayments and no offset balance. The $15,000 premium is financed within OwnHome's starting debt. Other loan fees, reports and any separately charged buyer's agent service are excluded. Check the illustrative NSW buying costs for your purchase.

OwnHome's comparison shows $6,003 a month against a standard loan at 8.27% costing $6,874, with $20,895 in LMI added to the debt. OwnHome is cheaper against that particular loan. An eligible scheme buyer avoids LMI, so that comparison does not establish which option is best for them.

The online upfront-cost calculator also includes LMI in its standard 5% deposit example. It does not compare the government scheme. Use the costs and rates available to you when weighing up the options.

Our guarantor vs the 5% Deposit Scheme guide compares the costs and family responsibilities.

Help to Buy is another option for buyers within its separate income and property limits. The government takes an equity share with ongoing obligations, so it may not fit the high-income buyer described here. See the official Help to Buy information.

OwnHome charges a Low Deposit Premium of up to 2.2% of the purchase price, with a $9,500 minimum. On an $800,000 home, the maximum is $17,600. This fee is separate from your deposit and buying costs.

Buyers contributing at least 5% may choose to add the premium to the loan. That preserves cash upfront but increases the debt and interest. Paying it upfront includes OwnHome's buyer's agent service. OwnHome's fee explanation

Allow for establishment, valuation, legal, ongoing and discharge charges on both loans, plus possible break costs if a loan is fixed.

OwnHome advertises no exit or early repayment fee on Deposit Boost and says the premium is refundable until exchange. Get the refund conditions and payment date in writing. The main loan has separate terms. OwnHome loan features

OwnHome lists its standalone buyer's agent service at $14,300 including GST. That is its advertised price; the value to you depends on how much help you need with the search and negotiations.

Confirm which inspections and reports are included and who manages purchase deadlines. Your solicitor still handles contract and legal advice. OwnHome's buyer's agent service

There is no single salary that makes this work. Your debts, dependants, living costs and loan amount all affect what you can afford.

Primary and Deposit Boost may treat income differently, so we run both assessments using the same household figures. If you have just returned to Australia, your current employment and income history need checking too.

Tell me about missed repayments, defaults or hardship before we apply. Borrowing the deposit does not overcome a credit problem.

Citizenship or residency and the proposed owners also need to meet both lenders' rules.

An established house, townhouse or apartment in an accepted location is the usual starting point. Check the exact address before making an offer; the building, postcode and valuation can change the deposit required. OwnHome's postcode checker is a starting point, not property approval.

Small apartments, acreage, unusual titles and homes needing major repairs need an early check, before you spend money on the purchase. Flood or bushfire exposure and whether you can insure the home can affect the answer too.

OwnHome excludes vacant land, construction, off-the-plan and partially completed properties, along with relocatable and transportable homes. For a build, see our construction finance guide. OwnHome's target market document

OwnHome advertises investment loans for first-home buyers at up to 98% combined borrowing. On an $800,000 purchase, that means at least $16,000 towards the price, plus fees and buying costs, assuming the valuation matches. Separate investment criteria apply. OwnHome's investor option

An offset on Primary reduces interest on that loan only. It does not reduce Deposit Boost interest.

Before fixing Primary, confirm the offset features and extra-repayment limit. Money in an offset and money paid into the loan can have different rules.

Extra repayments into Deposit Boost reduce the more expensive debt, but cannot be redrawn. Keep emergency savings accessible.

Pre-approval is conditional. Missing documents, a property issue or a change in your finances can alter the result, so allow time for both approvals before your finance deadline.

OwnHome is a licensed Australian finance business. You can check the companies behind the loans and the complaints process in its credit guide.

OwnHome replaced rent-to-own with Deposit Boost in 2023. Check which product an older review describes. OwnHome explains the change

OwnHome's Trustpilot profile showed 4.5 out of 5 from 92 reviews on 29 September 2026. These selected reviews cover both buying support and service after settlement.

Ask how you can view balances, change repayments and get help after settlement, and who handles inspection deadlines.

These are customer opinions, not verified HG client outcomes. They may not represent every customer's experience, and older reviews may concern the previous product. Read the linked reviews in full.

My aim would be to refinance out of the deposit loan within 5 years, much like working towards removing a guarantor. It depends on your equity, financial position and the new lender's approval at the time.

Budget on keeping the loans for their full contract terms: Deposit Boost is advertised over 15 years, and the main loan may run for up to 30 years. Refinancing sooner is the aim, but it cannot be what makes the repayments affordable.

Starting with little equity also leaves less room if property values fall. Selling may leave a shortfall after repaying both loans and sale costs. Both loans are secured against the home.