Gifted Home Loan Deposit
As a condition of qualifying for a home loan most lenders require that you put together a deposit of at least 5% of the properties purchase price plus enough to cover associated costs. These other cost may include stamp duty and legal fees.
In addition, most lenders will require the deposit funds to be genuine savings. Genuine savings is defined by most lenders as an amount that has been saved from your regular income over time with the balance being in you account for at least 90 days.
Considering that a large number of Australians receive help from a family member or members in the form of gifts when purchasing their first home this presents a problem for some buyers.
We have lenders that will accept a gift from a family member as all or part of your deposit. If you have a question about borrowing using a gifted deposit contact us today.