Will banks accept if I borrow deposit from my parents?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
Mortgage Specialist
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Location: Sydney, Australia
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Re: Will banks accept if I borrow deposit from my parents?

Post by Otto Dargan »

Hello Birdy. Welcome to the forum.

Yes, we can assist with a borrowed deposit home loan. Generally speaking, ANZ, CBA, Westpac, NAB, St George, BankWest and other major lenders will not accept a borrowed deposit from your mum and dad.

They usually have a policy that no part of your deposit can be borrowed.

Nonetheless, if you have a formal loan agreement with your parents mentioning that they have lent you the deposit then this can be considered by some of our other lenders. Also, lenders will check that you can afford your mortgage repayments plus the repayments on the loan from your parents.

Getting approved for a borrowed deposit home loan can be difficult so the key is to apply with a lender that will accept this type of no genuine savings home loan.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Will banks accept if I borrow deposit from my parents?

Post by Otto Dargan »

Hi Birdy,

Apart from the borrowed deposit from your family, are your parents able to gift you the deposit instead or act as a guarantor.

These no deposit home loan solutions are the most readily accepted by banks.

Please call us on 1300 889 743 or enquire online and we can go through your no deposit mortgage options with you.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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