Re: How does a gifted deposit home loan work?
Posted: Thu Mar 07, 2019 12:44 pm
Hello Bevan. Welcome to the forums.
You’re not alone, 60% of first home buyers receive some sort of help from their parents.
With a gifted deposit from your parents, some banks will allow you to borrow up to 95% of the property value with no genuine savings.
The banks generally require a signed gift letter from your parents as proof that it is a gift and not a loan.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a loan with a gifted deposit.
Cheers,
You’re not alone, 60% of first home buyers receive some sort of help from their parents.
With a gifted deposit from your parents, some banks will allow you to borrow up to 95% of the property value with no genuine savings.
The banks generally require a signed gift letter from your parents as proof that it is a gift and not a loan.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a loan with a gifted deposit.
Cheers,