Hello Kimberly. Welcome to the forums.
A gift for a deposit from parents is one of the popular ways of avoiding genuine savings requirement.
With a gifted deposit home loan,
you do not need to save a deposit or wait 3 months to show genuine savings.
To use the gift as a deposit:
- Get your gift letter signed by your parents as proof.
- Some lenders might require the funds from the gift to be in your account.
Some lenders even allow you to borrow up to 95% of property value with no genuine savings
Lenders Mortgage Insurance (LMI) is typically charged if you are borrowing over 80% of property value.
Since this is your first home, you might be eligible for First Home Owners’ Grant FHOG
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a gifted deposit home loan.