Hi NewDaey,
You may be able to use your inheritance as a deposit as long as you can show that the inheritance is non-refundable.
Through it, you may be able to borrow up to 95% of the property value with some lenders and qualify for the same home loan interest rates as a borrower who saved a deposit themselves.
Note that Lenders Mortgage Insurance (LMI) will apply for home loans over 80% of the property value but you can avoid paying this cost upfront by capitalising the amount.
You will still need to meet all other standard qualifying criteria including having an income that is strong enough to afford the loan, minimal debt and a clear credit file.
If you want to learn more, please go through our website. We can also be reached on 1300 889 743 or you can fill in our free assessment form to see if you qualify for a mortgage.
Cheers,
Otto
I want to use my inheritance as deposit for home loan
- Otto Dargan
- Mortgage Specialist
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- Joined: Sat Sep 06, 2008 5:55 pm
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