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Our award-winning mortgage brokers will find you the right home loan for your situation.
What do you mean by a deposit I did not save myself?
This is also called a gifted deposit, if your parents are able to give you a non-refundable gift for your deposit on a home loan, some lenders will accept this in lieu of a deposit you saved yourself(genuine savings), that is, three months of regular, accruing savings in a bank account.
A supporting “gift letter” may be required by the bank, signed by your parents and explaining that the money is a gift and not a loan to be paid back.
Keep in mind, with most banks you still need to show that you have a minimum of 5% in genuine savings. With other lenders, however, this either isn’t a requirement or they will substitute the genuine savings requirement if you can show a rental payment history letter for the past year.
Why is this a good no deposit option?
Asking your parents to gift you the money for the deposit not only allows you to get into your home sooner but your parents don’t have to worry about the risks associated with putting their property up as security for your mortgage.
With a guarantor home loan option, your parents’ property is tied to your mortgage until you owe less than 90% (ideally 80%) of the property value.
The other benefit of a gift is that, unlike taking out a personal loan for your deposit, it won’t affect your borrowing power.
Is this only for first home buyers?
Although first home buyers will benefit greatly from having their deposit gifted by their parents, we have many customers who are divorcees or discharged bankrupt and we have gotten them approved with a gifted deposit.
Who can’t I receive a gift from?
The gift needs to be from an immediate family member which can include parents, de facto, siblings and grandparents.
That means a gift from friends, your employer or any other third party will not be accepted.
What if my parents will only lend me the deposit?
Some lenders will approve your application if your deposit is a loan from your parents. They will make sure that you can afford the repayments to your parents in addition to the repayments on your home loan.
Will I still get good interest rates?
Most lenders will still offer you a competitive interest rate. After a year, we can then refinance your loan to get an even better deal with a major bank.
Why speak to us?
We specialise in gifted deposit and are experts in no deposit solutions.
We can pre-qualify you with a lender that will approve your loan without affecting your credit file.
We’ve lent more than $1 billion+ Australia-wide.
They walked us through the process step by step
We would like to say thank you to Hank from Home Loan Experts for all his help in getting us a guarantor loan.
We were really unsure if we would ever get an approval for a home loan, but Hank immediately knew the right lender to approach for our situation, and made the whole process simple…
We would definitely recommend Home Loan Experts to anyone. Thanks again to Hank and the team from Home Loan Experts for making it possible for us to own our first home.
Ianthe S & Jadobi l, Carina QLD
A very friendly, professional and helpful team
The team was very friendly, professional, helpful and went out of their way to get the right loan that was suitable for us… I recommend this service for those who find it very hard to purchase a property going directly to a bank. Thank you Home Loan Experts, you have finally given my family and me the opportunity to own a beautiful home.
Denise H, Epping VIC
A lot smoother and less stressful than having to deal with banks as an individual
Our mortgage broker was very personable and made us feel like he went above and beyond to assist us in getting our home loan. He had a great knowledge of guarantor home loans which set our minds at ease. He was happy to answer any questions even outside business hours and responded in a professional and timely manner. As a second home buyer I would recommend going through the home loan experts as this process was a lot smoother and less stressful than having to deal with banks as an individual. I would especially recommend Hoa to others.
Melissa H & Rhys B, Wynnum West QLD
Exceeded my expectations in terms of results
Throughout the process I felt confident in knowing I could rely on you and at no stage did I ever feel that trust could be an issue with you. You have exceeded my expectations in terms of results and have done this with very short notice. You are an asset to your company and a role model to your profession… I already have and will continue to recommend your services to friends and family.
Thomas M & Tanya W, Botany NSW
So easy to speak to no matter how stressful the situation
We are both so grateful to Amine for all of his hard work and great advice over the past year! It’s been such a long journey… We are starting to settle into our new home in Trentham now. It is just so beautiful and relaxing! We really love it and are so happy with our purchase. Amine was right all along – things happen for a reason! Thank you Amine for always being there for us.
Tanya & Andrew B, West Melbourne VIC
He even made a guarantor loan from our parents seem effortless!
After the roller coaster ride of going cap in hand to the bank manager, only to be turned away… we found Tony. What a refreshing change! Within a 2 week time frame, we had approval and were able to follow the normal approval process to get the loan…. With Tony’s inside knowledge on how lenders think he was able to approach the bank with an excellent case and really put us in a great position in the lender’s eyes…. We recommend Tony and Home Loan Experts strongly and will be using them for our next purchase…
Julie W & Luisa C, Waikiki WA