Media
As seen in
Main Container
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.
How we find you the right solution
We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just 3 easy steps.
Step 1
Enquire online
or call us
Step 2
We assess
your situation.
Step 3
We find you the
most suitable loan.
CTA
Testimonials for Home loan Experts
“ …From the beginning the service, care and attention to my needs was outstanding. And that continued with every contact, in fact I’d say it got better, which is counter to what happens almost everywhere else….”
Glen Campbell
“ …He was able to quickly and with minimal fuss, find us a loan at a good rate when others told us it would be too hard. Very impressed with their service and would highly recommend the home loan experts in the future”
Kim Thoa Bui
“ …offered fast service and made the whole refinance process simple. And I love simple!
Thank you for getting me a great deal with a home loan that really suited my needs….”
Tracey A