It’s notoriously hard to get into the Australian property market. With rising prices, saving up that all important deposit, can be hard. So it’s no wonder that many younger people get a little help from their families. Often this is in the form of a financial gift. This gift may be intended as a home loan deposit.
However, a number of lenders frown on this.
Why using a financial gift as a deposit is a problem with some lenders
Lenders have varied rules about using gifted deposits. For example: some lenders will not accept a small deposit that is a gift at all. Other lenders will only accept deposits that are gifts, if they are a certain size, or if you have other genuine savings.
Precisely who gave you the gift, also matters. Some lenders will only accept these sorts of deposits, if they come from your parents. Other lenders meanwhile, are considerably more flexible in this area.
The rules about gifted deposits are strict, and complex. Additionally, they vary so much between lenders that it can make it hard for the average person to find the right lender in this situation.
I want to use a gifted deposit – what should I do?
With all these confusing rules, the average person is unlikely to find the
right lender when they find themselves in these circumstances. So it makes sense to seek the help of an experienced broker.
At Bee Finance Savvy, we keep up to date on all 30 plus of our lenders’ policies. This means that we are familiar with their policies regarding situations such as when a home loan deposit is a gift. We can provide you with an obligation free consultation, without marking your credit file.
After discussing your circumstances and goals, we’ll be able to provide you with an upfront assessment of your borrowing capacity, and pair you with the most suitable lender.
To take advantage of our obligation free consult, get in touch with our friendly broker Desiree! Desiree, based in the Sutherland Shire, works with clients all around Sydney and Australia. Call or text Desiree on 0455 131 937 or 1300 140 554 to get started! She can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.
If you would like to read what some of our customers have had to say about our services, we invite you to look at our WOMO reviews page – https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda .
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