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Gifted Deposit or Family Loan

Mortgage brokers can advise you on a range of options to help with the deposit for a home.

Family loan

Most lenders will accept a long term interest free loan to you (which is normally loaned by family) as being a suitable substitute for saving a deposit.  Lenders need to be satisfied that your "family loan" will not incur repayments during its term, and demand for repayment of the family loan cannot be made during its term.  Generally, a long term family loan would match the lenders' loan term (up to 30 years).  

Family sometimes help in other ways, for example using their property as additional security or topping up their loan - but it is best that we discuss these options if, or when, appropriate.