You can get approved for a home loan if your deposit is coming from a gift from your parents, however, not with all lenders. Banks don’t consider a gift to be the same as your own deposit that you have saved.
Please note you must meet standard lending criteria involving your employment, credit history, serviceability and proof of income. The amount you can borrow depends on your overall situation:
- 90% home loans: There are a few lenders who allow you to borrow 90% of the purchase price irrespective of the source of your deposit.
- 95% home loans: One of our lenders can approve a home loan for up to 95% of the purchase price with no genuine savings.
- 100% home loans: With a guarantor, you can borrow 100% of the purchase price plus the costs of completion.
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