Home loan deposits
Most banks and lenders will require a minimum deposit of 5 per cent of the value of the property you’re purchasing, before they will approve you for a home loan. Depending on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first home owner incentives.
However, most lenders will require at least a portion of your deposit to come from genuine savings. If you don't have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member, offers their existing property as security for a portion of the home loan, generally around 20 per cent.