If you’re having a hard time saving for your first home, your family can help you with a cash gift to put towards your deposit

A gifted deposit home loan may not be as simple as going up to a lender with your parent’s cash. Lenders are likely to ask for evidence of where the money has come from. Some lenders will request a ‘gift letter’, which states that the funds have been handed over unconditionally and without expectation of repayment. Even with a gifted deposit, lenders still like to see that you have the discipline to keep up with home loan repayments. To satisfy this you may be asked for evidence of genuine savings, including your past rental history.