24/09/2026
Your parents said, âWe can help.â
That is generous, but it is not yet a mortgage plan.
Before anyone transfers money, first decide what problem you are trying to solve.
Here is how we would sort it out:
1ď¸âŁ You have the borrowing capacity, but youâre $15,000 short on the funds needed for settlement.
A gifted deposit or gifted funds from a family member may be an option.
Your lender may ask for a gift letter, evidence showing where the gifted funds have come from, and a clear record of the money being transferred to you.
If the money needs to be repaid, make that clear upfront. A family loan isnât the same as a gift, and the repayments may affect your borrowing capacity.
2ď¸âŁ You have enough for your deposit and purchase costs, but your income doesnât support the loan amount you need.
Depending on your circumstances, having a co-borrower may be an option.
The lender will look at their income, existing debts, expenses and overall financial position as part of the application.
Theyâll also have legal and financial responsibilities under the loan, which could affect their ability to borrow in the future.
A guarantor arrangement works differently, so itâs important to understand exactly what the person is agreeing to before going ahead.
3ď¸âŁ Your parent wants to help you buy now, but the plan is to remove them from the loan later.
Donât assume their name can simply be taken off.
If theyâre a co-borrower, removing them may require refinancing or a new loan application, and you may need to show that you can service the loan on your own at that time.
Before relying on that as your exit strategy, check with your broker or lender about what would be required.
đŠ Thinking about getting some family help to buy?
Get in touch and letâs talk through your options.
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đ rezifinance.com.au
