Best Family Gift To Help First Home Buyer
Australians are always ready to help each other in times of need and are renowned for wanting to help their children get ahead. One way an immediate family member can assist a child, or a sibling is to give them money as a gift. The reason we refer to it as a gift is that it differs considerably to a loan, as a gift does not have to be repaid, whilst a loan does. When considering a loan application, a lender will treat a family loan the same as any other loan, therefore it is counted within the loan application and allowances are made for repayments and interest irrespective of your specific arrangements.
A gift on the other hand, is not considered something that needs to be paid back therefore it is looked at favorably when it comes to a loan application.
Ideally, where a family member is happy to provide a gift, it can either be provided as one lump sum amount prior to the purchase of the property. Alternatively, it can be provided in parts whilst you are saving for your loan. There are advantages in having the money gifted over time in smaller bundles as opposed to one large amount, which can reflect positively on the loan application.
TIP Where a gift is received 2 years prior to a loan application, it does not need to be defined as a gift. In fact, any money gifted 90 days prior to a loan application is not considered a gift when it comes to a loan application.
When it comes to financial gifts from a Family Member, it is worth remembering that works to your advantage to receive the gifted money at least 90 days prior to you lodging a loan application Multiple payments whilst your saving for your deposit is also another approach which will ultimately assist your application. Either way, gifting is perfectly accepted by Lenders and ultimately does not hinder your loan application.
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Being Our First Home It Was Great Having The Knowledge of Daniel & The team at Brisbane Home
We have been working with Daniel and the team at Brisbane Home Loans for the purchase of our first home, being first home buyers it has been great having the knowledge of Daniel & the team at Brisbane Home Loans to support us. We can’t thank them enough for their support and making themselves available to answer all of our questions. I’d highly recommend Brisbane Home Loans.
We Saved More Than 1% On Our Existing Home Loans
We didn’t realize how important it was to review our home load until we engaged with Daniel and Jordan at Brisbane Home Loans. They helped in submitting our application which resulted in a saving of over 1% in interest on our loans, plus a reduction in our on going bank fees. I would recommend this business and thank Daniel and Jordan for making the process so easy.
Sam and Nicky
It was Our First Home and We had No Idea. Thanks to The Team From Brisbane Home Loans
Daniel and the team at Brisbane Home Loans were super helpful and friendly to me as it was my first home loan and I had no idea! They answered all my questions and were very hardworking. Would definitely recommend to a friend.
They Made Buying Our First Home Easy and Fun. Thanks
The team at Brisbane Home loans have been super helpful and extremely professional to assist us with all our first home questions.
will be recommending them to everyone I know looking to buy!
Thanks for Helping me Turn my Dream into a Reality
Service was great, very informative and kept me up to date on all progress and all steps. Follow up after it was all done and dusted was also great. Took the stress out of it which was a great help for my busy life. I would totally recommend Dan and Jordan to anyone.
Thanks for helping me get my dream into a reality.
Car Loan Approved In Less Than 3 Hours – So Wrapped
I could not believe how quickly Jordan was able to organise my car loan. He was so helpfull and I am truly greatfull.