Deposits

Discussion in 'Loans & Mortgage Brokers' started by TheDon, 23rd Aug, 2021.

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  1. TheDon

    TheDon Well-Known Member

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    Melbourne
    Hi all,
    Is it possible to use personal loans or loans from other financial providers and use that as a deposit?
    Eg borrow $20,000 to help go towards a deposit?

    cheers
     
    TheDon, 23rd Aug, 2021
    #1
  2. tedjamvor

    tedjamvor Well-Known Member

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    Not saying it's impossible, but most banks won't accept a gift for a deposit without a letter stating it's a gift not a loan. Make of that what you will about a bank's willingness to accept loaned money as a deposit.
     
    tedjamvor, 23rd Aug, 2021
    #2
  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Not alot of lenders, but some do accept it. And there is a lender that provides this sort of arrangement, called gap finance by latitude.
     
    Tony Xia, 24th Aug, 2021
    #3
  4. TheDon

    TheDon Well-Known Member

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    Location:
    Melbourne
    what are the terms and limits with this type of finance?
    cheers
     
    TheDon, 24th Aug, 2021
    #4
  5. Sam700

    Sam700 Member

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    Melbourne
    What about borrowing for some of your stamp duty if you’re about $20k short?
     
    Sam700, 25th Aug, 2021
    #5
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    At 80 % lvr easier than in LMI land.

    ta
    rolf
     
    Rolf Latham, 25th Aug, 2021
    #6
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