What Can Count Towards A House Deposit

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When it comes to purchasing a new home we tend to want to apply for a loan which can make things much easier due to less weight when it comes to finances. There is one thing that can be a bother at times though, the deposit. Sometimes when you purchase a home you will need to pay a percentage of the home and most of us want to make the most of our home loan while taking less of the weight later on. This means we need a substantial amount for the deposit. A lot of us will of course have to pay this deposit but for a rare few, when the opportunity exists, you can get the finance for your deposit for free in a few lucky ways.

The following are what can be considered finances that can be counted as house deposits:


First Home Owner’s Grant

The FHOG was brought out on the July 1 2000 to help out with the Goods and Services Tax that could weigh heavily on some of the people who would plan on purchasing new homes. Because of this, a grant is given to you in amount depending on which state you are in and also who you are, what your status is and what you do. If you can meet the criteria and provide all the documents, you will be subject to receive this grant which you may use for your deposit on your soon to be home. This is of course for those who are buying a home for the very first time and is meant to help them out so if you are buying your first house then it would be wise to look into this and seek this to make things easier. Gerry Bosco, a Sydney based mortgage broker notes that your finance broker will be able to help you with determining your eligibility and any paperwork involved.


Financial Gift From Family

As the time that our journey brings us to part ways from our parents partially as we will be living on our on and probably starting our own family, some parents love to give their children a jumpstart or even grandparents would like to give their grandchildren a special gift they may have saved up. Now sometimes it might be some special gadget, tool, antique or even a car but sometimes what they really want to do is start you up with something that could get you really starting. We’re talking about enough money for a deposit.

If the opportunity comes that you are given a sum to finance your deposit as a gift from someone in the family, this definitely counts as something you can use for your deposit. Of course you will have to have it along with all the other requirements for the purchase of the property and in some cases you need to keep that amount in your savings for a while before it becomes valid.


Company And Work Benefits

If you are in one of those companies that love to show their appreciation to their employees by giving them company cars and such, there are some companies that offer several benefits. Some even offer the opportunity to help out with getting a new home. There are few companies that give their employees the benefit of being granted a sum from their own company to provide you with enough money that you may use as a deposit. This of course just like the previously mentioned gift will most likely need to be in your savings for some time but hey, it’s something.


Getting A Guarantor

When it comes to applying for a home loan, guarantor can increase the chances you have of being approved of your loan. In most cases guarantors can only be family member, mainly the parents at some times or another close family member who may reside in the same home as them. Depending on the approval and the guarantor’s requirements, you can borrow an amount that even covers the whole price of the property which is most definitely something you would want. In some cases, not only will your guarantor be able to pay for your loan if you are unable to handle it on time, but they may even pay for the whole thing themselves if allowed by the bank.



There are many ways you can pay for a deposit for your future home, especially if you prepared for it early on before even planning on getting the loan. Even though you’re ready for everything and have enough saving for it or not, it’s a good idea to take note of the certain ways you can cover your deposit if ever the chance comes. Especially if it’s your first time buying a home you definitely want to have the right experience and take advantage of the grant provide. It’s not necessarily looking for freebies, but it never hurts to look around and accept what could help you out.