02 Jul 2022

Can I borrow money for a home deposit?

Fee Waived Definition

Most home loan companies and banks do not care where a homebuyer gets their deposit. Since this is the case, there is freedom when it comes to saving for a home deposit. The majority of home loans require a minimum of 20% deposit on a home before a loan can be sent and approved.

Sometimes, when a person does not have the money for a home deposit, it is a good option to apply for a personal loan for the remaining rate. The problem with personal loans is that the interest rates are higher, on average, compared to home loans. However, personal loans also have shorter months and terms. It is also not easy to juggle multiple loans and repayments.

Gifted money and borrowed money from friends, family, and loved ones is also an option. However, if you cannot find someone to borrow money for, there are no deposit home loans that have their unique benefits.

If you have decided to borrow money for a home deposit by using a personal loan, Mortgage House specialists can help! We bundle different loans to provide you a quick and convenient payment system with high savings.

Borrowing Money for Home Deposit Conclusion

A home deposit is what will convince or change the mind’s of lenders and bank institutes. If you do not have the cash or a high credit score, then it is unlikely you will be granted a home loan. 

Thankfully, there are ways to borrow money for a home deposit. Mortgage House offers personal loans as well as personal loan calculators that are easy to use. These calculators estimate the average repayment per month based on income and borrowed amount.

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