Is there a limit on how much money my parents can gift me for a house deposit?

No. There's no limit on the amount, as long as it's a genuine gift that's unconditional, non-refundable and not repayable.

Do I need a gift letter for my deposit?

Generally, yes. Lenders usually want a signed letter from the person giving the money confirming it's a gift that doesn't need to be repaid, plus the funds showing in your account.

Can my whole deposit be a gift?

Sometimes. With a 20% deposit, generally yes. With a smaller deposit, many lenders still want around 5% to be your own genuine savings, though some accept a gift towards it.

Can I use a gifted deposit with the 5% scheme?

It depends on the lender. Some accept a fully gifted deposit under the scheme, and others want part of it to be your own savings.

What if my family wants the money back eventually?

Then it isn't a gift, and the bank will treat it as a debt. A guarantor arrangement or a documented family loan may suit better.

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Straight Answers · First home

Is there a limit on how much of a gift I can use for my deposit?

Bayley Clarke · Mortgage broker on the road · Last checked 11 November 2026 · 2 min read

The short answer

No. Your family can give you a gift for as much as they like, as long as it's unconditional, non-refundable and not repayable, and we can use that as the deposit on your home. A thousand dollars, $10k, $100k, a million if your parents are happy to help.

Every dollar counts. If family is willing to gift part or all of your deposit, absolutely go for it, because it simply means you don't need to borrow as much from the bank. The catch isn't the amount, it's whether the bank also wants to see some savings of your own.

The 60 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.

What makes it a gift in the bank's eyes

The bank needs to know the money is yours to keep. That's what 'unconditional, non-refundable and not repayable' means: nobody can ask for it back, and it isn't a loan dressed up as a gift. If it has to be paid back, the bank treats it as a debt, and that changes your borrowing.

So lenders will generally want a signed gift letter from whoever is giving the money, confirming exactly that, and they'll want to see the funds sitting in your account. Some want the letter to be fairly recent, so it's worth doing close to when you apply.

Where your own savings still matter

If your deposit is 20% or more, most lenders don't mind where it came from. Below that, it gets more particular. With a deposit under 10%, many lenders still want around 5% of the price to be your own genuine savings, built up over a few months. Some will count a non-refundable gift towards that, and some won't.

The same goes for the 5% scheme. Some lenders under the scheme will accept a deposit that's fully gifted, and others want part of it saved by you. So a big gift is great, but it's worth knowing which lender's rules you're working with before the money moves.

The honest bit: sort the paperwork before the money moves

The gift itself is the easy part. Where people get caught is money arriving in the account with no letter, or a gift that's quietly expected back. Get the letter signed, keep it genuine, and the bank has nothing to query.

If family wants to help but would like the money back one day, talk to me first. A guarantor or a structured loan from family might suit better than calling it a gift.

Family helping with the deposit?

A 30 minute call. We go through how much is gifted, how much you've saved, and which lenders' rules fit your deposit.

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Next question

My parents are gifting me the deposit. Does that count as genuine savings?

For most banks, no: a lump sum from mum and dad isn't money you saved.