Need to borrow back house deposit from MIL—how soon before buying?

R

RuriBread3

New Member
A friend may have loaned his house deposit to his mother-in-law's offset account.

How soon before buying property must he be repaid?

His broker suggested one month. I want other opinions.

Thanks.
 
It depends on whether he needs that money to show he has real savings or not. Some lenders may or may not ask for this, depending on the loan to value ratio and whether he is renting now which can also show he has real savings. His broker will know best.
 
He will need proof of deposit to start an application.
No broker would accept a story about money being in another person's account.
It’s a step everyone must take to move forward.
 
It really depends on your bank and the loan to value ratio. If you need to show genuine savings usually for a 90–95% LVR then you’ll need 3 months of statements. If it’s just to prove you have enough money to complete the purchase, then a one day bank statement can be enough.
 
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