Document background
The Gifted Deposit Letter Template is a crucial document in Australian property transactions where buyers receive financial assistance from family members or others for their property deposit. This template is specifically designed to meet Australian banking and legal requirements, providing formal documentation that the funds provided are a genuine gift rather than a loan. The document is typically required by mortgage lenders as part of their loan application process and helps ensure compliance with financial regulations and anti-money laundering laws. It includes detailed information about the gift's source, amount, and intended use, while protecting all parties involved by clearly stating the non-repayable nature of the funds. The template is particularly relevant in today's property market where rising property prices often necessitate family assistance for first-time buyers.
