If you are able to provide proof of paid rental history as an alternative way to show the deposit saved maybe this loan product will enable you to purchase your home sooner.
Borrowing 95% of the loan amount from a lender will require you to have the required 5% deposit saved as Genuine Savings over the 3 month period, which you may be eligible to qualify with a Rental Reference Letter or Rental Commitment Letter as the lenders required genuine savings.
You will still need to show the 5% deposit, which can be a gift from a family member or a combination of saved funds and the First Home Owners Grant, whichever way you contribute the required 5% of funds plus enough funds to cover the government fees and costs you need to demonstrate what lenders required as Funds To Complete the purchase since the lender will provide the funds 95% as a loan at the settlement date.
A few lenders will allow these deposit types to made up the 5% deposit;
+ Tax Refunds
+ Dividends and Shares
Other types of acceptable deposits like Inheritance and Non-Real Estate assets lenders may require a 10% deposit for these types of deposits.
Unacceptable Deposit Types held for less than 3 months may be ;
+ A money or financial Gift
+ A sale of assets, other than real estate property
+ First Home Owners Grant (FHOG)
+ Borrowed unsecured funds (e.g. A Personal Loan)
+ Builder rebate or vendor rebate incentive
+ Savings or funds held in an account, not in your own name.Or held in an account in two names but only one name is the borrower or held in a company, trust or business name for you or the borrower (Loan Applicant).