Can I Use Overseas Savings as Home Deposit | Mortgagefy
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Quick Answer

Can I Use My Overseas Savings as Home Deposit in Australia?

Mortgagefy Broker Team · Published · Last reviewed

Yes — overseas savings from India, Pakistan, Bangladesh, China and other countries are accepted as deposit. Documentation matters and funds need to be in Australian account 3 months before settlement.

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Who this guide is for

New migrants and PR holders with savings in their home country wanting to use those funds as Australian home deposit.

The local picture

Overseas savings are accepted but documentation requirements are strict. Source-of-funds, transfer evidence, seasoning all matter. Many buyers don't plan ahead.

How Mortgagefy helps locally

Mortgagefy explains exactly what documentation lenders need, helps you time transfers, and identifies lenders flexible with overseas-source deposits.

Multilingual support. Free advice.

How it works — 4 simple steps

1

Free overseas funds chat

20-minute call about your funds and timeline.

2

Map documentation needs

We outline source-of-funds, transfer, seasoning requirements.

3

Application support

We submit with proper overseas-source documentation.

4

Settle into your home

You move in with overseas funds in place.

Frequently asked questions

How long must funds be in Australian account before settlement?

3 months typical — lenders want "seasoning" period to ensure funds are stable. Some accept shorter with strong documentation.

What source-of-funds documents are needed?

Origin country bank statements (12+ months), proof of income that generated savings, transfer records, sometimes accountant letters.

Are there transfer limits from India?

India's LRS (Liberalised Remittance Scheme) caps outbound transfers at $250K USD per person per financial year. Australia receives via standard banking; AUSTRAC reports >$10K transfers.

Tax implications of using overseas savings?

Generally no Australian tax on receiving your own savings or family gift. Source country may have implications. Confirm with accountant.

Can I use as deposit immediately after transfer?

Most lenders want 3 months seasoning. Plan transfers well ahead of intended purchase timeline.

Talk to us about overseas savings as deposit

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