If we were gifted $50,000 and had a private agreement to pay it back over 5 years could we use it as a deposit on our first home? Sale Price is $760,000.

Hi Emily,
Interesting question; not sure if money that is required to be paid back qualifies as a gift? A gift is normally not repayable.
If this is a strategy to raise part of the deposit for your first home from the "Family Bank" interest free. Then I would strongly suggest that you ask your broker or lender to factor in the repayments for the loan into your living costs to make sure you are not financially stressed. If you can still afford the home loan then this can be a good strategy.
Better still there are lending products called "Family Pledge" where the monies provided by your family are protected in the event of an asset dispute, like a relationship breakdown or being sued.
Whatever you do, do not be tempted to distort the truth and declare borrowed monies as a 'gift'. This is only ever a recipe for disaster and family tension apart form any possible legal issues it might create.

I hope this helps

Awesome Albert Waldron Finance Broker

Hi Emily,
The short answer is no and the long answer is probably no. Sorry.
1. A gift is non repayable and must be clearly defined that way
2. You would need around $80,000 as a minimum contribution for a purchase of $760,000
3. You should not borrow $700,000 without showing that you have the capacity to save/repay $5000 per month over an extended period of time - known as genuine savings.
There are structures that allow for people to purchase a property without a deposit or genuine savings but you would need to have an in depth discussion with a solicitor, the gifting or guaranteeing party and your mortgage broker. There are risks involved.
Best of luck with your future plans
Regards
Scott