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Great, thank you everyone! Will have to contact a lawyer.

Apologies let me clarify - I meant the interest repayments on the loan that I will be paying to my parents.

Hi guys, Just had a quick question. I'm buying my first property, I don't have a deposit saved but parents will draw out equity to gift me funds and I will be paying them the interest repayments. If I am gifted the funds for my deposit, are the interest repayments tax deductible? And if so...