By Chaice Paterson, CEO & Founder, Low Deposit Homes | Updated June 2026
For many Nigerian families, an ajo, esusu or adashe is how a serious lump sum gets saved. And yes, a payout from your thrift group can form part of your home deposit in Australia. The rules are the same ones any lender applies to any deposit: documentation and disclosure. Keep a clear paper trail of your payout, declare it openly, add a gift statutory declaration if any portion is gifted, and allow for time-in-account where genuine-savings rules apply. Done that way, your contributions are treated as exactly what they are — disciplined, legitimate saving — and they pair perfectly with the federal 5% Deposit Scheme, where the deposit target is only 5%. This is the Nigeria-specific guide. (For the cross-community version covering stokvel, chama, susu and the rest, see our community savings umbrella guide.)
What is an ajo or esusu, and why does it suit deposit-building?
These are rotating thrift groups deeply rooted in Nigerian life — ajo is the Yoruba term, esusu is widely used (including among Igbo communities), and adashe is the Hausa term. A group of members — family, friends, colleagues, market associations — each contribute a fixed amount on a regular schedule, and the pooled sum is paid out to one member each cycle, rotating until everyone has had a turn. It’s built on trust and discipline, and it delivers a lump sum at a known time — exactly what a first home buyer needs.
With the 5% Deposit Scheme requiring only a 5% deposit (for example $34,000 on a $680,000 package in one of Victoria’s more affordable growth corridors, or $45,000 on a $900,000 Brisbane package), a well-run ajo can get you most or all of the way to your deposit.
Can an Australian lender accept ajo or esusu money?
Yes. There’s no rule against using thrift-group money toward a deposit. The lender just has to see and trust where the money came from — true of any deposit. In practice that means satisfying whichever of these applies:
- A clear paper trail of the payout. Bank records showing the lump sum arriving, plus a short written explanation of the ajo/esusu, usually do it — the lender needs to know it’s your turn in the rotation, not an undisclosed loan.
- A gift statutory declaration, where money is gifted. If a family member channels their turn to help you, most lenders want a short statutory declaration confirming it’s a non-repayable gift, plus evidence of the source.
- Time-in-account, where genuine-savings rules apply. Some lenders want funds held in your own account for a set period (often three months) — so get your payout into savings well before you apply.
The one rule you must never break
Never hide the source. The biggest mistake is leaving a large, unexplained deposit on a bank statement or trying to disguise it. Lenders read statements line by line; an unexplained lump sum stalls applications. Declared and documented, an ajo or esusu payout is routine and fully acceptable — honesty is the faster path to approval. Your thrift group is a strength to be proud of, never a problem to hide.
Why does the right lender matter?
Lender policies differ on pooled and gifted funds. Some are entirely comfortable with an ajo and standard documentation; others apply stricter genuine-savings tests or want more gift evidence. The funds are acceptable either way — but how smoothly your application runs depends on matching you to a lender whose policy fits. Our finance partners (licensed brokers) do that matching, before you’re ever placed on a package.
How does this combine with the scheme stack?
An ajo solves the deposit. The schemes do the rest:
| Scheme | What it does |
|---|---|
| 5% Deposit Scheme (zero LMI) | 5% deposit, no LMI, no income/place caps since Oct 2025; caps $1M Brisbane / $950K Melbourne |
| Help to Buy (citizens only) | Up to 40% government equity on a new build — shrinks the loan; income caps $100K single / $160K couple-family |
| QLD/VIC FHOG + stamp duty exemptions | Grants and duty relief on new builds |
| First Home Super Saver Scheme | Build deposit inside super: $15K/yr, $50K lifetime per person |
One rule governs every scenario: the 5% Scheme reduces your deposit, not your loan. Your ajo helps you reach the deposit; your income still has to service the loan, and no responsible application stretches the loan past roughly 6.5 times a single income, or 6 times where you support dependants.
A worked example
Chidi belongs to an esusu with ten colleagues. When his turn comes, he receives a $26,000 payout, which he moves into his own savings account and leaves there for several months. He adds $8,000 of his own savings. On a ~$680,000 new build in one of Victoria’s more affordable growth corridors, his 5% deposit is $34,000 — covered by the esusu payout plus his savings, with the $10,000 Victorian First Home Owner Grant offsetting most remaining fees. He declares the esusu in full, with bank records and a one-page explanation. Net cash in lands near $28,000, and because his income services the loan, the application is clean. (Illustrative; your numbers will differ, and the corridor here is just an example of where the value is strong — Low Deposit Homes builds right across Queensland and Victoria.)
How does Low Deposit Homes help?
We get you a full bank approval before you’re placed on any package, matched to a lender comfortable with your deposit structure (ajo/esusu and gifts included), and we find you the right new-build package — a 4/2/2 home with a multi-purpose room, no upselling.
We build across Queensland and Victoria — from the Ipswich and Logan growth corridors in Brisbane to Melbourne’s western, northern and south-eastern growth corridors and beyond — and match you to the area that fits your life, not the other way around.
Worth knowing early: settlement is not handover — the land title transfers at settlement; the keys come at handover, often months later.
Frequently asked questions
Can I really use my ajo or esusu payout for a deposit?
Yes — documented and disclosed. Keep a paper trail, add a gift statutory declaration if any portion is gifted, and mind time-in-account rules.
Will the bank be suspicious of an ajo?
Not if you declare it. The mistake is hiding it. A documented, explained payout is routine.
How much of my deposit can come from an ajo?
There’s no limit tied to the source — what matters is that the full deposit is evidenced and your income services the loan.
Does an ajo affect my Help to Buy eligibility?
No. Your deposit source doesn’t change Help to Buy eligibility, which turns on citizenship, income caps and not currently owning property.
Do I have to buy in a particular suburb?
No. The corridors mentioned are examples of where we build and where the value is strong — we build across Queensland and Victoria and match you to the area that suits your work, family and budget.
Your next step
Book a free 15-minute consultation and we’ll show you how to structure your ajo or esusu into a compliant deposit and which lenders suit you.
Book your free call → Book your free call | 1800 920 172
Related reading: Community Savings (Susu/Stokvel/Ajo) Deposit Guide · Nigerian First Home Buyer Guide (pillar) · First Home Buyer Schemes by Visa for Nigerians · How Low Deposit Homes Works.
Related guides: Queensland first home buyer guide · Victoria first home buyer guide · Grant Eligibility Calculator · Borrowing Power Calculator
Low Deposit Homes operates under Winning Homes Australia Pty Ltd (ACN 633 321 758). All calculations indicative. Not financial advice.