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Borrowing with non-genuine savings
What is non-genuine savings? Non-genuine savings, in terms of a deposit for a home loan is any money that has not been saved over a period of at least three months from the income you earn. For example, it could be a gift from parents or money that has not been in your account for three months. Can I get a loan with non-genuine savings? Mainstream lenders will usually ask for genuine savings because it gives them comfort to know that you can save money from what you earn and hence also make monthly repayments on your home loan. However, there are certain lenders who will accept your deposit even if it is a gift from your parents. Note: This usually applies for a first home buyer only (ie. not for investors of if you have already owned a property before). How much can I borrow with non-genuine savings? Usually, you can borrow up to 90% of the property price regardless of the source of deposit. There are two or three lenders who will lend you 90%. If you want to borrow up to 95% with