Re: What counts as genuine savings?
Posted: Thu Jan 24, 2019 9:07 pm
Hey Matt,
Welcome to the forums.
Since you’re looking to borrow a 96% LVR, you will first need to make sure that you have at least 5% of the property value as genuine savings in your bank account.
In your case, you would need $40,000.
Secondly, each lender has their own genuine savings policies. You can use our genuine savings calculator to find out how much you need to prove in genuine savings.
Please feel free to call us on 1300 889 743 or complete our free assessment form and we can let you know if you meet the genuine savings requirement.
Cheers,
Otto
Welcome to the forums.
Since you’re looking to borrow a 96% LVR, you will first need to make sure that you have at least 5% of the property value as genuine savings in your bank account.
In your case, you would need $40,000.
Secondly, each lender has their own genuine savings policies. You can use our genuine savings calculator to find out how much you need to prove in genuine savings.
Please feel free to call us on 1300 889 743 or complete our free assessment form and we can let you know if you meet the genuine savings requirement.
Cheers,
Otto