Re: Using the genuine savings calculator
Posted: Wed Jan 30, 2019 6:59 pm
Hi Arya,
Welcome to the forums.
You will first need to figure out how much you are expecting to borrow from the bank. If you’re planning on borrowing anything less than 80% of the property value, genuine savings aren’t necessary. But if you want to borrow over 85% of the property value, some conditions may apply.
Genuine savings is a term used by lenders to define funds that a home loan applicant has saved themselves over time.
Australian lenders require borrowers to have saved at least 5% of the purchase price in an account in their name.
Some lenders, however, have different genuine savings requirements depending upon the amount that you borrow.
85-90% of the property value: Genuine savings is no longer required.
More than 90% of the property value: Most lenders require genuine savings.
95% of the property value: Almost all lenders require genuine savings.
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.
You can also call us on 1300 889 743 or complete our free assessment form and one of our specialist mortgage brokers will let you know if you qualify for a loan.
Cheers,
Otto
Welcome to the forums.
You will first need to figure out how much you are expecting to borrow from the bank. If you’re planning on borrowing anything less than 80% of the property value, genuine savings aren’t necessary. But if you want to borrow over 85% of the property value, some conditions may apply.
Genuine savings is a term used by lenders to define funds that a home loan applicant has saved themselves over time.
Australian lenders require borrowers to have saved at least 5% of the purchase price in an account in their name.
Some lenders, however, have different genuine savings requirements depending upon the amount that you borrow.
85-90% of the property value: Genuine savings is no longer required.
More than 90% of the property value: Most lenders require genuine savings.
95% of the property value: Almost all lenders require genuine savings.
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.
You can also call us on 1300 889 743 or complete our free assessment form and one of our specialist mortgage brokers will let you know if you qualify for a loan.
Cheers,
Otto