Re: Are annual bonus and a gifted deposit accepted as genuine savings?
Posted: Tue May 21, 2019 2:27 pm
Hello Nolan. Welcome to the forums.
Most lenders require that when borrowing more than 90% of the property value, as a minimum you would require 5% of the deposit to be in the form of genuine savings. It essentially means funds that you’ve saved up yourself over time.
There are lenders that accept paid rent as genuine savings. That is to say, if you’re able to provide a rental ledger from a licensed real estate agent showing prompt and regular payment for at least 12, 6 or even 3 months, you can use said paid rent as genuine savings. Basically, your rental history is used to prove your capacity as a borrower of making regular payments on your mortgage instead of your own savings.
Some lenders will accept your bonus income and the gifted deposit from your in-laws as a deposit if you can provide payslips and bank statements evidencing the payment of the bonus and a signed gift letter stating unconditionally that it is a gift and not a loan.
We specialise in first home buyer loans.
Speak with one of our experienced mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form and let us guide you through the process of owning your first home.
Cheers,
Most lenders require that when borrowing more than 90% of the property value, as a minimum you would require 5% of the deposit to be in the form of genuine savings. It essentially means funds that you’ve saved up yourself over time.
There are lenders that accept paid rent as genuine savings. That is to say, if you’re able to provide a rental ledger from a licensed real estate agent showing prompt and regular payment for at least 12, 6 or even 3 months, you can use said paid rent as genuine savings. Basically, your rental history is used to prove your capacity as a borrower of making regular payments on your mortgage instead of your own savings.
Some lenders will accept your bonus income and the gifted deposit from your in-laws as a deposit if you can provide payslips and bank statements evidencing the payment of the bonus and a signed gift letter stating unconditionally that it is a gift and not a loan.
We specialise in first home buyer loans.
Speak with one of our experienced mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form and let us guide you through the process of owning your first home.
Cheers,