Thanks for reaching out to us and welcome to the forums.
Banks and lenders tend to look for genuine savings so that they are assured that you’re able to save, make repayments and not default on your home loan repayments. However, some specialist lenders do provide no genuine savings loans
If you meet the standard lending criteria, some lenders could allow you to borrow:
- Up to 90% with no genuine savings irrespective of your deposit.
- Up to 95% with some lenders but there are many conditions you'd have to fulfil like having a strong financial position, stable employment, excellent credit score, etc.
- 100% if you have a guarantor, then you can borrow 100% of the purchase price and additional costs when getting the loan.
Please note that if you are borrowing above 80%, then you will also have to pay Lenders Mortgage Insurance (LMI)
You can use our genuine savings calculator
to work out the amount you need.
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a no genuine savings home loan.