deposit question

Any general questions you might have in regards to loans and finance.
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season4
Posts: 49
Joined: Wed Jun 24, 2009 3:39 pm

deposit question

Post by season4 »

Hi all,

Do all banks need savings now?
Is a gift from my parents ok?

Thx.

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Otto Dargan
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: deposit question

Post by Otto Dargan »

Almost all of the major banks now require you to have a deposit that you have saved, known as genuine savings. Home loans without proof of genuine savings are possible however they are generally limited to 90% of the property value and are only available from a few select lenders.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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