Most banks accept the following types of savings to be genuine savings:
- Savings held over 3 months.
- Term deposits held for 3 months.
- Shares or managed funds held for 3 months.
- Equity in real estate (varies depending upon the lender).
- If you’ve been renting for the last 3 months then some exceptions may apply.
- Even salary sacrificing under the First Home Super Saver Scheme can be acceptable.
Since you’ll be using a 10% deposit, it can be difficult to get approved for a home loan that is more than 90% of the value of the property.
Speak with one of our experienced mortgage brokers today to find out if you qualify.
Please give us a call on 1300 889 743 or fill in our free assessment form.
Cheers,