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Genuine Savings Calculator

Genuine Savings Calculator

Transaction details

Purchase price
Loan amount (excluding LMI)
How will you use the property?

Your savings

How much do you have in your savings account?
Do you have a regular savings pattern?
Has this savings been made / held over 3 months?
Have there been any large lump sum deposits?
Has your savings balance been increasing?
Have you borrowed any part of this deposit?

Other deposit sources

If the funds from other deposit sources have been held in your account for more than 3 months then do not include them in this section. Instead, you should include the funds as savings in the previous section.

Sale of real estate ?
Shares / managed funds ?
Sale of non-real estate assets (e.g. a car)
Gifts from your family
Bonuses / commissions from work
Tax refund

Rental payments

Are you currently renting?

Existing real estate

Do you already own a property?

Existing debts / credit applications

Total balance of credit cards, personal loans & car loans?
How many loans have you applied for in the last 6 months?

Contact a mortgage broker

Talk to one of our mortgage brokers about your situation: Yes  No  

Tips for your situation

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Are there lenders that don't need genuine savings?

Yes, one of our lenders can allow you to borrow up to 95% of the purchase price with no genuine savings.

Please call us on 1300 889 743 or enquire online for more information. You can read more about this on our no genuine savings page.

How does this calculator work?

This calculator is designed to help you determine how your deposit will be viewed by the banks, and whether you meet their genuine savings requirements. However, each lender and mortgage insurer have their own policies and definition of genuine savings.

This can be confusing for many people and can make it harder to ascertain whether you fit into their criteria.

Why am I getting unusual results?

A Couple With Their PiggybankThe calculator reflects various banks’ policies.

You may notice that changing the time you have been renting, the percentage of the property value you are borrowing, or if you are receiving a first home owners grant, interacts with the other information you have input.

Please enter your current situation in its entirety, otherwise the result will not be accurate!

Unfortunately the banks have created some very complex and often counter-intuitive policies to assess genuine savings.

This is why the calculator is a helpful tool that reflects how the banks actually view genuine savings, as opposed to the common misconceptions that people have about the flexibility of bank policy.

Are my savings regular or irregular?

There is a link in the calculator to examples of different types of genuine savings.

If you aren’t sure then don’t worry. Our mortgage brokers are experts in genuine savings and can quickly assess your situation. You can read more about how to download your savings statements, send them to us and then we can complete a full assessment for you.

Please enquire online or give us a call if you would like to speak to one of our mortgage brokers that understands the genuine savings policies used by the banks.

Gifts & other funds held for more than three months

Many people receive a gift or have a deposit that would normally be considered as “non genuine savings”. However, if it is held in a bank account for more than three months, it may be considered as genuine savings.

There are still some banks that do not consider this as genuine savings, unless you have actually saved money on your own.

If you are currently renting, then some lenders will accept a gift as genuine savings, as long as it is in your account by the time your loan application is submitted.

The policies used by the banks for gifts held for three months can vary significantly. One will ask you to hold the funds for a total of six months to prove that you are able to refrain from spending the money.

However, other lenders require that your savings increase over time. These lenders may not approve your loan unless you make some savings of your own. One of our lenders considers any funds held for at least three months as genuine savings, regardless of their original source.

Note: Please enter all funds held for more than three months in the “Your Savings” section, no matter their original source.

Are you renting?

If you are currently renting and meet some additional requirements, then some of our banks may classify the rent that you have paid over the last twelve months, as genuine savings. This doesn’t mean that you don’t need a deposit! It just means that your deposit can come from any other source as you have already met the genuine savings requirement.

In most cases, people with a rental history borrow 95% of the property value and receive a gift from their parents to make up the difference.

In addition to this, if you have been renting for just three months, one of our banks may accept additional deposit sources as genuine savings, for example, the sale of your car, inheritance, or a bonus from work.

First home owners grant as genuine savings

One of our lenders previously accepted your First Home Owners Grant (FHOG) as genuine savings.

However, this is no longer accepted by any lender.

This defeated the entire purpose of genuine savings, which is to prove that you can handle your money effectively and can live within your means. After careful consideration this policy was withdrawn in 2012.

Find our more about genuine savings

Do you need help getting your genuine savings accepted? Our mortgage brokers are experts in assessing your savings. They can quickly work out which lenders can accept your loan. Please call us on 1300 889 743 or enquire online for more information.

You can find more information on our genuine savings page.

  • Alexander

    If I am renting, can I show the rental payments as genuine saving and not show the deposit altogether?

  • Hi Alexander,

    Some of our lenders may classify the rent as genuine savings which you’ve paid over the last twelve months, however you should meet additional requirements and should be currently renting as well.

    Please note that this doesn’t means that you don’t need a deposit, it just means that your deposit can come from any other source if you have already met the genuine savings requirements.