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

Enquire Online Re-Calculate

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?

The 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 out 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.

  • Siobhan Dee

    Hi there.. I have $15000 from a tax refund and $15000 as a gift from my parents.. I’m looking for a mortgage around the $300000 mark… I have been renting my current place for the last 32 months.. How many months/what percentage of the mortgage do I have to show of genuine savings?

  • Hi Siobhan
    We’d be able to use your rent as genuine savings. The amount of rent you are paying will not matter for genuine savings purposes as long as you pay it on time and have been there for at least 12 months.
    However some lenders look at ‘capacity’ which mean that if the mortgage payments were $500 a week they’d want to see your rent is at least $400 a week. Not all lenders consider this so I wouldn’t worry about it if I were you.
    Looks like you’re potentially qualified and we can get you a great rate too! Complete this if you’d like us to prepare some options for you

  • Siobhan Dee

    Thanks so much! Just want to confirm as I’ve read around the place that you need to have the deposit in your bank account for at least 3 months, is this the case? I’ve only had the $15000 from my tax return in there for just over one month and my parents are yet to deposit the other $15000 in my account, Cheers!

  • We can use your rental history to prove you are good with your money and then this requirement is waived. It’s ok for some lenders and not for others
    We can assess your situation and let you know what loans you are eligible for now and what loans you can qualify for in 3 months time. In most cases there’s no difference in the rate so it’s fine to buy now.

  • brown

    I want to know if a non-genuine savings loan will be more expensive for me or if it will cost the same. Can you tell me this?

  • No, if you’re borrowing up to 90% of the purchase price then the majority of lenders have the same rates and fees for their no savings home loans as they do for those people that have saved a deposit. For loans of up to 95%, some lenders will charge a slightly higher LMI premium if you can’t prove genuine savings. If you’re borrowing 85% of the property value or less then generally there’s no difference in loan and LMI pricing with any lender.

  • Joseph

    I only have a 3 month rental history so how much can this help me borrow up to if I use rent as genuine savings?

  • The maximum amount you can borrow or the Loan to Value Ratio (LVR) will vary depending on how long you’ve been renting. So if you’ve been renting for at least 6 months then you can borrow up to 95% LVR, however, a policy exception can allow you to borrow up to 95% LVR even for just a 3 month rental history. Call us on 1300 889 743 or complete our free assessment form and we can let you know if you qualify for a rent as genuine savings home loan:

  • smithy

    We want to buy land and construct through a 90% LVR loan with the help of a gifted deposit. The land costs $450k and construction will cost $290k. We have a young child and we owe $600k with ANZ right now. Our combined income is $142k a year. Can you help us?

  • Hey smithy,

    We’ll need to know how much you can receive from the gift and whether or not you can potentially purchase an established property instead of building. If you’re looking to borrow max with non-genuine savings then we know two lenders that may be able to help. Please call 1300 889 743 and speak with one of our expert mortgage brokers.

  • Ranjhana

    I am planning to buy a property but don’t have much savings of own. But, I have 2 cars and could sell one if if meets the lender requirements of savings. Will lenders accept this?

  • Hi Ranjhana,
    There are a few lenders who will accept this as long as you are renting for at least 3 months. Keep in mind that some lenders don’t require genuine savings at all. Please enquire online or give us a call on 1300 889 743 if you would like to speak to one of our mortgage brokers that understands the genuine savings policies used by the banks.

  • Dante

    Why do lenders ask for genuine savings? And how do lenders calculate DTI income? For example, if I have a personal loan of $20,000 and a couple of credit cards with a $10,000 limit. Do lenders look at just the monthly repayments for the personal loan or the outstanding balances of the loans or both?

  • Hi Dante,
    Lenders prefer borrowers that make regular savings. The genuine savings requirement serves as a check for your financial conduct and character as a borrower. Regular savings held, term deposits, shares or managed funds held for 3 months are all considered genuine savings. Equity in another real estate, paid rent over the last 3 months and salary sacrificing under the First Home Super Saver Scheme are also accepted.
    Most lenders look at the monthly repayment for the personal loan. For the credit cards, lenders generally assess the full credit limit at 3%-3.8% interest rate. They look into the limit for the credit cards and owing balance and monthly repayments for the personal loan. You can use our DTI (Debt to Income) calculator to get a more accurate figure: