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What is a no genuine savings loan
and how does it work?

A no genuine savings home loan is for people who have a standard 5% or 10% deposit but cannot prove to a lender that they have saved the deposit themselves with regular contributions to a savings account.

The following sources are usually accepted as genuine savings:

  • Funds that have been held in a savings account for 3 to 6 months (depending on the lender).
  • Funds that you’ve saved over the last 3 months.
  • Funds held in a term deposit for over 3 months.
  • Equity in an existing property.
  • Proceeds from the sale of a property.
  • Shares held for over 3 months.
  • If you’re currently renting then some lenders will consider the rent you’ve paid in the last 12 months as genuine savings (conditions apply).

If you can’t provide evidence of the above, you may qualify for a no genuine savings home loan if the source of your deposit is coming from:

  • A gift from your parents.
  • First Home Owners Grant (FHOG).
  • Advances on wages/commission from an employer.
  • Inheritance.
  • Financing of a deposit (personal loan or other borrowings).
  • Builder discount/finance (restrictions apply).
  • Vendor discount/finance (restrictions apply).
  • Proceeds from sale of motor vehicles.
  • Windfall gains.
  • One-off government payments (e.g. tax refund).

Some lenders accept these deposit sources as genuine savings if you’re currently renting!

Are you eligible to borrow 95% of the purchase price?

To be eligible to borrow up to 95% of the purchase price without genuine savings:

  • You must be paying your rent on time (if you’re renting).
  • You must have a stable employment.
  • You must have a clear credit history.
  • You must have an excellent credit score.
  • You must not have too many consumer debts such as credit cards and personal loans.
  • You must be able to afford the debt comfortably and you’re not allowed to borrow to your limit.

Add Lenders Mortgage Insurance (LMI) to the loan!

LMI is a one off premium you’ll need to pay when your loan is advanced and it can be around 3% of the loan amount. That’s over $18,000 for a $600,000 purchase that you’ll need to have in order to complete the purchase!

Our brokers will always try to get approved with a lender that will capitalise the cost of LMI on top of the loan amount. By doing this, the lender can approve your loan for 98% of the property value which leaves you with 95% after the LMI premium is paid.

Finding you the right home loan solution.


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gal Recently, we were approved for a loan all due to the hard work Preeti put into helping us secure our first family home. Preeti went above and beyond normal working hours and weekends to help us along the process.

– Vanessa, Elwood, Melbourne