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What is Genuine Savings?

April 26, 2017genuine savings

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What is Genuine Savings?

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For many mortgage lenders, a genuine savings pattern is no longer required. As long as 5% of your property purchase price is available, there is usually a quality home loan solution available. There are a number of ways your home loan deposit funds can be evidenced including all or part of the first home owners grant, your own savings, shares, gift from family or a combination of sources. Your broker will help you by finding the correct home loan solution to fit your particular savings or deposit pattern. You do not necessarily require a deposit to secure a home loan however having a deposit will increase your home loan options.