Non-Genuine Savings

If you’ve recently acquired money that you haven’t saved yourself or been in possession of for at least three months, you may be able to borrow without having to show genuine savings. This could be through an inheritance, a gift, funds from selling a large asset, or if the bank of mum and dad are funding your deposit. Non-genuine savings can include gifts and inheritance, equity in an existing property, tax refunds, bonuses, sale of an asset, sale of shares. Most lenders require you to prove that you have saved 12% deposit. Luckily, there are some lenders that offer ‘non-genuine savings’ loans if you can meet standard lending criteria. Generally speaking, you can borrow up to 88% of the purchase price with no genuine savings required.

We’re experts in the genuine savings policies of all the major Australian lenders and know which ones can approve a loan without any genuine savings. Please call us or enquire online to speak to a specialist mortgage broker who can find you a loan without the need to show genuine savings.