All Topics / Finance / Borrowing with non-genuine savings

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  • Profile photo of craigandellycraigandelly
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    @craigandelly
    Join Date: 2008
    Post Count: 20

    Hello All,

    Are there any lenders still lending home loans to persons with non-genuine savings ie. Gifted deposit from family etc?

    Or are all requiring some form of savings with history?

    Cheers

    Craig.

    Profile photo of Joseph12Joseph12
    Member
    @joseph12
    Join Date: 2008
    Post Count: 57

    Hi Craig,

    Their is lenders who still do these loans however due to market conditions most are getting knocked back.

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Hi Craiganddelly
    Unless it was your existing bank you are applying with, you will likely find they will want to see genuine savings. Unless your gift is around the 20% deposit  of course.
    Even if you dont have the full 5 or 10 % deposit in genuine savings, it is expected that you would have to have some sort of savings history/record otherwise how could you pay off a loan? You are in with a better chance of course if you have minimal savings but no liabilities such as personal loans etc. Personal debt with no genuine savings you may as well forget about applying. Hope that answers your question.
    Cheers

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Sorry to disagree guys but that is not the case.

    Gifted deposits are ok and there is still one lender who will go to 95% LVR and does not require any form of genuine savings as long as you have job and residential stability. Any external debt they want to see the loan statements but all else is sweet.

    It is 95% less LMI and the application fees are a little higher but all in all a good product if the glove fits.

     

    Richard Taylor | Australia's leading private lender

    Profile photo of craigandellycraigandelly
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    @craigandelly
    Join Date: 2008
    Post Count: 20

    Thanks for the replies, it may be best to just put it off a little longer and save like mad.  Out of interest who is the bank/lender that still lends 95% with no genuine savings?

    Profile photo of god_of_moneygod_of_money
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    @god_of_money
    Join Date: 2008
    Post Count: 970

    First Mac & Quickdirect both have a good deal at the moment. 1 year Fixed rate 2.99% and premium variable 4.8?% with offset account. Max LVR 80% with 750k Max lending limit. DEF is not too bad 2% in 1 year to 1.2% in 5 year.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    GOM regretfully both require genuine savings.

    Richard Taylor | Australia's leading private lender

    Profile photo of RudigaRudiga
    Member
    @rudiga
    Join Date: 2008
    Post Count: 41
    Qlds007 wrote:
    Sorry to disagree guys but that is not the case.

    Gifted deposits are ok and there is still one lender who will go to 95% LVR and does not require any form of genuine savings as long as you have job and residential stability. Any external debt they want to see the loan statements but all else is sweet.

    It is 95% less LMI and the application fees are a little higher but all in all a good product if the glove fits.

     

    Richard, who is that Lender?

    Profile photo of god_of_moneygod_of_money
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    @god_of_money
    Join Date: 2008
    Post Count: 970

    Not such a free lunch Rudiga :)

    Profile photo of RudigaRudiga
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    @rudiga
    Join Date: 2008
    Post Count: 41
    god_of_money wrote:
    Not such a free lunch Rudiga :)

    huh?

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