All Topics / Finance / Genuine Savings

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  • Profile photo of doggitydoggity
    Member
    @doggity
    Join Date: 2009
    Post Count: 11
    January 10, 2011 - 5:44 am

    Hi there,

    Can anyone out there tell me what the deal is with "genuine savings"?

    We are looking at buying a place and will be using gifted money as the deposit. It is quite a substantial gift so we will only be borrowing about 55% LVR.  This will be our PPOR.

    From what I can find surfing the net, pretty much all lenders require genuine savings for loans more than 90% LVR.  One website stated that if you are borrowing less than 90% then you do not need proof of genuine savings.  Does this apply to all lenders?  Or just a select few lenders that charge higher rates/fees?
    The big banks don't seem to have much info on their websites about it.

    If anyone can enlighten me, or let me know of any lenders that I should be looking at, please let me know.

    Cheers.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 10, 2011 - 7:44 am

    Hi Doggity

    With the LVR that low you'll be fine.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 10, 2011 - 5:09 pm

    Yes as Jamie mentioned you will be fine but you wll be suprised how many of the major lenders will still ask for genuine savings even at that LVR.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 3 posts - 1 through 3 (of 3 total)

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