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What is genuine savings?

Home ยป FAQs

Lenders are looking for approximately 5% genuine savings to be contributed towards the purchase regardless if you are a First Home buyer or not. Some lenders require this over a 3 month period and others are 6 months and basically they will look over your statements for this period to satisfy that either you have held the 5% for the period of time or built it up over the time frame . As an example if you purchasing a house for $250,000 then 5% is equal to $12,500 they will want to see that you have had that amount in your account for the 6 months or that let’s say you started with a bank balance of $8,000 however over the past 6 months your income that has been saved has increased this bank balance to $12,500. They are not happy with lump sums just turning up from the sale of assets or gifted unless it happened over 6 months ago before they have started to look.

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