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When assessing your loan application, the majority of banks and lenders request to see 3 months of saving history.

Most lenders do not require genuine savings if you are borrowing 85% or less of a property’s value and very few at 90%.

Most consider genuine savings to be the following, if add up to more than 5% of the purchase price and held over a period of 3 months:

  • Savings accumulated
  • Managed funds or shares
  • Term deposits
  • Equity in an existing property
  • Inheritance (held in the applicants account for at least 3 months)

Banks want to know that you are likely to be a good borrower by how consistent you are with your savings plan. To be in a better borrowing position, it is suggested that you plan ahead and save for your deposit over a considered period of time to show commitment.

The following doesn’t count towards genuine savings:

  • Gifts
  • Tax refund
  • Lump sum deposits
  • Bonuses
  • Asset sales
  • First Home Owners Grant (FHOG)
  • Funds held in a business account
  • Any borrowed funds e.g. a personal loan
  • Developer’s or builder’s rebates/incentives

Every lender has different rules regarding saving requirements so please call us to discuss your situation in detail.

If you’d like to know more, please contact us for a FREE no obligation consultation on 03 8390 5855 or email