Why do I need ' genuine savings ' when applying for a home loan?
Lenders have genuine savings policies to ensure you’ll be able to make your home loan repayments. Lenders often consider the following when considering your history of 'genuine savings', including:
- Any savings held or accumulated over a period of time
- Any investments accumulated or held for over a period of time (term deposits, shares, etc.)
- Any existing equity you may have in other real estate
However, every lender has their own rules, so speak to an expert Aussie Broker to find out more.