How Does This Calculator Work?

This genuine savings calculator is designed to help determine how the banks will view your deposit and whether you meet their genuine savings requirements. However, each lender and mortgage insurer has its own policies and definition of genuine savings.

With this calculator, we have condensed the genuine saving policies of over 50 lenders to determine whether you meet their requirements.

• Go through all the prompts and enter the details for the price of the property and the deposit you saved.
• The results will show the minimum genuine savings required and your Loan-to-Value-Ratio (LVR)
• You will also get information on the number of lenders that accept your genuine savings situation.

Are My Savings Regular Or Irregular?

If you aren’t sure, don’t worry. Our mortgage brokers are experts in genuine savings and can quickly assess your situation. You can read more about how to download your savings statements, send them to us and then we can complete a full assessment for you.

Our expert mortgage brokers understand the genuine savings policies the banks use. Please enquire for free online or give us a call on 1300 889 743 to speak to one of our brokers today!

Gifts & Other Funds Held For More Than Three Months

Many people receive a gift or have a deposit that would normally be considered “non-genuine savings”. However, if it is held in a bank account for more than three months, it may be considered genuine savings.

There are still some banks that do not consider this as genuine savings, unless you have actually saved money on your own.

If you are currently renting, then some lenders will accept a gift as genuine savings, as long as it is in your account by the time your loan application is submitted.

The policies used by the banks for gifts held for three months can vary significantly. One will ask you to hold the funds for a total of six months to prove that you are able to refrain from spending the money.

However, other lenders require that your savings increase over time. These lenders may not approve your loan unless you make some savings of your own. One of our lenders considers any funds held for at least three months as genuine savings, regardless of their original source.

Note: Please enter all funds held for more than three months in the “Your Savings” section, no matter their original source.

Rent As Genuine Savings

If you are currently renting and meet some additional requirements, then some of our banks may classify the rent you have paid over the last 12 months, as genuine savings. This doesn’t mean that you don’t need a deposit! It just means that your deposit can come from any other source as you have already met the genuine savings requirement.

In most cases, people with a rental history borrow 95% of the property value and receive a gift from their parents to make up the difference.

In addition to this, if you have been renting for just three months, one of our banks may accept additional deposit sources as genuine savings, for example, the sale of your car, inheritance, or a bonus from work.

Find Out More About Genuine Savings

Do you need help getting your genuine savings accepted? Our mortgage brokers are experts in assessing your savings. They can quickly work out which lenders can accept your loan. Please call us on 1300 889 743 or enquire for free online for more information.

You can find more information on our genuine savings page.