What Are Genuine Savings?
Genuine Savings For A Home Loan Deposit Explained
Just when you thought that you could get the best home loan deal by simply having a lump sum of cash, you might have to think again. Not all cash deposits are acceptable in applying for a home or investment loan when your deposit is less than 20% of the purchase price.
These days you can obtain a home loan with as little as a 5% deposit. That means a bank can lend you up to 95% of the purchase price.
If you are considering applying for a home loan with a deposit that is less than 20% of the purchase price then here are some of the things that you need to know. At least 5% of your deposit needs to be made up of genuine savings.
1. What exactly are genuine savings?
These are savings that are held or accumulated in a savings account for at least three months.
2. What other assets might be considered as genuine savings?
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