Genuine Savings Calculator
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Genuine Savings Calculator
How Does This Calculator Work?
This genuine savings calculator helps you understand how lenders may view your deposit and whether it meets their genuine savings requirements. Keep in mind that each lender and mortgage insurer has unique policies and criteria for defining genuine savings.
Using this calculator, we've streamlined the genuine savings policies of over 50 lenders to help determine if you meet their requirements.
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.
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
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4.7 from 720+ reviews
4.6 from 420+ reviews
4.8 from 1600+ reviews
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Facts
about us
50+
Lenders on
our panel
$4B+
lent Australia-wide
and counting
75%
of our borrowers get
approved with a major bank
95%
of our borrowers get a discount
below the bank standard variable rate