In Your Interest

What is genuine savings and when do I need it?

It’s not unusual for home buyers to need to borrow more than 80% of a property’s purchase price and when you have a deposit of less than 20% its likely you’ll need to pay Lenders Mortgage Insurance (LMI). As part of the loan approval process, one important factor that your lender AND the Mortgage Insurer will need to look at is the amount of ‘genuine savings’ you have. Genuine Savings is a term used by banks and other lenders to describe the money you have saved over time by yourself. Banks like to see this because it shows you’ve planned your property purchase and saved for a deposit. To a bank or other lender, this helps demonstrate that you’re likely to be a good borrower. Typically, lend

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interest rates

The comparison rate provided is based on a loan amount of $250,000, term of 25 years, principal & interest repayments. It only applies to the examples given. Different amounts and terms will result in different Comparison Rates. 

Owner Occupied 2 year fixed rate

Starting from

2.19

%

p.a

Comparison Rate *

2.39

%

p.a

Investment 2 year fixed

Starting from

%

p.a

2.49

Comparison Rate *

2.74

%

p.a

*

T 0402 684 199

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