All Topics / Finance / Gifting?

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  • Profile photo of Nathan HouareauNathan Houareau
    Participant
    @the-general
    Join Date: 2006
    Post Count: 107
    August 30, 2006 - 4:31 am

    Hello everyone,

    In the statement

    “a lender that accepts gifting”, what does “Gifting” equate to?

    Thank you one and all

    -Nathan

    Nathan Houareau
    Email Me | Phone Me

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    August 30, 2006 - 4:40 am

    Gifting could be money giving to you by a parent to put towards the house, winning Lotto :)!, parents gifting you their equity. Something that is not classified as genuine savings.

    Genuine savings mean that you save up over a period of 6 months or so, to place a deposit on a house. Usually the lender just wants to know if the deposit hasnt been borrowed.

    Now-a-days lenders are becoming more lieneant on genuine savings and soon i wouldnt be surprised if Genuine Savings was wiped out.

    Genuine Savings could be a factor of an approval, if Lenders Mortgage Insurance was involved.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

Viewing 2 posts - 1 through 2 (of 2 total)

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