95% Non Genuine Savings Home loan Needed.

Hi Kris,

Call some brokers, they can give you a list of lenders that may have some flexibility on lending re non genuine savings. If you hit a brick wall, the best strategy is put the $30K cash in term deposit, in your name, for six months. After six months, reinvest it for a month, advising the teller you can’t re-invest the money for too long as you intend to buy a house soon.

Having heard that, the teller will have pinged on a verbal cue from you. Here’s what will happen. A light bulb will suddenly appear above her head, “It’s a referral.” She will then say, “Can I refer you to our Lender?.” To wit, you should say, “Yes, please. I need a pre-approval on how much the bank is prepared to lend me.” Due to the fact that the Term Deposit has been in the bank for 6 months and is being “re-invested”, it is now deemed genuine savings.

Point # 2. You will be assessed NOT on your credit balance, it will based on your credit limit. The higher your credit card limit, the less you can borrow on your house. This is because that is the trouble you can get yourself in. So, this being the case, reduce your credit card limit to the lowest you can live with. You can increase it later when your home loan settles.

I hope this has helped you.

Angel

Hi Kris

As long as you can show sufficient funds in your account in order to settle the deal there are certainly lenders who will look at such a deal.

Both 90 & 95% lvr with Non genuine savings deal are available without any real interest rate loading.

Cheers

Yours in Finance

Hate to say Redrooster but Bank West will not allow Non Genuine savings on a 95% lend.

Also gifted deposit from a Builder is totally non acceptable under NCCP. 

Cheers

Yours in Finance

Why not consider putting down a 10% deposit? You have the deposit as your gift, and can you still get a $7k FHOG or has that expired?

Cheers,
Luke