What are Genuine and Non-Genuine Savings?

Genuine savings means the money that you have saved up gradually over time. So if you’ve diligently put away $250 each month over two years you’ll have $6000 (plus any interest) to include on your home loan application as a deposit. Lenders require this deposit money in a separate account saved over three months.

00:00 What are Genuine and Non-Genuine Savings?
00:10 What is Genuine Savings?
00:38 Example of Genuine Savings
01:49 Is genuine savings based on loan or purchase price?
02:54 Using Rental as genuine savings
03:15 Non Genuine Savings Home Loans
04:00 First home super saver as savings

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