What is Genuine Savings?
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. Ba
Banks love to lend to borrowers who show good habbits
Lenders love to lend money to borrowers who show good financial habits. Good habits are like gold when it comes to borrowing and it’s never too late to start developing them. What the lenders like to see from you In general, banks are most likely to lend to borrowers who: Are working with steady employment history You have a stable and predictable income. This can be if you’re working for a boss or if you’re your own boss. As an employee, banks will look for 3 years employmen
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