If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments.
Although it can differ, in most cases lenders generally look for consistent additions to savings over a period of at least three months and preferably a year or more. This means that the following are not considered genuine savings:
Can I still get a loan without genuine savings?
For those who don’t have any genuine savings but still want to obtain finance, there are options, these include:
We regularly write loans for customers who do not have genuine savings using the aforementioned policy exceptions. It’s just a matter of looking at their full situation and knowing which lender is going to have the policies to suit what you’re trying to achieve. This knowledge can only be achieved through experience and keeping in constant communication with lenders to know what their policy niches are. At Mel Finance services, we will ensure we are up-to date with lender polices not only home loan interest rates.
We are trained to have knowledge of a broad spread of products from multiple lenders, so we will be able to match you with the right lender and loan. Mel Finance service is not your average Mortgage Broker Melbourne. Please read our independent previous customers google reviews. Contact us on 1800 941 947 to find out how we can assist you to get in to your own home sooner.