Genuine Savings: Your Key to a Successful Home Loan Application
2 min read 
When it comes to securing a home loan, one term you’ll frequently encounter is “Genuine Savings.” But what does it mean, and why is it so important? In the realm of real estate and financing, Genuine Savings are proof of your financial discipline and capacity to save money over time, a critical factor lenders consider when assessing your loan application. This guide from Gold Coast Real Estate Agents delves into what constitutes genuine savings, the requirements set by lenders, and practical advice on navigating this aspect of your home loan journey.
What do lenders consider as “genuine savings”
● At least 3 months of accumulated savings
● A term deposit held for at least 3 months
● Shares or managed funds held for at least three months
Some lenders will consider rent that you have been paying over time (preferably 6-12 months) as part of genuine savings. Speak with your mortgage broker about this.
What is not “genuine savings”
● First Home Owners Grant
● Inheritance
● Gifts
● Tax Refunds
● Loaned money
● Money from the sale of something like a car
Different lenders have different rules on genuine savings (most will require some proof).
