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Find out the best interest rates available:

Owner-occupied Home Loan
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Investment Home Loan
6.29% p.a.      6.30% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an investment residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Car Loan
6.52% p.a.      7.50% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *The interest rate is available to approved applicants financing a motor vehicle on a secured consumer fixed rate loan over 60 months. The comparison rate is based on a 5 year secured fixed rate loan of $30,000. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Applications for finance are subject to normal credit assessment. Conditions, fees & charges apply. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Personal Loan
7.24% p.a.      8.22% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *The interest rate is available to approved applicants getting a fixed rate personal loan over 60 months. The comparison rate is based on a 5 year secured fixed rate loan of $30,000. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates do not include our brokerage fee. Applications for finance are subject to normal credit assessment. Brokerage not included. Conditions, fees & charges apply. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Refinances available from:
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.
Pre-approvals available from:
5.99% p.a.      6.00% p.a. CR*
The fine print...
The information provided in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. Whilst we aim to update our site frequently, interest rates change frequently, please contact us to confirm the latest offers. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years secured by an owner-occupied residential property. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. Whilst we endevour to keep the information on this website up-to-date at all times, interest rates change daily - always confirm the current interest by calling 0466392717 before making any decisions. Interest rates quoted are valid at 19/05/2024. Updated interest rates and fees should be requested directly.

What are Genuine Savings?

Genuine savings are generally funds that you've held or saved for over 90 days, however other sources can be considered genuine in some cases. Genuine savings are a requirement with the majority of lenders to show that you have the ability to save the deposit yourself and are responsible with money. As the risk lowers (i.e. for higher deposit home loans), the genuine savings requirement is often not required any more.

Note: Genuine Savings is not the same as how much you'll need for the purchase. For a $550k purchase, you may need $43,107 to complete the purchase, yet you only need to evidence $27,500 (5%) 'genuine savings'. See The Total Cost of Buying a House for more details.

When do I need to evidence Genuine Savings?

The majority of lenders want to see genuine savings when you're putting in less than a 10% deposit, however some have higher or lower requirements:

Lender thresholds for evidencing Genuine Savings:
Home Guarantee Scheme: In all cases.
Family Home Guarantee: In all cases - however only 2% gen. savings required.
CommBank: Less than a 10% deposit
ANZ: Less than a 10% deposit
NAB: Less than a 10% deposit or less than 20% if over $50k contribution.
Westpac: Less than a 10% deposit
St George: Less than a 10% deposit
Macquarie: Less than a 15% deposit
ING: Less than a ~12% deposit
ME Bank: Less than a 10% deposit OR 5% non-repayable gift/inheritance allowed.
Liberty: Non-gen savings available for a premium.

Important note: you only need evidence of 5% genuine savings, if under the above thresholds.

What is considered Genuine Savings?

There are a number of sources that are considered 'genuine'. The ideal is simply savings in your bank account where 5% of the purchase price has been held for over 90 days. Many lenders will accept it 'saved over' 90 days, meaning you may have had slightly less than 5% savings 90 days ago, but can show a regular pattern (shouldn't include bulk credits) to get above the 5% requirement.

Acceptable Savings Patterns for Genuine Savings

You'll see option 3 above isn't acceptable as the savings drop below 5% within 90 days. Option 2 is accepted by most lenders even though we started under 5%, as we can show a regular and consistent savings pattern. No issues with option 1 - we don't need a savings pattern if we have the full 5% in the account for 90 days - although I generally would prefer to see savings on top of that.

Other sources of funds can be considered 'genuine' and can make up part or whole of the 5%. I.e. you could show 2% in your bank account for 90 days, plus 3% for another acceptable source.

Acceptable genuine savings sources:
Savings held for 90 days (all banks)
Savings saved over 90 days (most banks)
Equity in existing Real Estate (all banks)
Sale proceeds from Real Estate (all banks)
ATO Determination i.e. funds from the First Home Super Saver Scheme (all banks)
Shares/Term Deposit (most banks)
Redraw (i.e. overpayments on other home loans that can be withdrawn) (all banks)
Tax Return (CBA, ANZ, Suncorp, Westpac)
Rental Ledger - described further down (some banks: ANZ, Westpac, NAB, Suncorp)
Bonus/Commission (ANZ, Suncorp, CBA)
Deposit paid to builder (over 90 days ago) (all banks)
Unacceptable genuine savings sources:
Any type of loan other than a home loan
First Home Owner's Grant
Sale of assets (other than Real Estate)
Inheritance
Gift (unless w/ Rental Ledger)
Large deposits inconsistent with income
Gambling winnings
Builder / Vendor incentives / cashback

What documents are required to evidence Genuine Savings?

The documents vary depending on the source. Ideally, we'll just show 90 days of one savings account, but we sometimes need to provide 90 days on multiple accounts - which will mean the lender scrutinises those accounts needlessly. If you were using Superannuation through the First Home Super Saver Scheme, then you would provide an ATO Determination. If you were evidencing the sale of shares, you would provide Shares statements - and so on.

What documents are needed to evidence Genuine Savings

Using a Rental Ledger for Genuine Savings.

Some lenders will let you use your rental history as evidence of 'genuine savings'. For example, you may be gifted a 5% deposit, and then show the bank your rental ledger to evidence that you've been able to consistently pay rent over the last 3-12 months. Here's how the different banks look at this:

For a private rental, ANZ would be the best option. In all cases above, rent should be paid consistently and on-time.

Non-genuine Savings loans

If using a non-repayable gift or inheritance with a deposit less than 10%, ME Bank can accept this.

Liberty Financial does a 5%, non-genuine savings product with flexibility around the source of funds. The rates/fees are higher than a traditional bank and you'll need to be in a strong position from an affordability point of view. But if you can't meet the genuine savings requirements above and need to get a loan ASAP, that would be the best option.

DISCLAIMER: You must not rely on the information in the report as an alternative to financial advice from an appropriately qualified professional. If you have any specific questions about any financial matter you should consult an appropriately qualified professional. We do not represent, warrant, undertake or guarantee that the use of guidance in the report will lead to any particular outcome or result. The content, calculations and opinions contained in this article are of the writer only, and are not necessarily those of Blue Fox Finance. Whilst we take care in ensuring the accuracy of the information, policies are changing regularly and this webpage may not reflect the most recent information.

Author: Zak Avery

Zak Avery
Owner
Mortgage Broker

About the Author

Zak has been a Mortgage Broker since 2015, and founded Blue Fox Finance in February 2017. He has all industry memberships, qualifications, insurances and has received over 100 5-star Google reviews.

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Last updated: 
17, April 2024
       Author: 
Zak Avery