Can You Get a Home Loan Without Genuine Savings?
What Are Genuine Savings & Why Do Lenders Require Them?
When applying for a home loan, particularly one covering more than 80% of a property’s value, lenders typically require borrowers to demonstrate genuine savings.
Genuine savings show your ability to manage finances responsibly—proving you can consistently set aside money for repayments.
📌 Most lenders require proof of steady savings over at least three months, and ideally a year or more.
What Isn’t Considered Genuine Savings?
The following do not qualify as genuine savings:
❌ Inheritance funds
❌ Casino/gambling winnings
❌ Sale proceeds from non-investment assets
❌ Government grants or financial incentives
🔎 Want to understand lending policies further? Visit the Australian Prudential Regulation Authority (APRA) for regulations impacting mortgage approvals.
Can You Get a Home Loan Without Genuine Savings?
Alternative Loan Options for Buyers Without Savings
If you don’t have genuine savings, you may still secure a home loan using these options:
✅ Guarantor Loans – A guarantor’s assets or equity can replace the need for a deposit.
✅ Other Significant Assets – Shares, managed funds, or residential property equity may qualify.
✅ Strong Rental History – Some lenders waive the savings requirement if proof of on-time rent payments for 12 months is provided by a licensed real estate agent.
📌 Learn more about home loan approval alternatives at MoneySmart, a government-backed financial resource.
Finding the Right Loan for Your Situation
Why Work with a Mortgage Broker?
Not every lender has the same policies regarding genuine savings.
A mortgage broker can:
✅ Assess your financial situation to find loan options without savings requirements
✅ Match you with lenders that accommodate alternative deposit methods
✅ Increase your chances of approval by navigating policy exceptions
📞 Contact CBM Mortgages today to explore loan options—even if you don’t have genuine savings!
Read our blog on LMI Waivers for certain medical occupations here or go to our dedicated Medico policies web page here
Disclaimer
This article provides general information only and does not constitute financial advice. Always consult a qualified financial advisor or mortgage broker to assess your personal situation before making any financial decisions.
Written by Craig McDonald 14/06/2025
