• 95% Home Loans No Genuine Savings
  • Can I get a Home loan with low or no genuine savings?
  • What banks will lend with a 5% deposit?
  • Can I get a 90% non-genuine savings home loan?
Free phone quote


Can I get a 90% non genuine savings home loan?


Guide to Applying for a 90% Non Genuine Savings Home Loan


Have you been seeking the right lender for a 90% non-genuine savings home loan? Some traditional lenders ask for as much as a 20% deposit, which can take a considerable amount of time to accrue. With a non-genuine savings home loan, though, you can cut the time required to save up for a deposit and be on your way to owning your own home sooner rather than later.


What is the genuine savings rule?


A 90% non-genuine savings home loan allows you to be exempt for the traditional genuine savings rule. If you have looked into mortgage products, you will probably have heard about the genuine savings requirement. This rule means you need to have your deposit funds in a separate account for at least three months before you apply for the mortgage.


For many people, the genuine savings rule can be highly restrictive. Opting for a 90% non-genuine savings home loan or a similar means you can source your deposit funds from other avenues. For example, you might be able to count the proceeds from a recent car or boat sale, your tax refund, a cash gift from family or friends, or even a personal loan as part of your deposit funds. Other potential sources include:


  • Government grants. Some lenders allow you to count the First Home Owners Grant or other government grants as part of your deposit funds.
  • Inheritance. You can include recent inheritance funds or inheritance asset sales as part of your deposit.
  • Windfall. While no lender will encourage you to gamble, the more flexible lenders might be happy to let you count your lottery or betting earnings toward your total deposit funds.
  • Employment-related payouts. Employment-related payouts, such as long-service leave payouts, can be counted towards your overall deposit funds.


Are there any restrictions or conditions?


As with any other mortgage loan, a 90% non-genuine savings home loan application will be subject to certain restrictions or conditions. Some of these might include:


  • Steady employment history. The lender will usually require that you have a steady employment history. Typically this means at least one year in your current job, or two years in the same line of work.
  • Good credit record. You will need to have a clean credit history free from defaults. Small defaults such as a late payment on your phone or electricity bills are usually acceptable.
  • Self-employed applicants. Self-employed applicants are subject to slightly different requirements. For a 90% non-genuine savings home loan application, you will usually need to evidence two years of financial and tax-return information.
  • Probation periods. Applicants should be past their probationary period in their job.


How much do I need for a deposit?


With a 90% loan, you will need to have 10% deposit saved up, through non-genuine or genuine savings.


How do I apply for a 90% non-genuine savings home loan?


To get started on finding a non-genuine savings home loan, contact ABC Mortgages today for a discussion. We are pleased to provide you with an obligation-free initial phone consultation to assess your eligibility for a home loan. We can help you identify the right loan for your situation, so that you can on your way to home ownership as soon as possible.