{"id":5196,"date":"2022-12-01T08:09:09","date_gmt":"2022-11-30T22:09:09","guid":{"rendered":"http:\/\/financialplus.com.au\/\/?p=5196"},"modified":"2022-12-01T08:09:09","modified_gmt":"2022-11-30T22:09:09","slug":"where-theres-a-will-and-genuine-savings-theres-a-way","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/where-theres-a-will-and-genuine-savings-theres-a-way\/","title":{"rendered":"Where there\u2019s a will (and genuine savings), there\u2019s a way"},"content":{"rendered":"

\"\"Inheritances can be a bittersweet part of life. But an inheritance alone won\u2019t always cut it when applying for a home loan. Having genuine savings can help show lenders you\u2019ve got what it takes to meet mortgage repayments.<\/strong><\/p>\n

With many older Australians having accumulated a decent amount of wealth throughout their years, it\u2019s not uncommon for some of their younger family members to receive a leg-up into the property market when they pass away.<\/p>\n

But an inheritance alone won\u2019t always cut it to land a home loan.<\/p>\n

In addition, you may be expected to show proof of genuine savings. This says \u201chey, I can put money aside to meet repayments\u201d \u2013 which is music to a lender\u2019s ears.<\/p>\n

So today we\u2019ll break down what may or may not be considered genuine savings, and how you could use your inheritance towards a home loan.<\/p>\n

What counts as genuine savings?<\/h3>\n

Genuine savings are funds that show off your saving prowess.<\/p>\n

Lenders typically look for genuine savings that amount to 5% of the property purchase price. They also like to see that these savings have been held or accumulated for a minimum of three months.<\/p>\n

Here are some examples of commonly accepted genuine savings:<\/p>\n

\u2013 Regular deposits into a savings account over a three month period.
\n\u2013 Term deposits held for at least three months.
\n\u2013 Shares or managed funds held for at least three months.
\n\u2013 A deposit paid to a real estate agent, builder or developer that was originally in your savings account prior to being paid.<\/p>\n

Some lenders may also accept your rental payment history as genuine savings.<\/p>\n

And some may accept equity in existing property, bonuses, cash gifts, and even your inheritance as long as it has been held in your account for at least three months.<\/p>\n

But then again \u2026 some may not.<\/p>\n

Genuine savings policies often differ between lenders. So it\u2019s important to know just what will be accepted by your lender of choice \u2013 and we can help with that.<\/p>\n

What doesn\u2019t count as genuine savings?<\/h3>\n

So now we know what may be accepted. Here are examples of funds that lenders commonly don\u2019t consider:<\/p>\n

\u2013 Gift from parents or family.
\n\u2013 First Home Owner\u2019s Grant (FHOG).
\n\u2013 Borrowed funds (for example money taken from a personal loan).
\n\u2013 Money from selling assets (for example selling a car or furniture to raise cash).
\n\u2013 Tax refunds.
\n\u2013 And today\u2019s topic \u2026 inheritance.<\/p>\n

But ultimately, it depends on the policy of the lender you\u2019re applying with, because some of these examples (such as your inheritance) may be accepted under certain circumstances.<\/p>\n

How can I use my inheritance to buy a home?<\/h3>\n

Some lenders will allow you to use your inheritance towards genuine savings \u2026 but with caveats.<\/p>\n

They\u2019ll need proof that the money is in fact yours.<\/p>\n

Your lender may ask you for a letter of validation from the executor of the will. They may want to see a copy of the will and grant probate (which proves it\u2019s legally binding).<\/p>\n

They\u2019ll also want proof the amount has been deposited into your bank account. Or, they\u2019ll want proof from the executor (or a solicitor) showing you have legal access to the money.<\/p>\n

And finally, some lenders require you to hold the funds in your bank account for a minimum of three months before they\u2019ll count your inheritance as genuine savings.<\/p>\n

It\u2019s important to get clear on the requirements of your lender of choice.<\/p>\n

This brings us to our next point \u2026<\/p>\n

Give us a call<\/h3>\n

If you\u2019re looking to use your inheritance for a home loan, give us a call.<\/p>\n

With different home loan policies for different lenders, it can be confusing.<\/p>\n

We can help you work out who accepts what for genuine savings. And show you which lenders are willing to work with your inheritance, so you can make the most of it.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inheritances can be a bittersweet part of life. But an inheritance alone won\u2019t always cut it when applying for a home loan. Having genuine savings can help show lenders you\u2019ve got what it takes to meet mortgage repayments. With many older Australians having accumulated a decent amount of wealth throughout their years, it\u2019s not uncommon […]<\/p>\n","protected":false},"author":23,"featured_media":5197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5196","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nWhere there\u2019s a will (and genuine savings), there\u2019s a way · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finance-matters.info\/2022\/11\/30\/where-theres-a-will-and-genuine-savings-theres-a-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where there\u2019s a will (and genuine savings), there\u2019s a way · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Inheritances can be a bittersweet part of life. 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