Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.
’Genuine savings’ is what lenders use to describe savings you’ve built up yourself over a period of around three to six months and haven’t been earned through one-offs like work bonuses, selling a household item, inheritance or gifts from family.
‘Genuine’ savings are things like:
The bigger the deposit, the less genuine savings you’ll generally need, but you should still try to have some. Lenders look to genuine savings to see how responsible you are with money. Someone who has genuinely saved over the months and years is more likely to get approval compared to someone who can’t save but received a small fortune through winning at the pokies, for example.
Our genuine savings calculator is designed to help you work out whether your savings are considered to be ‘genuine savings’, and whether a lender is likely to accept you or not based on your deposit size and savings habits.
Although every lender has its own genuine savings
requirements, you can get a rough idea of whether your
savings qualifies by entering the following information:
Remember though, each lender will do a thorough dive into your finances during your application, so this calculator is no guarantee of approval or rejection.
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.