The requirement for borrowers to show genuine savings to secure a home loan is fast becoming industry standard.
Bankwest and Homeloans Ltd are two of the latest lenders to implement genuine savings requirements.
Effective today Bankwest will require 5% genuine savings for all purchase deals with LVRs greater than 85%. Homeloans Ltd will impose the same requirement from tomorrow.
The lenders’ decision to factor in genuine savings requirements is in line with new credit policies announced by the majority of lenders in recent weeks.
Borrowers at Westpac and ANZ must demonstrate 5% genuine savings for all home loans with LVRs over 80%; CBA borrowers require genuine savings for any deals with more than 85% LVR.
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