No Genuine Savings Requirement with Resi Essentials

21st Sep, 2023 | Broker News, Essentials Product

Under Essential Options loans, your client can borrow right up to 95% and we will not need to see genuine savings!

The only evidence we need to see is the clients funds to complete.

Examples of acceptable sources of funds to complete are:

  • Term deposits or savings accounts
  • Real estate agent/solicitor receipts;
  • Solicitor’s advice confirming inheritance/compensation etc;
  • Shareholding statement, excluding crypto currency(for publicly listed stock);
  • Crypto Currency Holding Statement. Must be deposited into borrowers account prior to Formal Approval;
  • Superannuation statement showing available funds (including funds available under ‘First Home Super SaverScheme’);
  • Commission statements;
  • Borrowed funds must be confirmed and included as a commitment;
  • Gifts from parents, grandparents, siblings, or children of the applicant(s), including ‘gifted equity’ via a favourable purchase/reduced price, must be substantiated by a Statutory Declaration from the donor. The declaration should include the relationship, dollar value and state that it is not repayable:
    • Applications involving gifts from any other party can only be accepted by exception where LMI is not required;
  • Real estate equity determined from sales contracts, agency agreements, valuations, market estimates etc.;
  • Funds held in company/business accounts

For more information, please contact broker support or your Resi BDM. For our current rates click HERE.