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Why your savings history matters when applying for a home loan

Why your savings history matters when applying for a home loan

Everyone knows how important it is to save up a deposit when you’re going to apply for a home loan. What most people don’t realise, is that their savings history, also matters. If you’re borrowing more than 80% of the property’s value, lenders will want to look at your savings history. To get an approval, your savings patterns will have to meet the lenders criteria.

Why your savings history matters

Lenders like to make sure that your savings are genuine, and sustainable. They see this as an indication of your ability to pay your mortgage repayments. So, what do lenders look for in your savings?

This actually varies considerably from lender to lender. Some things that may be looked at include how long you’ve held the savings, where the money has come from, and how often you’ve added to your savings. Their criteria about all of these factors can be quite specific. For example, some lenders will require that you save a particular amount every single month.

How can I find out if my savings history is sufficient?

savings history home loan broker mortgage broker Sutherland Shire Bee Finance SavvyLender criteria regarding savings history can be extremely complex. In addition, they vary hugely from lender to lender.

At Bee Finance Savvy, we stay up to date on constantly changing lender policies. An analysis of your savings history will allow us to work out which lenders will accept your savings.

If you want to find out if your savings history measures up, why not take advantage of Bee Finance Savvy’s obligation free consultation service! Our broker Desiree will carefully assess your situation, goals, and your savings history. After this assessment, we’ll provide you with an outline of your options.

To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at enquiries@beefinancesavvy.com.au .  Alternatively, you can fill out the contact us form on this site.

If you’d like to find out more about Bee Finance Savvy, why not hear from some of our customers? Take a moment to check out our WOMO reviews. https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda

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