What is genuine savings?

When obtaining a loan with a small deposit, banks will often require you to demonstrate genuine savings in order to fulfill their criteria.

Genuine savings is a term used to define funds to which you have saved over a period of time in your bank account. Most lenders currently require you to have held at least 5% of the purchase price of your home for at least three months.

Are you requiring a loan and haven't yet met the bank's genuine savings criteria? Don't worry as there are other policies to which the bank will consider as an alternative to genuine savings.