A deposit paid to a builder, developer or real estate agent is considered genuine savings by some lenders as long as the:
Deposit has been held by the Builder, Developer or Real Estate Agent for more than 3 months.
Deposit wasn't borrowed and we can prove that it was in your bank account prior to you paying your deposit.
This is common for off the plan properties where you may have paid the deposit over a year ago but the lender will ask you to prove another 5% of the property value as genuine savings at settlement.
Thankfully you can apply with a lender that has a more reasonable approach. Please call us on 1300 889 743 or enquire online and one of our mortgage brokers will work out the best options for you.