First Home Buyers Guide: What Are Genuine Savings & Do They Matter for a 5% Deposit?

A Common Question from First Home Buyers Is: What are Genuine Savings, and Do I Need them For the 5% Deposit Scheme?

💡What are Genuine Savings?

Genuine savings generally refer to funds you’ve saved and held over time—usually for at least 3 months. This can include money accumulated through regular savings habits, rather than a recent lump sum deposit.

📊Do All Lenders Treat it the Same?

Not at all. Different lenders have different policies around genuine savings. Some are more flexible—especially under government-backed schemes—while others may still require a stronger savings history depending on your overall application.

🧭How Can You Prepare?

✔ Build a consistent savings pattern
✔ Avoid relying solely on last-minute deposits
✔ Understand which lenders are more flexible for your situation

The right structure and lender choice can make a big difference in your approval outcome.

💬 If you’d like to understand how genuine savings apply to your situation and explore the best options for the 5% Deposit Scheme, feel free to reach out—we’re here to help.